Catylist ID: #30497389
Excellent 1031 Exchange Opportunity. Located In An Opportunity Zone
Industrial for Sale
|Catylist Listing ID:||30497389|
|Property Subtypes:||Free-Standing, Manufacturing, Light Industrial, Warehouse/Distribution|
|Building Size (RSF):||161,100 SF|
|Gross Land Area:||4.03 Acres|
|Unit Price:||$28.40 PSF|
|Docks/Doors:||6 Docks, 2 Doors|
|Office SF:||16,756 SF|
|In Opportunity Zone?||Yes|
|Property Use Type:||Investment|
|Usable Size (USF):||161,100 SF|
|Sale Terms:||Cash to Seller|
Overview / Comments
BACK ON THE MARKET
EXCELLENT 1031 EXCHANGE OPPORTUNITY. LOCATED IN AN OPPORTUNITY ZONE.
NAI Wisinski of West Michigan is pleased to offer for sale to qualified investors, the opportunity to purchase an office and industrial building that is 100% leased to Michigan Wheel Operations, LLC and guaranteed by it’s parent, Michigan Wheel Holdings LLC (collectively, “Michigan Wheel”). The property is located Grand Rapids, MI.
Michigan Wheel has over 100 years of experience in propulsion with custom-crafted boat propellers. Their boat propellers range from marine inboard and industrial fixed pitch propellers with the majority of the inboard propulsion being manufactured at the Property.
The Property is a 161,100 SF facility consisting of office and manufacturing space. Michigan Wheel has been manufacturing at this facility since 1959 and currently operates under a long-term lease with over 16 1/2 years of lease term remaining, expiring in June 2035. The absolute net lease features generous rental increases with no landlord responsibilities.
The property is well located on Buchanan Avenue SW with 6,460 vehicles per day. According to CoStar’s most recent report, the Central Grand Rapids industrial Submarket vacancy rate is at a historic low of 1.1%, with positive net absorption and a 12 month rent growth rate of 7.2%. These metrics are evidence of the continued strength of the overall local market.
|Finance Data Year||2019|
|Real Estate Taxes - Annual($)||$58,784 (Annual)|
|Assessed Value - Total($)||$1,348,500 (Annual)|
|Nearest MSA:||Grand Rapids-Kentwood|
|Submarket/Township:||S 131 Corridor|
|Taxing Authority:||City of Grand Rapids|
|Zoning:||SD-IT TN - INDUSTRIAL TRANSPORTATION|
|Property Located Between:||Hall St SW and Burton St SW and US-131 and Division Ave S|
|Highway Access:||0.75 Miles to US-131|
|Airports:||Gerald R. Ford International Airport|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Parking Description:||On Site|
|Heat Type:||Natural Gas|
|Air Conditioning:||Engineered System|
|Proximity:||1 mile||3 miles||5 miles|
Stuart Kingma, SIORNAI Wisinski of West Michigan
|The information presented herein is provided as is, without warranty of any kind. Neither Commercial Alliance of REALTORS West Michigan nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|