Monroe Building Being Bought

March 1, 2005
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GRAND RAPIDS — Second Story Properties and The Estes Group announced last week they plan to purchase the building at 140 Monroe Center.

The four-story, 30,000-square-foot structure is located across MonroeCenter from

Rosa Parks Circle
and the site for the new Grand RapidsArt Museum. The building once housed the Convention and Visitors Bureau information center and gift shop until work on the new convention center began.

The buyers see their purchase as a long-term investment.

“We will be adding value and increasing occupancy; however, this move was a decision to acquire a well-located property that will have great tenant diversity and do well over the long haul,” said Todd Schaal, who owns The Estes Group with his wife Michelle.

Current tenants include David Linden, a CPA, and attorney Brian Heaney.

Second Story Properties Executive Vice President John Green said the transaction is expected to close in late March or early April. But he added that the partners would begin making improvements to the building immediately.

“We will be removing the old canopies and adding new, adding windows to the east elevation, adding accent colors to the exterior, improving the exterior lighting and giving the lobby and elevator a facelift,” he said.

“It is no news we are bullish on downtown,” said Sam Cummings, president of Second Story Properties.

“This property is extremely well located being on Monroe Mall and across from the amphitheatre and new art museum,” added Cummings. “We are pleased with this acquisition and the new opportunities we continue to be exposed to.”    

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