1501 Buchanan Ave SW
Grand Rapids, MI 49507
Located In An Opportunity Zone · Industrial Property For Sale

BACK ON THE MARKET EXCELLENT 1031 EXCHANGE OPPORTUNITY. LOCATED IN AN OPPORTUNITY ZONE NAI Wisinski of West Michigan is pleased to offer for sale to qualified investors, the opportunity to purchase an office and industrial building that is 100% leased to Michigan Wheel Operations, LLC and guaranteed by it’s parent, Michigan Wheel Holdings LLC (collectively, “Michigan Wheel”). The property is located in Grand Rapids, MI. Michigan Wheel has over 100 years of experience in propulsion with custom-crafted boat propellers. Their boat propellers range from marine inboard and industrial fixed pitch propellers with the majority of the inboard propulsion being manufactured at the Property. The Property is a 161,100 SF facility consisting of office and manufacturing space. Michigan Wheel has been manufacturing at this facility since 1959 and currently operates under a long-term lease with over 16 1/2 years of lease term remaining, expiring in June 2035. The absolute net lease features generous rental increases with no landlord responsibilities. The property is well located on Buchanan Avenue SW with 6,460 vehicles per day. According to CoStar’s most recent report, the Central Grand Rapids industrial Submarket vacancy rate is at a historic low of 1.1%, with positive net absorption and a 12 month rent growth rate of 7.2%. These metrics are evidence of the continued strength of the overall local market.