Investment Overview

Marcus & Millichap is pleased to present 429 East Grove Street, a multitenant industrial property in Greenville, MI. The industrial property was originally constructed in 1940, with subsequent additions in stages with masonry, metal, and concrete block construction. The subject property consists of approximately 170,894 rentable square feet on seven parcels totaling 9.1 acres. The subject property is 94% leased to five industrial tenants, with Tenneco as the primary tenant since 2007. Currently, Tenneco, formerly Federal Mogul, occupies nearly 60% of the total rentable square feet and generates 64% of the gross rental income. Tenneco (previously traded on the NYSE as TEN) is one of the world’s leading designers, manufacturers, and marketers of automotive products for original equipment and aftermarket customers, with full-year 2021 revenues of $18 billion and approximately 71,000 team members working at more than 260 sites worldwide. Apollo (NYSE: APO), a global alternative asset manager with $523 billion in AUM, acquired Tenneco in November 2022. Greenville, Michigan, is located 35 miles northeast of Grand Rapids, the second-largest city in the state. West Michigan is a growing region of more than 1.5 million people, and more than 130 international companies are located here, as well as three of Forbes largest private companies. The region is home to the global headquarters of industry leaders like Amway, Steelcase, Herman Miller, Haworth, BISSELL, Wolverine Worldwide, and more.