FOR SALE > LANSING INDUSTRIAL WITH BILLBOARD
2960 Ena Drive | Lansing, MI 48917
- 86,575 Square Feet
- For Sale
An 86,575 square foot industrial building net leased to three tenants. The original building was completed in 1980 with the addition being completed in 1994. Ownership completely rehabbed the facility in 2016 to make way for the new 10 year lease with Auto-Owners Insurance.
The Property is 84.29% occupied by three tenants; the Gannett Company/Federated Publications (11,987 SF), Auto-Owners Insurance (30,456 SF), and Kamps Pallets (30,530 SF). Of the total space, 20,875 square feet is used as office space and the remaining 65,700 square feet is used for warehousing and distribution.
Built in 1980, 2960 Ena Drive underwent significant renovations in 2016 to suit current tenancy. It had been completely vacant before ownership invested $4 million into the asset to reposition and re-tenant the space. Major capital improvements include the renovation of the HVAC system (~$1,000,000), interior suite renovations and modifications (~$1,100,000), new electrical wiring, outlets, meters and modifications (~512,000), and a new asphalt parking lot (~$402,000). Additional improvements to the Property’s docks, floors, fire suppression systems, and roofing are also a part of the four million dollar capital investment.
The Property offers 22 foot clear height throughout the building with 40 foot clear in some suites. It is also equipped with six truck wells. The entire parking lot has been resurfaced and helps display the asset’s peak condition. Additional parking was added with a new parking lot completed to the north of the building.
The Property is in a prime location; just to the south of the I-69/I-496 Interchange and north of I-69/I-96 Interchange. GM’s Lansing Delta Assembly Plant is just to the southeast of the Property on the west side of the highway. North of the Property is a large industrial zoned pad for future development. The site has 4.4 acres and is shovel ready for a build-to-suit or spec development opportunity. The Lansing market has been very successful over recent years compressing the vacancy rate to under 2% showcasing the demand for industrial product and the need for new product to be introduced to the market.
The Property comes with an additional source of revenue; a billboard. Situated on the northwest part of the undeveloped land, the billboard is leased to Adams Outdoor on a 20 year lease with rental increases in year six and year 11. Adams Outdoor has expressed interest in converting the billboard from analog to digital, which can add upwards of $40,000 to the annual rent and re-signing for a fresh 20 year lease.
Property Status: For Sale Occupied
Building Size: 86575 Square Feet
Area Available: 86,575 Square Feet
I-2, General Industrial
Year Built / Renovated
1980 / 1994 / 2016
~ 220 Free Spaces (2.54/1,000 SF)
Gross Site Area
Six Truck Wells
- Property offers 22 foot clear height throughout the building with 40 foot clear in some suites
- Major capital improvements include the renovation of the HVAC system
- Property’s docks, floors, fire suppression systems, and roofing are also a part of the four million dollar capital investment
- New electrical wiring, outlets, meters and modifications
- Entire parking lot has been resurfaced and helps display the asset’s peak condition