Friday, August 12, 2022
The Property Reporter
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
The Property Reporter
No Result
View All Result
Home Industrial

Profile Films acquires long-vacant west side GR industrial property for expansion

PrR by PrR
2022-07-29
in Industrial
0
20
SHARES
153
VIEWS
Share on FacebookShare on Twitter


GRAND RAPIDS — Plastic sheeting manufacturer Profile Films Inc. plans a major expansion at a long-vacant industrial property on Grand Rapids’ west side that was previously eyed for a large-scale cannabis growing facility.

Profile Films acquired 9 acres at 719 Ann St. NW — located next to the company’s current location at 1976 Avastar Parkway NW — for $3.2 million on July 8, said Jacey Shachter, president of Metric Structures LLC. Metric Structures serves as the owner’s representative of Profile Films’ expansion project and has been working on acquiring the property since October 2021, said Shachter, who is the daughter of Profile Films CEO Steve Ehmann.

At its Aug. 11 meeting, the Grand Rapids Planning Commission will consider Profile Films’ request to demolish vacant industrial buildings onsite to make way for a 183,000-square-foot manufacturing facility that would be connected via skywalk to Profile Film’s current location, according to project renderings. 

The expansion details are “very preliminary” at this point, but Profile Films would use the new space for manufacturing purposes, Shachter said. The long-vacant main structure on the property poses a “huge security risk,” Shachter added. 

“The main structure and old boiler room is in need of pretty serious environmental abatement,” Shachter said. “The historic smokestack and water tower will be retained.”

FCC Construction Inc. serves as the general contractor and Integrated Architecture LLC serves as the project architect.

“Industrial property in the city of Grand Rapids is very limited and the opportunity arose to purchase this,” Shachter said. “In the interest of proximity and ease of access for the current employee base, we decided to move forward.”

Founded in 1998, Profile Films manufactures food-grade recyclable plastic bags, sheeting and tubing. In recent years, Profile Films found success in the vast world of plastic bags and sheeting by serving a niche market of custom polyethylene bags, sheeting, tubing and other converted products, as MiBiz previously reported.

Vertically integrated Cloud Cannabis Co. previously owned the entire sprawling property with plans for a commercial growing facility. It has scaled back those plans to use just a 10,000-square-foot building at 701 Ann St. NW in the back of the property for retail and processing, according to company officials.

“With the rapid decline in the wholesale price of cannabis, to build out a 200,000-square-foot grow facility didn’t pan out,” said John McLeod, co-founder and head of new markets for Cloud Cannabis. 

McLeod noted that the cost of building out a commercial grow facility ranges from $350 to $400 per square foot, and the company last year acquired a 70,000-square-foot grow facility in Kalamazoo Township.

“For us, we have enough product to satisfy our retail footprint,” McLeod said.

Pending city permitting approvals, McLeod hopes to open the Ann Street Cloud Cannabis location in mid-summer of 2023, McLeod said.

Profile Films’ acquisition of some of the Ann Street property is a “win-win” for the west side, McLeod said.

“This continues to help us fuel our expansion,” McLeod said. “We’re not distracted now by that huge, cumbersome project and we can stay focused on the task at hand, which is opening these locations, making sure we’re doing it at the right growth rate and not doing it ahead of our skis.”

Cloud Cannabis currently has eight dispensaries across the state, and several other locations under construction. The cannabis company plans additional locations in Grand Rapids on 28th Street and at 15 Lexington Ave. NW.


Never miss MiBiz’s biggest stories and breaking news. Sign up to get our reporting sent straight to your inbox every weekday morning.





Source link

Tags: acquiresexpansionFilmsIndustriallongvacantProfilePropertysideWest
Previous Post

Manchester City Council greenlights Select’s 33-storey tower | News

Next Post

New Affordable Housing to Blend in With Ocean City’s Neighborhoods

Next Post

New Affordable Housing to Blend in With Ocean City's Neighborhoods

RECOMMENDED

MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript

2022-08-04

Cedar Fair (FUN) Q2 2022 Earnings Call Transcript

2022-08-03

MOST VIEWED

  • Fox Lake hopes to bring hotel to Mineola lakefront site; ‘Recognizing our unique position on the Chain O’ Lakes is a key driver for our progress’ – Chicago Tribune

    738 shares
    Share 295 Tweet 185
  • Doubling Down With the Derricos’ Deon boasts about ‘buying up blocks’ & promotes real estate business after foreclosure

    179 shares
    Share 72 Tweet 45
  • Historic home on 32-acre site annexed into Elgin for new industrial development free to anyone who wants to move it

    152 shares
    Share 61 Tweet 38
  • Plas Glynllifon’s new owner speaks for first time on difficult challenge to renovate mansion

    113 shares
    Share 45 Tweet 28
  • Atlanta developer plans downtown Dallas towers

    82 shares
    Share 33 Tweet 21

Recent Posts

  • MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript
  • Cedar Fair (FUN) Q2 2022 Earnings Call Transcript
  • NYC’s First Half CRE Investment Sales Volume up 99 percent: Report – Commercial Observer
  • Designers share tips for bringing more color into your home
  • Colleges get creative to solve student housing squeeze

CATEGORY

  • Buying a Home
  • Hotel
  • Industrial
  • News
  • Office
  • Residential
  • Retail
  • Selling a Home
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Property Reporter

No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home

© 2021 Copyright Property Reporter