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Innovative Site Has Been Filled
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.”