Andrew Kapanowski and Doug Taatjes of NAI Wisinski of West Michigan recently sold the 19,972 square-foot industrial building at 2882 Northridge Drive NW in Grand Rapids, Michigan.
The building is located in the Walker corridor on the northwest side of Grand Rapids. This location has attracted many industrial users because of its proximity to both I-96 and US-131.
The West Michigan industrial market continues to experience a lack of inventory.
“One of the biggest challenges we face is simply finding available space for our clients to buy or lease. There have only been a few on-market industrial sales in the Walker corridor over the last year,” said Andrew Kapanowski, Commercial Real Estate Specialist at NAI Wisinski of West Michigan. “Many deals are taking place before they even hit the market due to high demand. Maintaining good broker relationships is key to discovering these opportunities before they are widely known.”
This lack of availability has led to higher sale prices and lease rates for industrial spaces.
“We received multiple full-price offers on 2882 Northridge Dr because it was one of the only industrial buildings in the Walker corridor listed at that time,” said Doug Taatjes, CCIM, SIOR, Partner/Associate Broker at NAI Wisinski of West Michigan.
Taatjes and Kapanowski represented the seller of the building, Unisource Office Furniture. Unisource decided to sell their building after working with NAI to recognize the benefits a sale would bring and identifying a new location for themselves.
“We expect these trends to continue in the West Michigan industrial market. Demand will remain high, inventory will remain low, and prices will remain high,” said Taatjes.
The buyer of 2882 Northridge Dr was Lumber2Love, a manufacturer of wood furniture that specializes in tables.
Max Grover of Moxie represented the buyer, Lumber2Love, in this transaction.
