CORE-BKG INVESTOR GROUP PURCHASES FOUR GRAND RAPIDS INDUSTRIAL PROPERTIES
206,000 S.F. portfolio trades in $12.8M deal
Bingham Farms, MI, September 6, 2017– An investment group which includes principals of CORE Partners and Burton-Katzman LLC has purchased four industrial properties in the Grand Rapids area in a $12.8 million acquisition.
The properties are in Kentwood, Caledonia and Byron Center, Mich. and are all single-tenant and light industrial sites. The purchase marks CORE BKG’s entree to the west Michigan market, considered a stronghold in economic sectors such as health care and manufacturing.
Grand Rapids is the second-largest metropolitan area in Michigan and the area’s industrial market has vacancy rates hovering around 2 percent, according to CoStar Group.
The newly purchased buildings are leased to three tenants: Corium International, Aspen Surgical and United Rentals. Corium produces pharmaceuticals. Aspen manufactures surgical supplies, and United Rentals provides equipment rental services.
“The Grand Rapids market has reached record-low vacancy levels – and these four assets provide for tremendous diversity by geography and industry sector,” said Peter Burton, CORE-BKG principal. “We are excited to enter the Grand Rapids submarket and are interested in additional acquisitions in west Michigan.”
CORE-BKG has acquired more than 1.5 million square feet of buildings during the past 20 months and is on an active drive for acquisitions, especially well-located industrial properties in primary markets in metro Detroit, Lansing, Grand Rapids and northern Ohio.
The addresses of the acquired properties: 4524 50th St., 4558 50th St., Kentwood; 6945 Southbelt Drive S.E., Caledonia; and 8855 Byron Commerce SE., Byron Center. All are one-story buildings. The seller was a California-based private office and the closing occurred in late August 2017.
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If you would like more information about this transaction, please contact Peter Burton, Conrad Schewe or Mary Kennedy. Jennette Smith Kotila/Director of Marketing & Communications (586.292.2905) can facilitate interviews.