Overview
Advantage Commercial Real Estate is pleased to present a two-tenant, 70,000 SF industrial property, with a partial sale-leaseback opportunity located at 5505 52nd St, Grand Rapids, MI 49512.
The owner-user, McCarthy Group, occupies 24,500 SF, 35% of the property, and upon close, will sign a lease at $8.91/SF net lease. The remaining 65% is occupied by Pioneer Molded Products on a short-term, absolute net, lease at a under market lease rate of $5.43/SF.
Investment Highlights
Pioneer Molded Products currently occupies 45,408 SF at $20,600/month ($5.43/SF), with just over 2 years of term remaining and (1) 3-year option remaining. McCarthy Group occupies the remaining 24,450 SF, and will sign a co-terminus lease.
The building is also built to be expanded by 30,000 SF on the west side, a rare opportunity in the airport corridor where buildable land continues to be scarce and the industrial vacancy rate remains under 1.5%.
- Partial Sale-Leaseback
- Absolute Net Lease on 65% of the property
- Blended Rate of $6.65/SF
- Market Rates Range from $7.25/SSF - $8.25/SF
- 1.13% Corridor Vacancy Rate
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