Redevelopment Opp. 465,000 SF | 90 Acres | 416 Ford Ave
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Redevelopment Opp. 465,000 SF | 90 Acres 416 Ford Ave
465,000 SF Vacant Industrial Building Online Auction Sale Alpena, MI 49707
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Investment Highlights
- Significant 465,000-SF single-story industrial building situated over 89.69 acres of land with sought-after Lake Huron frontage in Alpena, Michigan.
- There are additional due diligence materials for this deal under restricted access. Please contact the listing broker for more information.
- Surrounding community heavily depends on manufacturing business as it dominates the county’s industry sector, leading at 20.5% industry share.
- Noteworthy value-add opportunity for either an owner/user or investor seeking an ideally zoned asset with ample permitted uses and FF&E included.
- Alpena County is supported by a highly skilled workforce, as 92.8% of residents are high school graduates or higher, surpassing the national average.
- Advantageously positioned within an Opportunity Zone providing possible tax incentives for a new owner seeking to deploy capital into the area.
Executive Summary
Impressively standing at 465,000 square feet, 416 Ford Avenue boasts a single-story industrial asset prominently situated over 89.69 acres of land with about 5,000 feet of Lake Huron frontage in Alpena, Michigan. Built in 1950, this warehouse building features 22– to 70-foot ceiling heights and is equipped with up to 15-megawatt electrical service with an on-site powerhouse. The property is efficiently built-out with six loading docks and three grade-level drive-in doors paired with about 20 acres of designated outdoor storage. About 2.2 acres of ancillary land parcels are included with the sale and the existing equipment (FF&E). There is currently a storage tenant utilizing about 20,000 square feet of space solely for inventory with a 30-day termination clause within their lease allowing a new owner to decide to allow the tenant to remain in the space at a monthly fee or to move out by the next month.
416 Ford Avenue is optimally positioned just outside downtown Alpena via a 0.5-mile commute with easy access to major thoroughfares Michigan Highway 32 and US Highway 23. The property is desirably situated over I-2, general industrial zoning offering tremendous revitalization opportunities. This flexible zoning permits an abundance of business uses, including warehousing and storage, manufacturing, public works facilities, wineries/distilleries/breweries, telecommunications businesses, building material storage, special trade contractors, automotive equipment rental and leasing, commercial docks, professional offices, and more. Permitted uses with a special use permit or supplemental regulations consist of animal shelters/kennels, parking structures, telecommunication towers and facilities, automobile service stations such as a gas station, airports, and automotive repair and maintenance shops.
Alpena County is supported by a highly skilled workforce, as 92.8% of residents are high school graduates or higher, surpassing the national average of 89.1%. 416 Ford Avenue benefits from its positioning within Alpena as the manufacturing business dominates the county’s industry sector, leading at 20.5% industry share.
This acquisition is primed for revitalization, with a multitude of capabilities for an owner/user or business leased out by a savvy investor. 416 Ford Avenue is valuably located within the Alpena industrial market, with a notably low vacancy rate of 0.5%. No recent construction has been underway in this Opportunity Zone, providing zero supply-side pressures, making this asset ideal for purchase and repurpose.
Property tours are available by appointment only. Please contact the broker to schedule.
416 Ford Avenue is optimally positioned just outside downtown Alpena via a 0.5-mile commute with easy access to major thoroughfares Michigan Highway 32 and US Highway 23. The property is desirably situated over I-2, general industrial zoning offering tremendous revitalization opportunities. This flexible zoning permits an abundance of business uses, including warehousing and storage, manufacturing, public works facilities, wineries/distilleries/breweries, telecommunications businesses, building material storage, special trade contractors, automotive equipment rental and leasing, commercial docks, professional offices, and more. Permitted uses with a special use permit or supplemental regulations consist of animal shelters/kennels, parking structures, telecommunication towers and facilities, automobile service stations such as a gas station, airports, and automotive repair and maintenance shops.
Alpena County is supported by a highly skilled workforce, as 92.8% of residents are high school graduates or higher, surpassing the national average of 89.1%. 416 Ford Avenue benefits from its positioning within Alpena as the manufacturing business dominates the county’s industry sector, leading at 20.5% industry share.
This acquisition is primed for revitalization, with a multitude of capabilities for an owner/user or business leased out by a savvy investor. 416 Ford Avenue is valuably located within the Alpena industrial market, with a notably low vacancy rate of 0.5%. No recent construction has been underway in this Opportunity Zone, providing zero supply-side pressures, making this asset ideal for purchase and repurpose.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Due Diligence Documents
- Purchase Agreement
Property Facts
| Sale Type | Investment | Rentable Building Area | 465,000 SF |
| Sale Conditions | Auction Sale | No. Stories | 1 |
| Property Type | Industrial | Year Built | 1950 |
| Property Subtype | Warehouse | Tenancy | Single |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 89.69 AC |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 89.69 AC |
| Rentable Building Area | 465,000 SF |
| No. Stories | 1 |
| Year Built | 1950 |
| Tenancy | Single |
| Opportunity Zone |
Yes |
DEMOGRAPHICS
Regional Accessibility
CITY
POPULATION
MILES
DRIVE TIME
Detroit
672,662
247
4 h 45 m
Columbus
892,533
426
8 h 9 m
Chicago
2,705,994
427
8 h 12 m
Milwaukee
592,025
471
9 h 26 m
Indianapolis
867,125
483
8 h 55 m
Louisville
620,118
582
11 h 1 m
ACCESS AND LABOR FORCE
10 MILES
Total Population
22,113
Total Labor Force
10,326
Unemployment Rate
5.06%
Median Household Income
$45,315
Warehouse Employees
1,789
High School Education Or Higher
93.50%
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $3,361,800 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$3,361,800
zoning
| Zoning Code | I-2 (General Industrial Zoning) |
| I-2 (General Industrial Zoning) |
Sale Advisors
Sale Advisors
Sean Cavanaugh, Executive Vice President
(248) 581-3331
Contact
Sean Cavanaugh currently serves as a Vice President in the Industrial Group for JLL’s Detroit office. Sean specializes in leasing and sales of light industrial and bulk warehouse/distribution properties in the western suburbs of Detroit. His business focus includes landlord and tenant representation, acquisition and disposition work as well as new-build and site selection consultation. Sean has completed leasing and sales transactions for over 5,000,000 SF of commercial property and holds a listing presence of over 1,000,000 SF of industrial property throughout metro Detroit, representing local and national Landlords. He continues to build strategic relationships with major developers, landlords and corporations across the United States
Prior to joining JLL, Sean served as a member of the Detroit Grubb & Ellis office from 2008-2012 and transitioned to Newmark Grubb Knight Frank in June of 2012 until January 2016. Prior to his brokerage career, Sean worked as a Project Manager for Shannon Development, a boutique office condominium developer in Birmingham MI, and as a Business manager with Bank of America in Phoenix AZ.
Sean earned his B.S. from Western Michigan University, Kalamazoo MI. He received the Grubb & Ellis Jimmy Valvano Award in 2010 and was named Costars power Broker in 2012 & 2013.
Prior to joining JLL, Sean served as a member of the Detroit Grubb & Ellis office from 2008-2012 and transitioned to Newmark Grubb Knight Frank in June of 2012 until January 2016. Prior to his brokerage career, Sean worked as a Project Manager for Shannon Development, a boutique office condominium developer in Birmingham MI, and as a Business manager with Bank of America in Phoenix AZ.
Sean earned his B.S. from Western Michigan University, Kalamazoo MI. He received the Grubb & Ellis Jimmy Valvano Award in 2010 and was named Costars power Broker in 2012 & 2013.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Jameson Kuykendall
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
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Sean Cavanaugh -
Kyle O'Donnell -
JLL
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Redevelopment Opp. 465,000 SF | 90 Acres | 416 Ford Ave
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