Construction and Real Estate

Firm builds out $15M industrial project

June 9, 2016
| By Pat Evans |
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5300 Broadmoor Ave. SE Grand Rapids
The multi-phase and multi-building industrial development at 5300 Broadmoor Ave. SE in Grand Rapids is slated to be a total of 260,000 square feet once finished. Courtesy a.j. Veneklasen

A $15-million industrial development by the airport is taking shape.

The $2.6 million, 50,000-square-foot first phase of the industrial project in Grand Rapids, at 5300 Broadmoor Ave. SE, was completed last August, and half the building is now spoken for in a five-year lease with an unnamed tenant, according to Chris Veneklasen, president of a.j. Veneklasen.

Grand Rapids-based a.j. Veneklasen is the project’s contractor and an investor in Broadmoor Ventures, developer of the project. Andrus Architecture in Rockford is the project’s architect.

The building features 24-foot clear heights and 50-foot column spacing.

“A lot of tenants looked at it,” Veneklasen said. “Couple other prospects are sniffing around for the second 25,000. There’s also a few that also want bigger, and if any of those come close to fruition, we’d build the next phase.”

The full multi-building development, which broke ground last March, would be 260,000 square feet once finished on the 17-acre site, Veneklasen said.

Depending on the needs of potential tenants, Veneklasen said the next phase could be 50,000 to 100,000 square feet. He also said plans can be modified to fit specific uses.

Colliers International | Western Michigan is managing leasing of the site. Prices start at $5.25 per square foot for 25,000 square feet and adjust downward for larger suites.

Veneklasen said he’s been flummoxed by the rumors swirling of no new industrial being built.

“I think part of it is tenants can’t find industrial the way they want it,” Veneklasen said. “There are some out there, but not as much as you’d like and fewer than there were.

“Some people we’ve had look at space are pretty particular about their needs and that’s understandable. We like to think our buildings offer very little sacrifice.”

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