Waterfront Views | Proximity to AZO Airport | 600 Plastics Pl
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Waterfront Views | Proximity to AZO Airport 600 Plastics Pl
25,000 SF Vacant Office Building Online Auction Sale Kalamazoo, MI 49001
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Investment Highlights
- Desirably positioned 25,000-SF office building and ample parking on an expansive 3-acre lot with captivating waterfront views in Kalamazoo, Michigan.
- Established owner/user or investment opportunity within a flourishing submarket seeing decreasing vacancies and no supply-side pressures.
- Remarkable location 1.5 miles from I-94, 2 miles to Kalamazoo/Battle Creek International Airport (AZO), and 3.3 miles to the Amtrak train station.
- Surrounded by a highly educated workforce, as 40.5% of the population obtains a bachelor’s degree or higher, surpassing the national average.
Executive Summary
Scenically situated, this 25,000-square-foot office building features captivating views of the Monarch Millpond in Kalamazoo, Michigan, which is part of the greater Kalamazoo-Battle Creek-Portage metropolitan area. Built in 1986, 600 Plastics Place is a two-story building beneficially positioned over 3 acres of land, providing a new owner with the opportunity for future development. The abundant acreage is paired with ample surface parking accommodating 80 employees and visitors and covered spaces perfect for executives. The property features a desirable mix of private offices, conference rooms, and an open floor plan ideal for partitioned offices. Tenants can appreciate the natural lighting that fills the office building and the outdoor patio encapsulated by serene surroundings.
600 Plastics Place will be delivered vacant upon sale, serving as an excellent blank slate opportunity for a new owner/user or investor seeking to lease the space to an upcoming tenant. The property is advantageously located within the Southern Kalamazoo County office submarket, which is seeing decreasing vacancy rates, rental increases by 1.6% year over year, and no construction except for subtle demolitions, confirming no supply-side pressures.
The property benefits from its proximity to major thoroughfare Interstate 94 via a 5-minute commute, providing seamless connectivity from the west to the east coasts of Michigan. The Kalamazoo/Battle Creek International Airport (AZO) is a 7-minute commute from 600 Plastics Place, and the Kalamazoo (Blue Water-Amtrak, Wolverine-Amtrak) commuter rail system is less than a 10-minute drive.
Kalamazoo County boasts a highly skilled workforce, as 40.5% of the surrounding population obtains a bachelor’s degree or higher, surpassing the national average of 34.3%. A new owner can acquire 600 Plastics Place and have a sought-after employee pool at their fingertips or add investment value by leasing the asset to a business at the submarket’s growing market rates.
Property tours are available by appointment only. Please contact the broker to schedule.
600 Plastics Place will be delivered vacant upon sale, serving as an excellent blank slate opportunity for a new owner/user or investor seeking to lease the space to an upcoming tenant. The property is advantageously located within the Southern Kalamazoo County office submarket, which is seeing decreasing vacancy rates, rental increases by 1.6% year over year, and no construction except for subtle demolitions, confirming no supply-side pressures.
The property benefits from its proximity to major thoroughfare Interstate 94 via a 5-minute commute, providing seamless connectivity from the west to the east coasts of Michigan. The Kalamazoo/Battle Creek International Airport (AZO) is a 7-minute commute from 600 Plastics Place, and the Kalamazoo (Blue Water-Amtrak, Wolverine-Amtrak) commuter rail system is less than a 10-minute drive.
Kalamazoo County boasts a highly skilled workforce, as 40.5% of the surrounding population obtains a bachelor’s degree or higher, surpassing the national average of 34.3%. A new owner can acquire 600 Plastics Place and have a sought-after employee pool at their fingertips or add investment value by leasing the asset to a business at the submarket’s growing market rates.
Property tours are available by appointment only. Please contact the broker to schedule.
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- Operating and Financials
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Market Analytics Click Here to Access
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Market Sale Price per SF
Kalamazoo - MI USA
Market Cap Rate
Kalamazoo - MI USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
25,000 SF
Building Class
C
Year Built
1986
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
15,000 SF
Building FAR
0.19
Lot Size
3.00 AC
Zoning
Commercial - Commercial Zoned District
Parking
88 Spaces (0.32 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
About Southern Kalamazoo
Kalamazoo is situated at the midpoint from Chicago to Detroit along Interstate 94, approximately 150 miles from each. Kalamazoo is home to Western Michigan University and its four campuses, Kalamazoo College, Davenport University, and Kalamazoo Valley Community College. With over 44,000 enrolled students and faculty, education remains an important part of the local economy. This area is well known regionally among foodies for unique microbreweries and distinctive craft brewers, which attract visitors year-round. Other tourist attractions include the Kalamazoo Air Zoo and the Kalamazoo Institute of Arts. The area attracts an estimated 900,000 unique visitors per year that generate over $370 million between day trips and overnight stays.
There are over 224,000 residents within 10 miles of Central Kalamazoo, with the actual trade area for businesses extending well past the city’s limit. Top employers in the area are from the manufacturing and life sciences sectors. Stryker, a surgical and medical equipment company; Pfizer; Zoetis; and Fabri-Kal all have a sizable employee presence in the area.
Southern Kalamazoo is one of the larger markets in the area, with 4.2 million square feet of inventory. Market asking rents have been rising, and this trend could continue, as there’s no new construction activity. In addition to improving market fundamentals, investors in recent years have benefitted from steady value growth.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
10,479
64,900
145,247
2020 Population
10,761
64,095
144,829
2029 Population
10,417
65,012
145,230
2024-2029 Projected Population Growth
-0.6%
0.2%
0.0%
Daytime Employees
6,152
78,804
118,369
Total Businesses
563
6,639
11,009
Average Household Income
$74,830
$67,124
$67,681
Median Household Income
$60,144
$49,463
$50,595
Total Consumer Spending
$121.1M
$667.8M
$1.6B
Median Age
35.0
31.1
32.1
2024 Households
4,640
26,573
60,622
Percent College Degree or Above
21%
19%
20%
Average Home Value
$166,643
$190,089
$203,814
zoning
| Zoning Code | Commercial (Commercial Zoned District) |
| Commercial (Commercial Zoned District) |
PROPERTY TAXES
| Parcel Number | 06-34-242-001 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $685,000 |
PROPERTY TAXES
Parcel Number
06-34-242-001
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$685,000
Sale Advisors
Sale Advisors
David Prell, Executive Vice President
(847) 585-0722
Contact
David Prell is a devoted advocate for clients across a diverse array of industries. His practice is bifurcated between occupiers and investors of industrial and office real estate. With expertise on each end of the spectrum, David has a clear understanding of success for both parties. His commitment to understand the business of the client he is representing enables him to achieve results that consistently outperform the market. In all cases, David has one mission: Produce the best outcome for his client. Frequently, producing the best outcome means Leveraging experts in the allied fields, i.e. capital markets, structured finance, project management, etc., in order to develop a comprehensive solution to a problem. When representing an occupier, space is commoditized. When representing an investor, David defines the competitive advantages the property offers and how they will positively impact the occupiers’ business.
In addition, David works closely with his clients’ legal team to build flexibility into transactions, while also mitigating the client’s risk profile. With a recent average of 397 lease changes (from the initial draft to final terms) in favor of his clients, no clause is overlooked. These measurable results are a significant differentiator compared with competition who ignore the details. David’s clients take comfort knowing he has experience with:
Access Agreements
Non-Disclosure Agreements
Industry Track Agreements
Leases
License Agreements
Purchase and Sale Agreements
Work Letters
Beyond a successful transaction, which is a minimum standard, David realizes anticipation is a key component of the relationship. Markets are inherently fluid and, as such, demand ongoing interpretation to anticipate changes. While leases often govern occupancy, David’s unique understanding of the relationships between occupiers, investors, suppliers, and markets can allow his clients to pivot midstream, thus exploiting the real competitive advantage of David’s team. Finally, savvy professionals must continually educate themselves, which is why David embraces being a student of the industry.
In addition, David works closely with his clients’ legal team to build flexibility into transactions, while also mitigating the client’s risk profile. With a recent average of 397 lease changes (from the initial draft to final terms) in favor of his clients, no clause is overlooked. These measurable results are a significant differentiator compared with competition who ignore the details. David’s clients take comfort knowing he has experience with:
Access Agreements
Non-Disclosure Agreements
Industry Track Agreements
Leases
License Agreements
Purchase and Sale Agreements
Work Letters
Beyond a successful transaction, which is a minimum standard, David realizes anticipation is a key component of the relationship. Markets are inherently fluid and, as such, demand ongoing interpretation to anticipate changes. While leases often govern occupancy, David’s unique understanding of the relationships between occupiers, investors, suppliers, and markets can allow his clients to pivot midstream, thus exploiting the real competitive advantage of David’s team. Finally, savvy professionals must continually educate themselves, which is why David embraces being a student of the industry.
David Tropp, Executive Vice President
(312) 935-1424
Contact
David S. Tropp is currently an Executive Vice President with CBRE, joining the firm following its merger with Insignia/ESG. David is a thirty-seven year real estate professional who has focused his career on the creation and implementation of real estate strategies on behalf of clients. An industry leader, David has been actively involved in more than 1,700 lease and sales transactions totaling over 123 million square feet and valued over $7.5 billion. He has represented diverse clients in the following industries and project types including: accounting firms, advertising, audio/video production, education, financial services, insurance companies, interactive media, law firms, nonprofit organizations, technology, telecommunications and Fortune 500 corporations. David has extensive experience with office, industrial, research and development, technology requirements, build to suits, new development and sale/leaseback projects in Chicago, the Continental United States, Canada and Mexico.
David's real estate career began in 1980 at Podolsky and Associates, joining Frain Camins & Swartchild in 1985. He was a partner at FC&S and was actively involved in the management of the company, serving on the Executive Committee and leading the Tenant Representation Group until the acquisition in 1997 by Insignia Financial Group. CBRE, Inc., the largest fully integrated real estate organization in the world, acquired IESG in 2003. In 2006 David represented McDonald's on their HQ relocation to Chicago that was recognized as the NAIOP & Greater Food Depository Office Lease of the year.
David's real estate career began in 1980 at Podolsky and Associates, joining Frain Camins & Swartchild in 1985. He was a partner at FC&S and was actively involved in the management of the company, serving on the Executive Committee and leading the Tenant Representation Group until the acquisition in 1997 by Insignia Financial Group. CBRE, Inc., the largest fully integrated real estate organization in the world, acquired IESG in 2003. In 2006 David represented McDonald's on their HQ relocation to Chicago that was recognized as the NAIOP & Greater Food Depository Office Lease of the year.
Nate Scherpenisse, First Vice President
(248) 353-5400
Contact
Nate Scherpenisse joined CBRE in 2006 and has devoted his career to providing superior strategic advisory and transaction implementation services to leading corporations and local business owners.
A native to Grand Rapids, Nate’s extensive experience in tenant representation includes headquarter relocations, facility consolidations, lease restructures, and sale/leasebacks.
A testament to his passion for real estate and delivering successful outcomes for his clients, Nate currently represents 3 of the top 10 employers in West Michigan. His strategic consulting approach to real estate service delivery is customized to each client to align real estate activities with corporate business goals.
A native to Grand Rapids, Nate’s extensive experience in tenant representation includes headquarter relocations, facility consolidations, lease restructures, and sale/leasebacks.
A testament to his passion for real estate and delivering successful outcomes for his clients, Nate currently represents 3 of the top 10 employers in West Michigan. His strategic consulting approach to real estate service delivery is customized to each client to align real estate activities with corporate business goals.
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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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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