CORE BKG Acquires 66.7 Acres in “23 Square” Industrial Subdivision
Bingham Farms, MI, May 10, 2018- Investment group CORE BKG, which includes principals from both CORE Partners and Burton-Katzman, acquired 66.7 acres in an existing, improved industrial subdivision in Chesterfield Township, portions of which have excellent visibility from the I‐94 Freeway. Previously known as the “23 Square” industrial subdivision, CORE‐BKG has re-branded the site as the Chesterfield Commerce Center. Closing occurred in April 2018.
The 12 lots acquired have been converted into 3 contiguous parcels which total 10.1 acres, 15.9 acres, and 40.7 acres. Preliminary site plans yield 178,250 sq. ft. on the 10.1‐acre site, 215,000 sq. ft. on the 15.9‐acre site, and up to 761,600 sq. ft. on the 40.7‐acre site, for total building square feet of 1,154,850. Site development will include a combination of speculative and build‐to‐suit construction for distribution, high-tech and light manufacturing uses. Buildings are divisible from 50,000 sq. ft. Each building will allow for up to 25% office, have a minimum of 30’ clear ceiling heights, be prepped for 20-ton cranes and have truck wells, truck doors and overhead doors. Lease rates will start at $7.50 per square foot.
Mr. Andrew Boncore, Vice President of Business Development with CORE Partners, negotiated the sale of the development and will be marketing the sites. Mr. Boncore has over 25 years of experience in land development, consultation and brokerage. Construction is scheduled to begin in Summer 2018.