Hi-TechFPA Buys Etheridge Building
GRAND RAPIDS — Another local industrial building has changed hands.
A partner in Hi-Tech/FPA Inc. purchased the vacant Etheridge Printing Co. building at 2450 Oak Industrial Drive NE from Consolidated Graphics Inc. and will lease the structure to his company. The building sits on 4.5 acres and has 48,000 square feet of space, with 7,500 square feet set aside for offices.
“We’ve had it on the market for about two years and we finally sold it,” said Randy Bronkema, an industrial advisor with Grubb & Ellis|Paramount Commerce.
“The buyer is one of the partners of that business. Doug Nagel is his name,” he added. “They have a nice building with frontage and exposure. It will make for a nice image.”
Bronkema represented Hi-Tech/FPA in the deal, which closed recently. Bronkema and Chuck King, also an industrial advisor at GE|PC, represented Consolidated Graphics in the transaction. The purchase price was not revealed, but the listed price was $1.2 million.
Hi-Tech/FPA has two divisions: Hi-Tech Engineering Inc. and Food Process Automation. Hi-Tech Engineering makes reaction injection molding machines. Food Process Automation manufactures equipment such as ovens, cooling tunnels and dough feeders for the cookie, cracker, snack and pet food industries.
Hi-Tech/FPA has three buildings on 40th Street SE; Nick Grutter said the company plans to consolidate its production capabilities and offices in the new location by the end of June.
“We’re adding office space and revamping the entire existing office. We’re demolishing walls in the manufacturing space, reconditioning the manufacturing space, putting in new docks and a new overhead door,” said Grutter, a partner in Hi-Tech/FPA.
“Business is fantastic,” he added.
Consolidated Graphics bought Etheridge Printing a few years back and merged that operation into its Kalamazoo facility. After the merger was completed, Consolidated Graphics put the Etheridge building on the market.
Hi-Tech/FPA’s purchase of the Etheridge building means that at least 24 industrial buildings in the metro market have changed hands since last fall.