An investment group that includes principals of CORE Partners and Burton-Katzman LLC has purchased four industrial properties in the Grand Rapids, Michigan, area in a $12.8 million acquisition.
The properties are in Kentwood, Caledonia and Byron Center, Michigan, and are all single-tenant and light industrial sites.
The purchase marks CORE BKG’s entree to the west Michigan market, considered a stronghold in economic sectors such as health care and manufacturing.
Grand Rapids is the second-largest metropolitan area in Michigan, and the area’s industrial market has vacancy rates hovering around 2 percent, according to CoStar Group.
The newly purchased buildings are leased to three tenants: Corium International, Aspen Surgical and United Rentals. Corium produces pharmaceuticals. Aspen manufactures surgical supplies, and United Rentals provides equipment rental services.