Estes Group Buys Lowell Building
LOWELL — The Estes Group recently bought the building at 216 W. Main St. in Lowell, a structure widely known as the Flat River Antique Mall.
"The acquisition is consistent with our company's plan of acquiring investment real estate with good upside potential," said Michelle Schaal, who owns the Grand Rapids real estate investment firm with her husband, Todd.
"We like what we see occurring in downtown Lowell and believe it will continue," she added.
Schaal emphasized that her company does not own the antiques businesses located in the four-story building. Instead, it owns the structure and is leasing the space to the antique dealers.
"They are doing great in there and they plan on staying," said Schaal of the retailers.
"It's a great spot. They have several vendors in there and they're opening an ice cream shop that will have outdoor seating in the summertime."
The Estes Group will re-do the front of the building to make it look like two storefronts instead of one.
Schaal said several storefronts originally occupied the building and the change would give the structure a more historical look. Work on that is set to begin this spring.
The firm also purchased a parking lot near the building.
Price and terms of the sales transaction were not disclosed.