Canteen Vending logistics site in Michigan sells to investment group

Toth Realty, a Florida-based investment group, has bought a 41,467-square-foot industrial property at 8931 E. K Ave. in Galesburg, Michigan, near Kalamazoo, for $5.15 million, or $124 per square foot. The property was fully leased by Canteen Vending North America on a 10-year, triple net lease term that commenced in June 2024 and had a 6.84% capitalization rate at the time of sale.

Canteen North America teamed up with Derek Wissner and the Callander Commercial team roughly three years ago to find a real estate solution that would better fit its growing space needs. With no suitable existing options available, a small team of investors led by Wissner worked with Nuway Construction and Cornerstone Construction to develop a build-to-suit project from the ground up within nine months to better meet the needs of the tenant and its growing business, finishing the project in 2024.

Wissner described the experience as proof of the power of creative problem-solving, collaboration and a bit of “putting your money where your mouth is” in overcoming real estate hurdles. He said his first build-to-suit project is a significant milestone in his career.

Spencer Henderson and Camille Renshaw with B + E worked in cooperation with Wissner, associate broker with Callander Commercial, as listing agents on the deal. The buyer, Toth Realty, represented itself.