Innovative Site Has Been Filled

December 12, 2003
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WYOMING — Grubb & Ellis/Paramount announced that it has another signal of increasing demand for this area’s industrial offerings.

The firm said it has fully leased 1550 Gezon Parkway of Wyoming.

The last lessee in the project is Enersys Inc. of Grandville, a battery manufacturer.

The company is one of five “flex-space” users to locate in the 59,415-square-foot, Class A facility.

According to Grubb & Ellis, Enersys will occupy roughly a fourth of the facility, with four other firms occupying the remainder of the recently constructed space.

“Flex space” buildings provide customized space layouts to accommodate a variety of users. Grubb & Ellis/Paramount specialists Chip Hurley and Duke Suwyn managed the transaction.

“With easy access to all major West Michigan highways and interstates, Gezon Parkway is a prime growth area for industrial businesses in Kent County,” Hurley said.

“We have seen a dramatic increase in activity in the past quarter; a trend which will intensify as the economy rebounds and the new South Beltline becomes a reality.”

The four businesses that Enersys is joining at the site are:

  • Applied Industrial Technologies, of Cleveland, Ohio.

  • Corporate Express Office Products, of Bloomfield, Colo.

  • Wolverine Finishing, of Wyoming, Mich.

  • Pascucci Marble and Granite, of Wixom, Mich.

The firms variously occupy from 5,650 to 21,086 square feet.

According to Camille Perry, an analyst with Grubb & Ellis/Paramount, the area surrounding Gezon Parkway is comprised of more than 500,000 square feet of industrial property, with a vacancy rate of 2.8 percent — about five times below West Michigan’s average.

Compared to one year ago, Perry said, vacancy for this product type has decreased by 3.5 percent.

“This demonstrates healthy growth and a strong signal of a rebounding economy,” Perry added.

She mentioned a case in point: the developer of 1550 and 1575 Gezon Parkway, L&V Development, plans to construct a new 43,000-square-foot, multi-tenant, flex-space facility at 5800 Burlingame Ave., immediately behind the 1550 Gezon Parkway project.

“Competitive lease rates, state-of-the-art construction and ideal access to I-96, U.S. 131 and the South Beltline are the driving forces fueling the demand,” Hurley said.

“This is a newer industrial area for Grand Rapids and we have every confidence lease and development activity will continue to strengthen in 2004.”    

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