Overview
Fortis Net Lease proudly presents the opportunity to acquire a mission-critical engineering and manufacturing facility located at 3290 Patterson Ave SE in Grand Rapids, Michigan. The property is 100% leased to GE Aviation Systems LLC, a division of GE Aerospace, under a long-term net lease with annual rent escalations and limited landlord responsibilities. The lease is fully guaranteed by General Electric Company (NYSE: GE), which maintains a strong A- credit rating.
The approximately 369,000-square-foot facility is situated on ±42.17 acres, less than ten minutes from Gerald R. Ford International Airport, in one of West Michigan’s most dynamic employment corridors. The building houses advanced engineering, testing, and manufacturing functions supporting GE Aerospace’s Navigation & Guidance, Data Management, and Computing & Networking product areas.
With a lease extending through December 31, 2035, 2% annual rent increases, and a negotiated program of landlord-funded roof replacement and tenant improvements, the asset offers investors durable, growing income backed by an investment-grade global aerospace leader.
Investment Highlights
Long-Term Net Lease Backed by GE Electric Company
The lease runs through December 31, 2035, providing 10 years of remaining term, plus two (2) five-year extension options. The lease is guaranteed by General Electric Company (NYSE: GE with A-credit rating), reinforcing the credit quality of the income stream. Contractual 2% annual rent increases provide predictable cash flow growth over the remaining term.
Institutional-Quality Net-Lease Structure
The property is leased on a net (NN) basis, with the tenant responsible for most operating expenses and the landlord primarily responsible for roof and structural components. This structure limits ongoing capital and operational exposure for ownership while preserving upside from rent growth.
$2.5 Million Tenant Improvement Allowance
The lease amendment includes a $2,500,000 tenant improvement allowance for qualified interior upgrades and modernization. This program supports continued investment in the facility’s buildout and is a strong indicator of the tenant’s ongoing commitment to the location and its specialized operations.
Mission-Critical Facility for a Global Aerospace Leader
The property serves as a core engineering and manufacturing facility for GE Aviation Systems LLC, a division of GE Aerospace (NYSE: GE, formerly GE Aviation). The Grand Rapids facility supports key Navigation & Guidance, Data Management, and Computing & Networking product lines that are integral to GE Aerospace’s commercial and defense aviation platforms.
Strategic Location in the Grand Rapids Airport Corridor
The property is located along Patterson Ave SE, minutes from Gerald R. Ford International Airport, with excellent access to I-96, M-6, and major arterials. The facility sits within a concentrated cluster of advanced manufacturing, logistics, and corporate users, benefiting from strong transportation linkages and proximity to both regional and national networks.
Strong Tenant Commitment and On-Site Workforce
Approximately 850 employees work at the property across manufacturing, engineering, and support functions. Office areas are approximately 95% occupied under a fixed hybrid schedule, underscoring the facility’s importance to GE Aerospace’s operations, collaboration needs, and long-term talent strategy.
Tenant Information
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