HOLLAND, MI-STAG Capital Partners recently bought a 310,572-sf warehouse and office facility, at 900 Brooks Ave., that is mostly leased by the American Bottling Co., a subsidiary of Cadbury Schweppes Bottling. Cadbury has a manufacturing facility across the street at 777 Brooks Ave., and uses the 900 Brooks building as its main distribution center.
Aspen-Holland Warehouse LP sold the building, on 22.5 acres, for an undisclosed amount. The city is a lakeside suburb of Grand Rapids, where sources say similar properties are selling for between $80 to $100 per sf. The asking rent for the Holland area is around $3.23 per sf, according to a second quarter Grubb & Ellis market report.
The only vacancy in the building is 20,000 sf of office space, says Mike Chase, a VP with STAG. He says this is the first western Michigan building purchased by the company. "We own or have purchased a significant amount of properties in eastern Michigan, and now we are actively acquiring properties in the western part of the state," he tells GlobeSt.com. "It's a pretty steady market. There's obviously not as much exposure to the automotive industry as on the east side, it's a more diverse market."
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