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Franklin Partners has purchased the 74-acre former GM stamping plant site known as Site 36 in Wyoming after marketing the property for years. Franklin Partners has purchased the 74-acre former GM stamping plant site known as Site 36 in Wyoming after marketing the property for years. COURTESY PHOTO

‘LONG TIME COMING’: Franklin Partners purchases 74-acre Site 36 in Wyoming for future industrial redevelopment

BY Thursday, March 10, 2022 09:47am

WYOMING — Franklin Partners LLC has purchased the sprawling former General Motors stamping plant in Wyoming known as Site 36 for $5.25 million and plans to build a new industrial development on the property.

Grand Rapids- and Oak Brook, Ill.-based Franklin Partners, doing business as Franklin Site 36 LLC, bought the 74-acre site from the city of Wyoming for $70,000 per acre, company officials said. Property records indicate a sale price of $5.25 million that closed on Feb. 25.

The commercial development and property management firm for years has been the lead marketer for the property at 300 36th St. SW. 

Franklin Partners plans to build onsite manufacturing plants ranging in size from 150,000 to 1 million square feet. 

“We have partnered with the city of Wyoming for about the last three or four years to bring manufacturers to the site, and together with the city we decided market conditions are right and it makes sense for them to sell the site,” Franklin Partners co-founder and Partner Don Shoemaker told MiBiz. “When you look at the vacancy of industrial space, (it) has been at or under 2 percent, and this is an improved site you can actually build on now — there aren’t many of those.”

Site 36 in 2011 was cleared of its former use but still includes industrial infrastructure including onsite utilities and active rail. 

“What the city has wanted on the site from the start is to bring back manufacturing jobs as opposed to having warehouses that will sit on the property,” Shoemaker said. “This site is unique because it has rail. We’re targeting good manufacturing companies that need the infrastructure that’s there.”

Franklin Partners is in discussions with three or four potential companies that are a mix of local firms looking to expand and a couple that are based outside of the state, Shoemaker said. Franklin Partners expects to break ground and start construction this summer, while the first user is expected to be announced soon, Shoemaker said.

The sale of the site “has been a long time coming,” Wyoming City Manager Curtis Holt said in a release. 

“We have long recognized what a jewel this property is — and what tremendous potential it has to attract manufacturers looking for a place to expand or consolidate operations,” Holt said. “Don Shoemaker has an excellent track record in our community. We look forward to working with him and bringing Site 36 back to life.”

The site is listed by Duke Suwyn and Steve Marcusse of Advantage Commercial Real Estate.

Read 1198 times Last modified on Thursday, 10 March 2022 10:15
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