Forterra Industrial Park

Industrial for Sale
Catylist Listing ID: 30334354
Property Subtypes: Warehouse/Distribution
Building Size (RSF): 159,757 SF
Gross Building Area: See Agent
Gross Land Area: 13 Acres
Sale Price: $6,320,000
Unit Price: $39.56 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Building Name: Forterra Industrial Park
Sale Terms: Other
Cap Rate: 8.98%
Average Occupancy Rate: 89
Last Updated: 9/17/2020

Overview / Comments

This seven-building industrial park, built between 1985 and 1993, is situated in Warren - Michigan's third largest city by population. With 44 million sq. ft. of industrial space within city boundaries, 97.75% of which is occupied, Warren is a regional center of industrial activity. Despite Warren's strong industrial market with a vacancy of just 2.25%, the subject industrial park is currently +/- 96%
occupied. This offers a significant value-added opportunity for prospective buyers. Located less than 2 miles from I-696 and approximately 10 minutes from I-94. This ideal location allows for ease of access to major markets throughout the Midwest and Metro- Detroit. According to CoStar Analytics, current market lease rates are $5.28 NNN per square foot. Compared to the weighted average rent rate of $5.31 Modified Gross per square foot at the subject property, it is unlikely tenants will vacate for a better rate.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Macomb
Submarket/Township: Macomb West
Tax ID/APN: cpixtax
Zoning: M-2
Property Located Between: 10 Mile Road
Construction/Siding: Steel Frame, Other
Parking Description: Ample Parking
Overhead Cranes: Undisclosed
Sprinklers: None

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,814 173,996 480,416
Median Age: 37.16 35.54 37.12
Households: 7,393 66,246 183,856
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