For Sale $10,995,000
Property Type Industrial
Property Size 279,552 SF
Lot Size 13.3 Acre
Date Updated Mar 25, 2024

Martin Commercial Properties, Inc. is pleased to exclusively offer for

sale to qualified investors the opportunity to acquire an industrial/

office asset located at 1950 Waldorf NW in Walker, Michigan. The

property totals +/-279,552 SF consisting of +/- 27,689 SF of office and 251,863 SF of warehouse space on 13.3 acres. The original building

was constructed in 1972 with a 65,400 SF warehouse addition added in 2018. The property has been well maintained and benefits from recent parking lot and landscaping improvements.

The property is located in Walker, which is in the NW section of

greater Grand Rapids. This area is a strong industrial corridor and is home to headquarters for both Meijer and Bissell. Additionally, it

is conveniently located to both I-96 and US-131, given the current tenants easy access to the greater Grand Rapids MSA.

1950 Waldorf is fully occupied by multiple tenants. Occupying roughly

89% of the total property is Vital Records Corporation. They signed an initial 10-year lease that has roughly 5 years remaining with two, five-year options to renew thereafter. Their lease has yearly CPI increases, with a floor of 1% and a ceiling of 2%/year. Their current

rent is currently $2.84/SF NNN, which is significantly below market and gives a potential investor plenty of upside in the future.

The purchase of this property presents an investor with an opportunity to purchase a large industrial asset in the strong Grand Rapids market. The combination of future upside with a low price of $41.52/SF makes this an attractive option for investors.