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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.

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