Leonard St NENE CONFIDENTIALITY and CONDITIONS
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36th St SE 3.38 Acres 600’ +/- Frontage Leonard StSt NENE 250’ +/- Frontage North Ave NE 301 Leonard Street NE, Grand Rapids OFFERING MEMORANDUM COLLIERS INTERNATIONAL | 1 Plainfield AveAve NENE David Rapp Gary Albrecht Davd Wiener Vice President Senior Associate Senior Vice President EXCLUSIVELY PREPARED BY PREPARED EXCLUSIVELY DIR 616 988 5819 DIR 616 988 5819 DIR 616 988 5849 MOB 616 325 9235 MOB 616 218 3928 MOB 616 304 3274 [email protected] [email protected] [email protected] Leonard St NENE CONFIDENTIALITY AND CONDITIONS This Off ering Memorandum was prepared by Colliers International (“Advisor”) on behalf of the Owner, and is confi dential. This Off ering Memorandum is being furnished to prospective purchasers of the property described herein subject to the terms of the Confi dentiality Agreement previously provided to and executed by such prospective purchasers. This Off ering Memorandum is intended solely to assist prospective purchasers in their evaluation of the property and their consideration of whether to purchase the property. It is not to be used for any other purpose or made available to any other person without the prior written consent of Owner or Advisor. This Off ering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the property by Owner/Advisor and their sources. Financial projections are provided as a reference and are based on assumptions made by Owner/Advisor and their sources. Prospective purchasers should make their own projections and reach their own conclusions of value. Certain portions of this Off ering Memorandum merely summarize or outline property information and are in no way intended to be complete or accurate descriptions. This Off ering Memorandum was prepared on the basis of information available to the Owner/Advisor in connection with the sale of the property. It contains pertinent information about the property and the surrounding area but does not contain all the information necessary for a complete evaluation of the property. The projected cash fl ow and other financial information contained herein are for general reference only. Although the information contained in this Off ering Memorandum is believed to be accurate and reliable, neither the Owner nor its Advisor guarantees its accuracy or completeness. Because of the foregoing and because the property will be sold on an “as is” basis, prospective buyers should make their own independent assessments, investigations, and projections regarding the property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants, and other advisors and should not rely upon such material provided by Owner or Advisor. Neither Owner nor Advisor nor any of their respective offi cers, advisors, agents, shareholders or principals has made or will make any representation or warranties, express or implied, as to the accuracy or completeness of this Off ering Memorandum or any of the contents, and no legal commitment or obligation shall arise by reason of the Off ering Memorandum or the contents. Analysis and verifi cation of the information contained in this Off ering Memorandum is solely the responsibility of the prospective purchaser. The Owner expressly reserves the right, in its sole discretion, to reject any off er to purchase the property or to terminate any negotiations with any party at any time, with or without notice. The Owner shall have no legal commitment or obligation to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed and delivered and any and all conditions to the Owner’s obligations thereunder have been fully satisfi ed or waived. The Owner is responsible for any commission due its Advisor in connection with the sale of the property. The Owner shall not be responsible for any commission claimed by any other agent or broker in connection with a sale of the property. No other party, including the Owner’s Advisor, is authorized to make any representation or agreement on behalf of the Owner. This Off ering Memorandum remains the property of the Owner and its Advisor and may be used only by parties approved by the Owner and its Advisor. No portion of this Off ering Memorandum may be copied or otherwise reproduced to anyone except as provided herein and as permitted by the express terms of the Confi dentiality Agreement. 2 | COLLIERS INTERNATIONAL College NE Ave Ave NE SITE Leonard St NEE EAEASTT LEOEONANARDRD ELELEEMMENENTATARRYY SCCHHOOOOL Lafayette Ave NELafayette Ave Ave NE TABLE OF CONTENTS EXECUTIVE SUMMARY 4 PROPERTY LOCATION 6 ZONING MAP 8 AREA OVERVIEW 9 DEMOGRAPHICS 12 COLLIERS INTERNATIONAL | 3 EXECUTIVE SUMMARY OFFERING OVERVIEW Rare opportunity to acquire a full city block along a well-traveled corridor near downtown Grand Rapids. This site off ers 3.38 acres with an existing 31,138 SF offi ce building on approximately have of the property. The current zoning is Low Density Residential (LDR) and is within the city limits. There are very few sites within the city of Grand Rapids of this size with this exposure that have redevelopment opportunity that this site has. Address: 301 Leonard Street NE, Grand Rapids Parcel Number: 41-14-18-383-001 Building Size: 31,138 Acreage: 3.38 Sale Price: $4,000,000 Sale Price/Acre: $1,183,432 Zoning: LDR, Low Density Residential 4 | COLLIERS INTERNATIONAL COLLIERS INTERNATIONAL | 5 PROPERTY LOCATION SITE Leonard Ave NE 131 Fuller Ave NE Ave FullerFuller Ave NE Seward Ave NW Ave SewardSeward Ave NW Lafayette Ave NE Ave LafayetteLafayette Ave NE INTERSTATE 196MICHIGAN Michigan StSt NE NE 6 | COLLIERS INTERNATIONAL DISTANCE TO Lansing: 67 Miles Detroit: 157 Miles Chicago: 178 Miles Indianapolis: 264 Miles SITE 75 North Ave NENE Lake Michigan Petoskey WI Traverse City Leonard StSt NENE MI Green Bay Cadillac Lake Huron Manistee 75 43 Ludington US US 131 31 301 LEONARDUSUS STREET127 NE Muskegon Grand Haven 90 Milwaukee 96 GrandGGrranaand RapidsRapidss Flint Holland Lansing rd Kalamazoo Battle Creek Livonia Detroit 94 Ann Arbor Lake 39 Chicago 88 Aurora Toledo Cleveland South Bend 80 COLLIERS INTERNATIONAL | 7 Fort Wayne 55 CITY OF GRAND RAPIDS ZONING MAP SITE 8 | COLLIERS INTERNATIONAL AREA OVERVIEW GRAND RAPIDS ECONOMIC OVERVIEW The Grand Rapids-Wyoming metropolitan statistical area (MSA) now competes with the largest MSA’s in the nation. According to the Area Development publication, Grand Rapids has “invested in itself to create a skilled workforce and a pro-business environment.” The MSA currently has an unemployment rate of 3.2%, compared to 4.9% for the state and 4.9% for the country. Forbes also ranked Grand Rapids the number two city in the nation for fi nding a job last year, with the automotive, consumer goods, health care, manufacturing and food industries listed as the top sectors for job growth. WEST MICHIGAN OVERVIEW This off ering represents a rare opportunity to purchase a retail strip center located in the third best economy in the U.S. West Michigan is home to over 1.3 Million people and encompasses the 7 counties of Kent, Ottawa, Muskegon, Allegan, Ionia, Barry, and Newaygo. Grand Rapids is the second-largest city in the state of Michigan and the county seat of Kent County. Grand Rapids is located less than 30 minutes from the scenic shores and deep water ports of Lake Michigan and is strategically located halfway between Detroit and Chicago, which are both 2.5 hours away. The region off ers a diverse economic base with a strong history in highly skilled manufacturing. It remains home to global offi ce furniture titans Steelcase, Herman Miller and Haworth. As the area progresses into the 21st century, healthcare and medical research has emerged as a major economic driver. Grand Rapids continues to grow and thrive as the area saw positive population growth from 2010 to 2015, far exceeding the state as a whole. MAJOR LOCAL COMPANIES COLLIERS INTERNATIONAL | 9 > Selected as one of America’s “Best Places to Live and Work” by both Best Places Rated Almanac and Expansion Management, the latter ranking our region as “Four-Star Community.” > Ranked as the third best overall economy in the nation according to Area Development – trailing only Denver and Houston. > Ranked the 7th happiest place to work in the country by a survey company called CareerBliss.com, which evaluated factors such as work environment, employee compensation and growth opportunities. > Ranked 4th out of 10 best cities for fi nding employment in the Forbes national survey. Top industries hiring in Grand Rapids include manufacturing, health care, fi nancial services, engineering, and information technology. Building on its strong traditions of entrepreneurism, innovation, community involvement, three hour drive to both Chicago and Detroit. Additionally, the Gerald R. Ford International civic pride, family orientation and a famous work ethic, West Michigan is thriving, vibrant, Airport—which services 1.8 million passengers each year—is only 15 minutes from the and progressive. The facts about the metropolitan area are impressive. subject property. The lower-than-average cost of living, the close proximity to the scenic shores of Lake Some of the large corporations in the Grand Rapids metropolitan area include: Spectrum Michigan and the abundance of amenities off ered rival many major metropolitan areas, Health, The Van Andel Institute, Amway, Steelcase, Meijer, Spartan Stores, Gordon Food creating a vibrant and productive environment. Service, Smith Aerospace (GE Aviation), Herman Miller, American Seating, Universal Forest Products, and Wolverine Worldwide. The Grand Rapids community is well serviced by good transportation routes—including I-96 running East and West, and US-131 running North and South--and is less than a 10 | COLLIERS INTERNATIONAL AIRPORT EDUCATION EMPLOYMENT Just 20 minutes from downtown Grand West Michigan has over 20 colleges and West Michigan off ers over 94,000 health Rapids, the Gerald R.