Adult club asks $6M for downtown property
The adult club destination for downtown Grand Rapids is up for sale and on the move.
Owner Mark London said he’s putting up for sale his adult entertainment complex, at 234 Market Ave. SW.
London’s complex, which includes Lady Godiva’s Showgirls, Stud’s Nightclub and Erica’s Erotic Accessories, has been at that location for nearly a decade, he said, and it’s time to move on.
London called it a “great spot” with its proximity to downtown, US-131, Founders Brewing Co., The Rapid Central Station and the Amtrak station, but he said it’s prime property he never intended to keep forever.
“When I bought that piece of property 10 years ago, it was my intent to hold it for 10 years and re-evaluate and decide what I wanted to do,” London said. “The convergence of a number of factors makes it a good time to not only be looking in that direction, but to also be taking some action.”
London purchased the downtown property for about $800,000 in January of 2004, according to the city records. He’s now looking to sell it for about $6 million.
That price will include the entire block of the 2.03-acre complex, which has 470,751 square feet of under-roof space — mostly parking — and 26,375 square feet of finished space, he said.
“I was looking to put something in, let the property appreciate over a decade and then look to sell it,” London said. “Of course, it’s no secret that before we opened, the city passed an ordinance and did away with topless (dancing). I probably ended up with half the business that I would have otherwise.”
London, who also owns Sensations Showgirls in Grand Rapids, said he wants to keep Lady Godiva’s somewhere in downtown Grand Rapids, but move it into a smaller space of about 5,000 square feet.
He does not, however, plan to re-open Stud’s, which features male dancers, or Erica’s, which sells novelties.
“The stores don’t do as well, because nobody buys DVDs anymore,” London said. “That was about 50 percent of the business 10 years ago. Today, it’s about 5 percent. Stud’s we’ve slowly backed down. We’re now only open one day a week.”