The John Bean Building, a Lansing Commercial & Industrial Property

Industrial for Sale
Catylist Listing ID: 29999117
Property Subtypes: Flex Space, Manufacturing, Mixed Use, Light Industrial, Net Leased, Office Showroom, Research & Development, Warehouse/Distribution
Building Size (RSF): 400,000 SF
Gross Building Area: 464,278 SF
Gross Land Area: 12 Acres
Sale Price: $1,950,000
Unit Price: $4.88 PSF
Ceiling: 16 ft.
Docks/Doors: 3 Docks, 3 Doors
Drive In Bays: 2 Bays
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: The John Bean Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/19/2017

Overview / Comments

The John Bean Building is a Mid Century Industrial Complex Formerly Serving as the Home of the John Bean Company. It is Located just South of the I-496 / Cedar Street Interchange and is just Over One Mile from the State Capital Building. It is Currently a Multi-Tenant Facility which in the Past has seen Heavy and Light Manufacturing uses, but is Slowly Beginning a Redevelopment to a More Retail and Service Commercial Use as the Center City Expands and Pushes South. Agent is a Party to the Operation of the Subject Real Estate.

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: City of Lansing
Tax ID/APN: 33-01-01-21-426-005 & 33-01-01-21-428-082
Zoning: I-2 INDUSTRIAL
Market Type: Medium
Property Located Between: Christiancy & Rail Road Tracks
Road Type: Paved
Transportation: Rail
Highway Access: Located 1/4 Mile South of the I-496 / Cedar Street Interchange.
Rail Access: Yes
Airports: Capital City Airport, 8 miles
Site Description: The Site Plan Consists of Two Tax Parcels of 10.06 and 1.75 Acres of Flat Land Containing a 467,278 +/- Square Foot Structure Partitioned Into Four Distinct Connected Buildings. A 3 Story Structure being 116,366 Square Feet Per Floor, a 1 Story High Bay Structure being 103,084 Square Feet and Minor Building Structures. The Site Consists of 580 Feet of South Cedar Frontage and 500 Feet of Christiancy Street Frontage. The John Bean Building Cedar Street Frontage is Obscured By the Rail Road Overpass that Sets Directly in Front of the Building.
Area Description: The Area Surrounding the John Bean Building has been Industrial in Nature with Industrial and Commercial Uses Running Parallel to Cedar Street. In More Recent Years, City Center Growth is Reflecting a Redevelopment to Lighter Uses of Retail / Commercial.
Tenancy: Multiple Tenants
Total Number of Buildings: 4
Number of Stories: 3
Property Condition: Good
Year Built: 1936
Year Renovated: 1960
Roof Type: Flat
Construction/Siding: Block, Brick, Concrete, Metal Siding, Steel Frame
Exterior Description: The Structures Feature a Brick Facade with Symmetrically Place Industrial Windows Around its Perimeter and a Steel Framed Structure.
Parking Type: Surface
Parking Description: Surface Parking Along the Perimeter of Building.
Total Parking Spaces: 453
Freight Elevators: 1
Overhead Cranes: 1
Sprinklers: Dry
Amps: 6,500
Volts: 480
X-Phase: 3
Heat Type: Natural Gas
Heat Source: Ceiling Units
Lighting: Fluorescent, Metal Halide
Internet Access: Cable
Interior Description: 103,084 Square Feet of High Bay being 15 Foot Clear with 18 x 55 Column Spacing. 349,098 Square Feet in 3 Stories being 11 Foot Clear with 18 x 20 column Spacing. The Entire Structure is Heavy Steel Framed with Concrete Floors on Grade Level and High Capacity Hardwood Floors on Levels 2 and 3.
Zoning Description: The John Bean Building is Zoned "I" Heavy Industrial and can be Utilized for Any Uses Allowed by Right, by Special Conditions or Special Permits as Found in the Attached Zoning Code Sections of Zone "I" Heavy Industrial and "H" Light Industrial.
Lot Frontage: 580 Feet on Cedar and 500 Feet on Christiancy Street
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: See Attached Property Tax Information Sheets.


Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,414 120,375 214,549
Median Age: 32.03 32.46 32.82
Households: 8,064 48,863 85,587

Contact

Photograph of Listing Agent

Jeffrey R. Bean

CPIX Member
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