GRAND RAPIDS, Mich—Aug. 6, 2019, Commercial Real Estate Advisor and Associate Broker, Olga L. Hallstedt closes on the sale of a Grand Rapids 24-acre manufacturing facility that drew immediate national attention. The 925,000 square foot building was listed on the market in mid-January 2019 and reached its closing date on July 30, 2019. This tremendous opportunity sparked interest across the country ranging from entities in Minnesota, California, Chicago, New York, and various other major markets. Being one of the few and largest industrial transactions in Grand Rapids over the past five years, according to data from Commercial Alliance of Realtors West Michigan (CARWM), the property is projected to increase job opportunities and create an influx of much-needed advanced production space. The building previously housed Steelcase Chair Plant, and later a large manufacturing and distribution company that fabricated fixtures of wood, plastic, and metal.
Olga L. Hallstedt has over 25 years’ experience in the industrial market and fully enjoyed this high-interest environment involvement in her career. As the result of an aggressive, national marketing plan, Hallstedt says: “The property had unprecedented interest from the time of listing it to the actual sale. We were able to overcome the obstacle of the building having a second floor, which is typically not sought after in the industrial market. An average tour of the property consisted of as many as 5,000 steps. That was doubled on some days! I am very satisfied with the opportunity for Grand Rapids to have space available to house manufacturing companies. The building has great infrastructure, heavy electrical capacity, and is in a central location.” Stu Kingma, SIOR of NAI Wisinski of West Michigan represented the Buyer on the transaction and will be retained by the new owner for leasing activities going forward. The buyer is a large multi-state developer who intends to split the property up into smaller suites ranging from 50,000 square feet to the entire building. The Grand Rapids industrial market is at a historic low in terms of vacancy rates and it is anticipated that this building, once split into more market appropriately sized suites, will lease in short order.
Headquartered in Grand Rapids, MI, Berkshire Hathaway HomeServices Michigan Real Estate, Northern Indiana Real Estate and Tomie Raines REALTORS® Commercial has 47 offices across Michigan and Northern Indiana. To contact Olga L. Hallstedt of Berkshire Hathaway HomeServices Michigan Real Estate – Commercial Advisor, O: (616) 447-7070 C: (616) 893-0134 E: email@example.com. Stu Kingma, SIOR, can be reached at NAI Wisinski, (616) 581-5000.