Michigan Real Estate News

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Self-Storage Real Estate Sector Is On Fire

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The self-storage industry has rebounded from the early days of the COVID-19 pandemic. As people make room in their homes for remote job environments, the home sales market drives an increase in storage needs. Restaurants and offices look for places to stash extra furniture to accommodate social distancing needs. The demand for self-storage is high. With self-storage vacancies down, the rent is also high. However, the self-storage market may be hitting a saturation point. Experts raise concerns about whether Detroit’s population can support an overbuilt self-storage market.

Development Team Buys Auburn Hills and Canton Township Sites

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The development team of Farmington Hills-based Friedman Real Estate and Southfield-based General Development Co. has bought 40 acres of land in Auburn Hills for $3.7 million and 18 more acres in Canton Township for an undisclosed price. This is the same team behind the Oakland Technology Park in Auburn Hills. The team plans to build about 740,000 square feet of new build-to-suit space with 390,000 square feet in Auburn Hills and 350,000 square feet in Canton. The Auburn Hills site is at the former site of the Oakland County Animal Control. The Canton site is in the Canton Industrial Park south of I-275 and east of Warren Road.

 

Troy Property Sells for $34 Million

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A Baltimore buyer, the Continental Realty Corp., has purchased Oakland Center and Oakland Square for $34 million. The property at 14 Mile and John R roads is across from Oakland Mall. It totals 392,000 square feet and is 87% leased by tenants that include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness.