Friedman Inks New Industrial Lease with DTE in Detroit
Friedman Real Estate, a privately held full-service commercial real estate firm, recently signed a large industrial lease for 528,340 square feet at Pinnacle Logistics Park located at 24400 Glendale Road in Redford, Michigan. Jared Friedman negotiated the lease on behalf of the Landlord. CBRE represented DTE, who will use the property to warehouse equipment.
This large industrial lease marks another upward trend in the Michigan regional metropolis. In the second quarter of 2023, Detroit saw continued healthy occupancy gains in the industrial market. According to a recent report by JLL, automotive and logistics users continue to drive the bulk of the market as EV and R&D sectors ramp up activity, and average asking rents are up 9.3% over the past two years.
Development activity in the region remains strong, with over 5.1 million square feet under construction and additional projects set to break ground through the remainder of the year.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.