Sale Leads To Street Extension
And First Companies said the sale will lead to the immediate extension of 40th Street to East Paris Avenue.
Jeff Baker, president of the firm, said the firm plans to extend 40th Street and to divide the remaining land into fully improved one- and two-acre lots that can be offered for sale or lease.
“We are confident the city of Kentwood will approve the extension,” Baker added, “and we plan on having it finished during the first quarter of next year.”
The Wisinski officials who brokered the sale are James Badaluco and Stu Kingma, SIOR, executive vice president and vice president, respectively.
Currently, 40th Street runs east and west about three-fourths mile to the west of Patterson Avenue SE.
First Companies’ plan will make it about a mile long and will provide increased access from M-37 via Swank Road and East Paris Avenue to Patterson.
“With over nine million square feet of vacant industrial space in Grand Rapids, it might initially sound like a crazy idea to add more,” Kingma said.
“But the one- to two-acre lots that First Companies are planning are a hot commodity in the airport area,” he added.
Kingma’s understanding of the market results from his responsibility for the SIOR (Society of Industrial and Office Realtors) industrial vacancy and market survey report for the Grand Rapids area.
He said the reports indicate a substantial oversupply of large-scale industrial space throughout Grand Rapids.
“However, there has been a demand from small to mid-sized industrial users in the airport area for some time,” he added.
Badaluco said he and Kingma represented Autocam Corp., which has owned the property for some time and had recently made it available for sale.
“We knew that this property had a lot of potential if 40th Street could be extended and we were excited to bring the idea to First Companies, who we knew would be able to develop it successfully,” he said.