August 14, 2019
Stan Johnson Company (SJC) completed the sale of Waretech Industrial Park, a multi-tenant industrial building in the Flint, MI suburb of Grand Blanc, MI. The 667,000-square-foot warehouse was fully occupied at the time of sale by three tenants, and traded to Los Angeles-based Triyar Companies for $14.9 million.
SJC’s Rob Gemerchak and BJ Feller represented the seller, Covington Group, a Dallas-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.
“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,” he continued. “The flexibility in property use bodes well for future potential tenants throughout the building’s lifecycle.”
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