Amazon.com Inc. is occupying another 1.27 million square feet of space in the region, Crain's has learned.
With the latest addition of more than a million square feet the Seattle e-commerce giant now has millions of square feet in use or under construction in metro Detroit.
Amazon is occupying a pair of buildings on the former Pinnacle Race Course site in Huron Township and bringing about 1,000 jobs, said John Enos, the township's planning and zoning consultant.
The two buildings are 516,760 square feet and 752,400 square feet, according to planning department staff. The buildings, which are currently under construction at 33700 and 33701 Prescott, cost at least $47.4 million, according to data filed with the township on building permits issued in September.
Both buildings are being developed by a joint venture between Texas-based Hillwood Enterprises LP and Detroit-based Sterling Group, which have worked together on Amazon developments in Shelby Township and Detroit, among others.
A year ago, the joint venture between the two companies finalized a $4.9 million purchase of about 650 acres of land that used to be the Pinnacle Race Course. Post It Stables Inc., the previous Pinnacle owner, failed to redeem the land from tax foreclosure last year. The race track was open 2008-10 and it had been listed for sale for $8 million three years ago. The county spent $26 million during the Robert Ficano administration putting infrastructure to the site to get the track open, Rahal said during an interview earlier this year.
Hillwood, which is run by Ross Perot Jr., declined to comment through a spokesperson on Tuesday. A message was sent to a Sterling Group representative seeking comment. An email was also sent to Amazon seeking comment.
In addition, the two Huron Township buildings plus another Warren building as part of the Warren Commerce Center are being sold as part of a massive $2 billion deal — reportedly the largest U.S. industrial deal by total cost during the COVID-19 pandemic — to a joint venture between San Francisco-based Stockbridge and the National Pension Service of Korea. The deal overall includes 23 logistics buildings totaling 14.3 million square feet across the country, according to a press release.
A spokesperson for Stockbridge said Tuesday morning that all the buildings being sold are either occupied or will be occupied by Amazon (NYSE: AMZN), Walmart Inc. (NYSE: WMT) and Target Corp. (NYSE: TGT). Local real estate sources dispute that Amazon will be going into the Warren location. Local sources say it's Hollingsworth.
"We are excited to acquire high-quality industrial properties that are well aligned with our strategy to capitalize on the paradigm shift to e-commerce," Scott Kim, head of the National Pension Service's Real Estate Investment Division, said in a press release.
The pension service has $672 billion in assets under management as of Sept. 30, while Stockbridge has $18.4 billion, according to the release.
Southfield-based Lear Corp. has listed its Lear Innovation Center building at 119 State St. in Capitol Park for sale for an undisclosed price after unceremoniously vacating it.
The building is about 34,500 square feet and completely vacant.
"I know that it was Lear's mission when they came downtown five years ago to rebuild, regenerate, revive a couple of buildings, which they did here and at 243 East Grand River," said Jared Friedman, director of opportunities for Farmington Hills-based Friedman Real Estate, which has the 119 State St. listing.
An email was sent to a Lear spokesperson Tuesday morning seeking additional details.
Lear paid Dan Gilbert's Bedrock LLC, the previous owner, $2.85 million for it in September 2015, according to city land records.
In October 2018, Lear sold the former Hemmeter Cigar Co. building at 243 E. Grand River Ave. at Centre Street in the Paradise Valley Cultural and Entertainment District (formerly known as Harmonie Park) to father-and-son real estate investors Linden and Sanford Nelson in October 2018 for $13.25 million.
Lear purchased the 56,000-square-foot building for $5.98 million in July 2015, at $106.79 per square foot. It bought the building from Detroit real estate investor Dennis Kefallinos and began a multiyear, $3.55 million renovation that was completed in 2017.
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Real Estate Insider: Amazon revealed as tenant in former Pinnacle race course site - Crain's Detroit Business
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