Garden Fresh Gourmet (HQ) | Ferndale, MI
Garden Fresh (HQ) | 7.04% CAP | 95,718 SqFt
Marketing description
Savills is pleased to offer for sale a 95,718 square-foot six (6) building headquarters campus located in Ferndale, MI. The subject property is 100% occupied by Garden Fresh Gourmet.
The lease is on a NNN basis, whereby Landlord is only responsible for repair and replacement of roof & structure. Tenant recently exercised its first 5-year renewal option. The next option period contains a FMV rent adjustment.
Founded in 1997, Garden Fresh Gourmet is the #1 branded refrigerated salsa in the United States, with a product line spanning hummus, dips, tortilla chips, and soup. Garden Fresh Gourmet has been headquartered at this location since inception. This site also serves as the main manufacturing plant for the company for its salsa, hummus, and dips, utilizing a cold/refrigerated production environment throughout most of the footprint.
Investment highlights
- Longtime Historical Occupancy: Garden Fresh Gourmet has been headquartered and operating out of this site for nearly three decades
- Inflation Hedging & NOI Growth: FMV rent increase in the next option period
- Below market rent of $5.52 PSF (Ferndale industrial market within 3-mile radius: $8.50 PSF)
- Densely populated area with over 400,000 residents within a 5-mile radius of subject property
- Six (6) drive-ins and ample parking (1.34/1,000 sq ft)
- Only 25-minute drive from Detroit Metro International Airport (DTW)
- Low industrial vacancy rate of 4.1% within a 3-mile radius of subject property
- Benefits from municipally upgraded electrical service installed to meet the Tenant's production requirements
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