80,873 SFPrice Upon Req.
Value-Add Investment: The Executive Office Park consists of five separate office buildings totaling 80,873 square feet of rentable space (90,000 square feet of gross building area). The buildings sit on three individual parcels totaling 6.33 acres of commercially zoned land (C-2, Community Service). The office buildings are currently operating at a combined occupancy of 46%. The majority of the tenants are local and on shorter term leases with varying lease expirations, making this an excellent value-add opportunity. All of the tenants are on gross leases in which the landlord is responsible for all operating expenses. Conversion/Redevelopment Opportunity: The Property is strategically located near Michigan State University' s campus, and makes for an excellent redevelopment opportunity. In an area with virtually zero vacant land, the subject Property offers an investor the opportunity to convert or develop the asset with commercial and student housing uses. Based on a recent feasibility study of the Property, the asset also presents the possibility to be converted from five separate multi-tenant office buildings into five individual student housing structures (about 74 units).
CBRE, Inc. has been retained by current ownership as the exclusive marketing advisor for the disposition of the City Center II property located at 333 East Grand River Avenue in East Lansing, Michigan. City Center II consists of 98,493 square feet and is currently 93 percent occupied by six tenants. The landlord just signed a new 10-year lease with Jackson National Life in which they occupy 34 percent of the property through January, 2024 for their development center, partnering with Michigan State University. The second largest tenant, Douglas J Salon, occupies 23 percent through June, 2017 for both their retail and office suites. The majority of the second and third floor space is occupied by the East Lansing Downtown Development Authority who collaborates with Michigan State University through October, 2020. The majority of the suites are on gross leases; however, most of the tenants pay their own utilities directly and also pay for the utility costs for the air handlers. The landlord is responsible for repairs, maintenance and replacement to the roof and structure.
*2 Story Brick Building *Close to MSU and downtown East Lansing *Building has been updated with newer windows, siding and furnaces *Owner would consider a lease back *On-site free parking
*Ste. 103 1,040 sq. ft. *Suite 103 needs build-out *Brick building with high-pitched roof *Located in the Office District of East Lansing *Ability to customize office layout *Condominium Association fee is $300 monthly
* 8,400 sq. ft. building will divide with egress and ingress both front and rear * Parking for 50+ * T-1 lines throughout * 2x6 construction with Anderson windows * Some build-out already in place * Fire suppression system * Flexible space planning options * East Lansing mailing address