Grand Rapids, MI TruGreen industrial property for sale at $1.5 million

Tim Hain

CHICAGO, IL – B+E, the first brokerage and technology platform for net lease real estate, announced that the TruGreen property located at 3116 Dixie Avenue, Grandville, MI, is for sale for $1.5 million.

The building is +/-14,300 SF on +/-1.41 acres of land and includes parking.  The property carries a cap rate of 6.15% with a remaining term of 10 years.

“TruGreen is a $1B business with over 300 branches throughout the US,” said Tim Hain with B+E.  

“This property features a corporately guaranteed lease from TruGreen Lawn Care, which has a 34-year history at this location.”  

Property improvements include new HVAC units, upgrades to the parking lot, fencing, warehouse upgrades and LED lighting throughout.   The property is located in a dense industrial park surrounded by a variety of quality tenants including Nabisco, Harbor Foam, PODS, Airgas, Viking Spas, Hadley and K&M Tire.

  Contacts:

John Vita

John Steven Vita Communications

John.vita@jsvcom.com

847/853-8283

Tim Hain

THain@benetlease.com 

 www.benetlease.com.

Agree Realty Announces Goodyear Acquisition in Fort Mill, SC

FARMINGTON HILLS, MI /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) announced it has acquired an auto service store in Fort Mill, South Carolina leased to Goodyear Tire & Rubber Company.

  The store is an outlot to a Harris Teeter anchored shopping center located at South Carolina Highway 160 and State Highway 22.  The cost of the acquisition was approximately $2,400,000.

"We are extremely pleased to add this Goodyear Tire store to our expanding portfolio," said Joey Agree (lower right photo), President and Chief Operating Officer.  "This acquisition complements our existing automotive service assets and continues our diversification strategy among industry leading net lease retailers."

For a complete copy of the company’s news release, please contact:

 Alan Maximiuk,

Chief Financial Officer,

+1-248-737-4190

Web Site: http://www.agreerealty.com

HFF secures $65 million financing for Grace Lake Corporate Center in Van Buren Township, Michigan

 CHICAGO, IL – HFF announced today that it has secured $65 million in financing for Grace Lake Corporate Center (top left photo), a 10-building, 882,949-square-foot, Class A office complex in Van Buren Township, Michigan.

Working on behalf of Sovereign Partners, LLC, HFF placed the floating-rate balance sheet loan with Ladder Capital Finance.  Loan proceeds were used to finance the acquisition of the property from Visteon Corporation, a Fortune 500 components manufacturer for which Grace Lake Corporate Center serves as the international headquarters.

Completed by Hines in 2004 to the “highest institutional standards”, Grace Lake Corporate Center is fully leased to Visteon, General Electric and Dana Holding Corporation.  Situated on 282 acres at 1 Village Center Drive in Van Buren Township, the property is close to Detroit Metro International Airport and Interstate 275. 

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt (middle right photo).

“The multi-national corporations that call Grace Lake Corporate Center ‘home’ enjoy amenities unmatched in the competitive property set including: a cafeteria boasting world-class cuisine, a state-of-the-art fitness facility, a multi-media center and the serene 35-acre Grace Lake,” said Schoenfeldt.

Sovereign Partners is a privately-held real estate investment firm that specializes in the acquisition of high-quality office assets throughout the United States.

Contacts:                     

MATTHEW R. SCHOENFELDT                                 

HFF Managing Director                                                   

(312) 528-3650                                                                   

mschoenfeldt@hfflp.com                                                

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Grubb & Ellis Represents Both Parties in Sale of 912,820-SF Former Delphi Facility in Saginaw, MI

SOUTHFIELD, MI– Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm,  represented both parties in the sale of Delphi’s 912,820-square-foot manufacturing facility at 2328 E. Genesee in Saginaw to a California-based private investor. The purchase price was not disclosed.

Chris Dowell and Geoff Hill, SIOR, CCIM, both senior vice presidents in the company’s Industrial Group, and Patrick Shannon, vice president, Investment Group, facilitated the transaction.

“This was a success on many levels,” said Dowell. “We were able to bring together diverse parties to sell an automotive manufacturing facility in a tough market. It’s also a win for Michigan – this is the buyer’s first investment in the state, indicating that some investors see long-term potential here.”

Approximately 682,000 square feet of the facility is currently leased on a long-term basis to TRW Integrated Chassis Systems LLC, a subsidiary of TRW Automotive, which purchased Delphi’s braking unit in 2008. Dowell has been named the exclusive leasing agent for the remaining 230,000 square feet of available space.

Contact:  Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com