Firm selling vacant downtown plant
A real estate firm hopes to attract developers to a vacant plant in downtown Grand Rapids.
Franklin Partners, a firm that owns several properties in West Michigan and the Chicago area, has listed the industrial property at 1340 Monroe Ave. NW for sale.
The five-story, 375,000-square-foot building sits on over seven acres of land.
It was previously owned and operated for more than 50 years by Display Pack, a company that made packaging for consumer goods, printed paperboard and plastic automotive parts.
Franklin Partners did not wish to comment on the building.
Colliers International West Michigan is marketing the site to potential developers and will handle leasing for prospective tenants.
“We think that the layout of the building and site lends itself well to adaptive re-use as multi-family, but the beauty and opportunity — given the size of both the building and the site — is that it could be anything,” said Matt Jones, associate vice president of investment, Colliers International West Michigan.
Jones said there is currently no price listed for the property.
The cost of redevelopment will depend on the scale of the developer’s vision.
There are currently no on-site amenities or outstanding issues with the property.
The building is located across the street from what will become Headwaters Park, part of the Grand River revitalization project.