Lease of the Year in West Michigan
Sherpack signed one of the largest industrial deals in West Michigan last year when it finalized a deal to open a distribution center within the North Ridge Industrial Park in Walker. Touted for its potential impact on the local economy, the scale of the deal, and its role as a job creator, the deal earned a 2023 CoStar Impact Award for lease of the year in West Michigan, as judged by a panel of local industry professionals.
Sherpack signed a lease in August with Stag Industrial to fill the 210,325-square-foot distribution center at 2460 Northridge Drive. Founded in Grand Rapids in 2016, Sherpack provides e-commerce, retail, and subscription box fulfillment for online commodity-based businesses, including Shopify, PayPal, and Square. The company serves clients nationwide, though it’s most active in Detroit, Chicago, Minneapolis, and other large Midwest cities.
In addition to the size of the lease, the deal resulted in the creation of over 200 jobs in Grand Rapids.
About the project
Prior to the Sherpack deal, the 2460 Northridge Drive building had been the longtime home of United Stationeers, a national wholesale distributor that later changed its name to Essendant. Originally built in 1995, the property has been owned by Boston’s Stag Industrial since it bought it in 2010 for $7.15 million.
What the judges said
A local company agreeing to a large lease that will keep jobs in West Michigan led the judges to endorse the Sherpack deal for the award.
“The Sherpack lease demonstrates vibrancy by generating high economic activity in the area by creating over 200 jobs,” said Stanley Samuel, vice president of commercial and development at Wolverine Development Corp.
They made it happen
John Kuiper of Advantage Commercial Real Estate Services represented Stag Industrial in the lease negotiations.
As seen in CoStar News on March 31, 2023.