Real Estate Equity Mixed use
833 Michigan Street
Grand Rapids, Michigan Syndication Active
Value-Add Real Estate Redevelopment
Real Estate Equity Industrial
4444 52nd Street Kentwood, Michigan
- Asset type
- Industrial
- Strategy
- Value-Add Real Estate
- Transaction
- Redevelopment
- Category
- Real Estate Equity
- Structure
- Syndication
- Status
- Active
- Year
- 2021
- Tenant
- SnackCraft LLC
Project overview
Project overview: 4444 52nd Street
Industrial property on 22 acres in Kentwood, Michigan, repositioned as the U.S. headquarters of snack manufacturer SnackCraft.
4444 52nd Street SE is an industrial property on a 22-acre site in Kentwood, Michigan. It is leased to a single tenant, SnackCraft LLC, which uses it as its U.S. headquarters. Carbon River Capital's investment is structured as a syndication.
The tenant
SnackCraft is a snack co-packer and contract manufacturer with European roots. Its Kentwood production lines supply customers across North America.
Incentives
The tenant's 2024 expansion was supported in part by a Michigan Business Development Program grant. The incentives listed for the property also include an Industrial Development District designation and Michigan's Plant Rehabilitation and Industrial Development Districts Act (PA 198).
Site capacity
SnackCraft has been adding production lines inside the existing building and has identified a need for more production space on the same 22-acre site.
The Opportunity
An existing industrial building on a 22-acre site in Kentwood, Michigan. SnackCraft, a snack co-packer and contract manufacturer with European roots, selected the property as its U.S. headquarters.
Carbon River's Approach
Third Coast Development, the development firm led by Carbon River's principals, acquired the property in late 2021 and renovated it to reposition it as modern industrial space, anchored by a long-term lease with SnackCraft. It led due diligence and lease negotiations and structured the public incentive package that supported the tenant's U.S. expansion.
Current Status / Outcome
The renovation was completed in 2022. SnackCraft opened at the property in January 2023 with two production lines and expanded the operation in 2024. Ownership has been retained.
Related strategy
How this investment fits our strategy
Opportunity takes many forms.
We welcome inquiries from property owners, business owners, brokers, lenders, investment professionals and others interested in learning more about Carbon River Capital.
Whether you are considering the sale of a property, exploring a sale-leaseback or recapitalization, or presenting an investment opportunity, contact our team.