Construction, Real Estate, and Retail

Developer buys East Beltline property for $2.4M

February 3, 2015
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Developer buys Beltline property for $2.4M
The plan for the Knapp North site by Pinnacle Construction Group features four buildings. Courtesy Colliers International West Michigan

A vacant parcel of land along a major retail corridor on East Beltline just traded hands for $2.4 million.

The 9.04-acre lot is just north of Knapp Street in Grand Rapids Township, at 2333 East Beltline Ave. NE, and sold last week for full price, according to Mark Ansara, an associate at Colliers International West Michigan, who helped broker the deal.

The land is zoned for office, multi-family or retail.

Seller and buyer

The seller was “an investment group out of New York who has owned it for many years,” Ansara said.

The buyer was Michael Garret, president of Grand Rapids-based Pinnacle Construction Group, according to Doug Taatjes, partner and associate broker at NAI Wisinski of West Michigan, who served as the broker for Pinnacle.

Site plans

Ansara said he expects Pinnacle to have its plans for the site, known as Knapp North, completed by the late fall.

“They have two large retail tenants they’re going to put there, and then one other parcel they haven’t sold yet,” Ansara said. “It is a small parcel. It’s probably a two-acre parcel approved for retail or office. It’s right in front.”

The development would consist of three building sites, with a total of four structures being built, according to notes from a Grand Rapids Township meeting this month.

Building A would have a gross floor area of no more than 15,000 square feet, which is subject to an increase of up to ten percent during approval of the final site plan. It would have at least 85 parking spaces.

Buildings B and C would be connected to each other, or constructed as one building, with a gross floor area of no more than 23,000 square feet, which is subject to an increase of up to ten percent during approval of the final site plan. It would have at least 110 parking spaces.

Building D would have a gross floor area of no more than 5,000 square feet, which is subject to an increase of up to ten percent during approval of the final site plan. It would have at least 41 parking spaces.

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