Large industrial building in Grand Rapids has new owner
A large, industrial building on Grand Rapids’ Southeast Side that formerly housed a company that manufactured products used to display retail merchandise has a new owner.
A company affiliated with Kojaian, a Bloomfield Hills-based realty company specializing in office, industrial, high-tech and retail spaces, purchased the 925,000-square-foot building, which is located south of 36th Street at 3951 Trade Drive SE.
Kojaian intends to market the building to warehouse and manufacturing companies, said Stuart Kingma, an associate broker at NAI Wisinski of West Michigan, a commercial real estate firm based in Grand Rapids that assisted in the sale.
Kingma declined to disclose the terms of the sale. The building first went on the market in mid-January.
He said the building can accommodate multiple tenants.
The building was most recently occupied by Amstore, a retail display maker. In February, the company announced it was ending production at the facility and laying off 133 employees.
With a “nearly 99 percent” occupancy rate for industrial properties in the Grand Rapids area — meaning that short of building new facilities, there’s few unoccupied buildings on the market — Kingma said he’s confident Kojaian will find tenants for the new building.
“We do anticipate traction in short order and a lease up period which is consistent with the market,” he said.
Berkshire Hathaway HomeServices Michigan Real Estate represented the seller and NAI Wisinski of West Michigan represented the buyer. NAI Wisinski is being retained by Kojaian to find tenants for the building.
Property records show a limited liability company affiliated with Amstore purchased the building at 3951 Trade Dr. SE for $3.6 million in July 2008.
Posted By: mlive on August 7, 2019. For more information, please click here to read the source article.
To receive the In The Know from Signature Associates, please click here to be added to our mailing list.
« Back to News
Did you know?
- In 2019, Signature completed more than 1,032 transactions totaling 27.7 million square feet and 2,435 acres with a total value of $994 million.
- Signature Associates has 6 veterans or active duty military officers.
- Almost 60% of Signature’s professionals have been with the firm at least 10 years.
- Signature completed more than 1,032 transactions in 2019.
- Signature loves animals! Over 60 professionals have dogs and 20 professionals have cats and collectively we’ve raised thousands of dollars in the last year alone for area animal shelters.
- Signature is proud to be featured as a Best & Brightest Companies to Work for 3 consecutive years, Cool Places to Work for 4 consecutive years, and Top Workplaces for 6 consecutive years.
- Signature Associates and its team donate time and money to over 40 organizations throughout Michigan, Ohio and the United States.
- Signature Advisory and Management Services team performed comprehensive construction management services for projects totaling over $60 million and managed more than 8 million square feet of commercial space for our third-party clients, making us the largest locally owned third-party property management firm in the market.
- Signature Associates has completed more industrial leases than any other brokerage firm.
- Signature Team Cares was formed in January 2017 to help further our efforts and long history of partnering with local organizations to improve lives and to benefit our communities.