Newmark announces the sale-leaseback and build-to-suit expansion of a free-standing manufacturing and distribution facility at 201 Glocheski Drive in Manistee, Michigan.
Situated on about nine acres along Lake Michigan, the well-maintained, state-of-the-art property has a net rentable area of 52,939 square feet.
Newmark Vice Chairman Andrew Sandquist, Managing Director JC Asensio and Associate Director Briggs Goldberg, in cooperation with Managing Director Fred Liesveld, represented the owner and tenant–Amptech Inc. in the transaction to buyer, Agracel. Newmark Financial Analyst Tyrell McGee provided crucial financial data analysis to assist on the transaction.
Amptech, which occupies 100 percent of the property, executed a long-term lease with annual rental escalations. Agracel will assist Amptech in a potential build-to-suit expansion of the existing facility to support future growth objectives. Amptech specializes in the design, manufacturing and distribution of highly engineered automotive lighting assemblies and components and industrial valves throughout the world.
The COVID-19 pandemic has accelerated investor allocation trends, particularly increasing investment in the industrial sector. According to Newmark Research, in the third quarter of 2020, investment in industrial product type increased by more than 24 percent quarter-over-quarter as funds continue to seek growth opportunities. Across all property types, industrial finished the third quarter with the highest rent collection at 94.4 percent since the onset of COVID-19, further reinforcing the positive momentum in the sector.