该物业将于1月1日星期一全天进行拍卖。如需获取更多信息和登记投标此物业,请访问Ten-X.com。
Colliers International has been retained as the exclusive advisor for the disposition of 7800 Northport Drive (the “Property”). The Property is a 55,241 square foot single tenant Flex/Industrial building located in Lansing, Michigan. Of the total space, 5,301 square feet is used as office space and the remaining 49,940 square feet is used for manufacturing. The site provides an additional development parcel to the west of the building.
Built in 1995, 7800 Northport Drive underwent significant renovations in 2016 to suit current tenancy. Ownership invested $50,000 into the asset to renovate the office portion of the space, paint the building’s exterior, seal and stripe the parking lot, as well as sealing the roof. The Property offers 18 foot clear heights and is also equipped with one truck well and four overhead doors. Furthermore, 7800 Northport Drive has been immaculately maintained and has minimal deferred maintenance.
The tenant, Corix Utilities Inc., is a leader in the implementation of sustainable water, wastewater, and energy infrastructure solutions for small to medium sized communities across North America. In May of 2016, Corix commenced a new 62 month lease expiring June 30, 2022 with two, yearlong renewal options.
The Property is in a prime location; just south of the I-69/I-496 Interchange and just north of the I-69/I-96 Interchange. GM’s Lansing Delta Assembly Plant is just to the southeast of the Property on the west side of the highway.
West of the Property is a large industrial zoned pad ripe for future development. The site has is shovel ready for a build-to-suit or spec development opportunity up to 72,800 square feet with significant highway frontage. The Lansing market has been very successful over recent years compressing the vacancy rate to below 2%, showcasing the demand for industrial product and the need for new product to be introduced to the market.
In 2016/2017, ownership had the entire building repainted, the parking lots patched with a new stripe and sealcoat, Interior walls were added along with new carpet, tiles, and paint, and finally the EPDM roof was restored. The total renovations cost over $50,000.
The Property comes with an additional source of revenue; a billboard. Situated on the western portion of the undeveloped land, the billboard is leased to Lamar Outdoor through 2038. Lamar has signed a lease to convert one of the sides of the billboard to digital and will pay $31,900 annually for 20 additional years. This property will be auctioned on Monday, January 1 - Monday, January 1. For information and to register to bid on this property, please visit Ten-X.com.