Novi Industrial

Green

Jun 30

Salient Facts

Square Feet: - 16,000 SF

Acquisition Date: - 9/5/24

Type: - FLEX INDUSTRIAL

Investment Type: - CORE

Investment Highlights

100% leased to ADT Commercial LLC (Everon) on a triple-net basis through September 2031, with 3.50% annual rent escalations and minimal landlord responsibilities
Mission-critical asset serving as Everon’s sole Michigan operations center, in continuous occupancy for over 27 years
Credit tenant backed by Chicago-based private equity firm GTCR, which holds $35 billion in AUM and acquired the business for approximately $1.6 billion
Located minutes from I-96 and I-275, providing immediate access to all of Metro-Detroit as well as other major Midwest hubs
Situated in the I-96 Corridor, which commands some of the highest industrial rents in the state alongside an ultra-tight 3.6% vacancy rate
In-place rent approximately 16% below market, offering embedded mark-to-market upside at renewal or re-tenanting
Rare I-1 light industrial zoning in a fully built-out submarket creates meaningful barriers to entry, supported by strong infrastructure — 15′ clear height, heavy power, and a 2015 roof under warranty through 2035

David Tomlinson

North Towne Commons