Retail suites in historic Grand Rapids buildings hit the real estate market
Posted By: mlive on April 3, 2025. For more information, please click here to read the source article.
Retail suites in the historic Peck and Belford buildings on Monroe Center have hit the real estate market.
Rockford Property Management is partnering with former Rockford Construction CEO Mike VanGessel to sell more than 20,000-square-feet of retail space in the Peck and Belford buildings. The buildings, located between Ionia and Division avenues, are currently being leased by Gazelle Sports, Jimmy John’s, Garden District and several others.
The Belford retail units are listed for $1.45 million, and the Peck units are going for $2.7 million, according to a release. More than 11,000-square-feet of space in each building is available.
“It has been a long, but rewarding journey to revitalize Monroe Center,” VanGessel said in a statement. “Now that this epicenter of our community’s downtown is fully occupied, it’s time to hand it off to new ownership – one that is dedicated to advancing this beautiful corridor of our city, leaving Monroe Center better than we found it.”
VanGessel was not available for an interview Thursday, April 3.
VanGessel purchased the Peck building in 1998 in partnership with the late Peter Secchia’s SIBSCO Investments. He worked with former Grand Rapids Mayor John Logie to preserve the Peck building, and he received Historic Tax credits for his work, according to a release.
“These properties in the Belford and Peck buildings are prime commercial real estate in the core of Grand Rapids’ vibrant downtown,” said Mike Mraz, president of real estate development at Rockford Construction. “We’ve had incredible tenants throughout the years, and will support our current tenants as they transition their leased space to a new owner.”
The sale only extends to the retail units, not the entire buildings.
Residential condos on the upper floors of the Belford building are individually owned by the residents who occupy those spaces. In the Peck building, the third-floor residential condos are also owned by the residents who occupy those spaces. The second-floor of the Peck building is leased office space. Discussions will be held with office tenant about purchase options, according to a statement.
Michael Cagen, an investment property broker and a principal with Michael Cagen LLC, is the listing broker for both buildings, a release says.
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