Schostak Brothers & Company Begins Redevelopment of 135,728-square-foot Former Retail Facility in Redford Township

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Former Home Depot property to be converted for light industrial use; Company recognizes need in region for space as automotive and industrial companies continue to grow

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LIVONIA, Mich., May 7, 2015 Livonia, Mich.-based Schostak Brothers & Company, a fourth-generation commercial real estate company focused on industrial, shopping center, mixed-use, commercial and residential development, announced today plans to invest $2 million to redevelop the former 135,728-square-foot Home Depot facility in Redford Township, Mich., for light industrial use. Schostak Brothers & Company Vice President & Director of Development Jeffrey Schostak made the announcement.

Located at 12100 Inkster Road near Interstate 96 and the Wonderland Village shopping center, Schostak Brothers & Company have begun extensive renovations to the building to convert the former retail space for industrial use as companies, including those in the automotive industry, continue to demand more space in southeast Michigan.

“Schostak Brothers & Company is breathing new life into this property by completing a number of extensive renovations, making it a viable and sustainable industrial space, which we believe is the right and most strategic use for the property going forward, due to its location near I-96,” said Schostak. “By redeveloping this property, we can meet the needs of local, growing industrial companies more quickly and affordably than by building a new structure. The township and its residents have been supportive about this transformation, understanding the property’s new use will bring thriving automotive and industrial companies to the community.”

The renovation plans include significant exterior and interior modifications, such as eliminating 100,000 square feet of office and training space, creating a new entrance, adding windows and eliminating the retailer’s former nursery space and transforming it into a functional outside storage area. Additionally, updates will be made to the building’s roof, heating, ventilation and air conditioning system, parking lot, lighting and mechanical systems, as well as the loading areas—all making the property ready for industrial use.

The move is reflective of the growth of industrial businesses regionally and subsequently their need for space that is on the rise. The industrial vacancy in Western Wayne County currently stands at 7.5 percent, compared to 17.2 percent in 2010, according to the metro Detroit office of Newmark Grubb Knight Frank. This project follows the company’s purchase of the GM Livonia Powertrain facility in spring 2014. Schostak Brothers & Company currently is in the process of renovating that property for modern day industrial and distribution tenants with plans for the space to be completed by year-end 2015.

“This property located at 12100 Inkster has great bones—wide column spacing, high ceilings, heavy electrical service and perhaps most importantly, approximately 600 parking spaces,” said Schostak. “Combine these attributes with the dramatic improvements we’re making and the end product will be a functional building in a great location. It’s exciting to see such a large and well-located property come back to life—for too many years, a vital component of the community has sat empty. Soon, we’ll have a building of which residents can be proud, a home for many new jobs.”

Construction is slated to be complete by July. For more information about the property and leasing and purchasing opportunities available, please contact Tony Avendt of Newmark Grubb Knight Frank at 248-350-9500.

 

Established in 1920, Schostak Brothers & Company, Inc., is a fourth-generation commercial real estate company, focused on acquisitions, industrial, shopping center, mixed-use, commercial and residential development. Currently, the company operates commercial properties in 24 states as a full-service real estate development, management, leasing and consulting company. For more information visit www.schostak.com.

 

MEDIA CONTACT

Andrea Trapani
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atrapani@identitypr.com

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