Chicago Firm Buys Steelcase Building
KENTWOOD — The Business Journal has learned that Franklin Partners LLC has agreed to purchase a vacant Steelcase plant at 5353 Broadmoor Ave. SE. Terms and price of the deal were not disclosed, but closing on the transaction is set for next month.
The plant has 665,890 square feet of space and Franklin Partners plans to section the building and lease or sell portions to multiple tenants.
“It splits pretty well into about four different sized spaces. We can go about as small as 100,000 square feet,” said Don Shoemaker, principal and co-founder of Franklin Partners.
The Chicago-based real estate investment firm bought the former Bosch plant at 4700 Broadmoor Ave. in Kentwood in 2003 and has successfully leased and sold portions of that 915,000-square-foot facility, after dividing it into two buildings.
An in-depth look at how the deal came about and why Franklin Partners has such a keen interest in the metro industrial market can be found in the Monday, Dec. 5, issue of Grand Rapids Business Journal.