Deal draws outside investor
Four West Michigan industrial properties sold over summer.
Grooters Development Co. and a private real estate investment group negotiated a large-scale industrial package this past summer.
7K LLC out of California purchased a package consisting of four buildings located in Holland and Kentwood, for about $34 million.
The buildings are located at 1351 Waverly Road, Holland, 253,750 square feet; 4655 Patterson Ave., Kentwood, 184,525 square feet; 4470 44th St., Kentwood, 146,250 square feet and 4490 44th St., Kentwood, 231,250 square feet. The four facilities total 815,775 square feet of industrial space.
7K LLC was represented by HighPoint Realty. Todd Johns of North Star Commercial represented the seller, Grooters Development Co. Grooters also developed the properties. The deal closed in August.
Johns also was the leasing agent for the tenants who now occupy the buildings.
“The facilities have great tenants who I had the pleasure of building relationships with and ultimately leasing space to,” Johns said. “The tenants are actual manufacturing companies that employ hundreds of employees for the communities that they each reside.”
All of the buildings are fully occupied with long-term leases. The names of the tenants were not disclosed.