Toledo, Ohio, August 13, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of Waretech Industrial Park – a multi-tenant industrial building located at 7075 South Dort Highway in Grand Blanc, Michigan. The 667,000-square-foot warehouse was fully occupied at the time of sale by three tenants: JASCO International, Joshen Paper & Packaging, and WGS Global Services.
Stan Johnson Company’s Rob Gemerchak and BJ Feller exclusively represented the seller, Covington Group, a Dallas, Texas-based developer.
“Upon their initial acquisition, the owner immediately invested in upgrading the structure and building systems which resulted in leasing the property to three quality tenants and creating an outstanding investment opportunity at Waretech Industrial Park,” said Gemerchak, Director in Stan Johnson Company’s Toledo, Ohio office. “Despite its heavy industrial infrastructure, the majority of the property is currently utilized for product storage and regional distribution benefitting from its close proximity to the I-75 corridor. The flexibility in property use bodes well for future potential tenants throughout the building’s lifecycle.”
The property was purchased on July 23, 2019 by Triyar Companies LLC, a Los Angeles, California-based private equity group, for $14.9 million.
“We received strong interest from regional and national buyer groups, demonstrating the desirability and strength of the Detroit MSA investment market,” Gemerchak added.