Highlights
•Essential Operations Hub: the property functions as Garden Fresh Gourmet’s tortilla production facility. •Established Tenant Presence: Garden Fresh Gourmet has occupied this location for more than 20 years. •Favorable Lease Terms: the lease includes a 10% rent increase at the next renewal and market-based escalations in the four subsequent options. •Undermarket Rent: current rate of $4.78 PSF is significantly below the area’s NNN industrial average of $6.70 PSF. •Low-Touch Investment: structured as a NNN lease with minimal landlord obligations. •Prime Urban Location: located in downtown Grand Rapids within 1.5 miles of major amenities, including Founders Brewing Company, MudPenny, the Amway Grand Hotel, JW Marriott, and two major hospitals.
Description
Addison Williams of CBRE is pleased to present the opportunity to acquire a 50,160-square-foot industrial property fully leased to Garden Fresh Gourmet. Located in the core of Grand Rapids, the tenant entered into a new 5-year lease in 2021 and currently has just under two years remaining. The lease includes five additional 5-year renewal options, with the first featuring a 10% rent increase and the subsequent four tied to market rent adjustments. The lease is structured on a NNN basis. Founded nearly two decades ago in Ferndale, MI, Garden Fresh Gourmet has grown into a nationally recognized brand and is currently the top-selling refrigerated salsa brand in the U.S. Their product line also includes tortilla chips, hummus, dips, and salads.
Listing Details
- Cap Rate
7%
- Tenancy
Single
- Space Type
industrial
- Sub Category
distribution
- Date Listed
10/8/2025
- Ownership Info
Fee Simple
- Broker/Agent Co-op
Yes
- Investment Type
Net Lease
- Net Operating Income
$230,184
Property Specifics
- Property Name
Garden Fresh Manufacturing Facility | Grand Rapids, MI
- No of Buildings
1
- Building Size
50,160 SF
- Lot Size
3.8 AC
- Occupancy
100%