New York investor buys downtown building
The downtown property commonly known as both Lofts @ 5 Lyon and the Commerce Building has a new owner.
The nine-story building, located at 5 Lyon St. NW, downtown Grand Rapids, was sold on July 23 for $12,475,000, according to city records. The building contains 65 apartments and 172 beds, as well as ground floor retail.
According to city records, 5 Lyon Street LLC sold it to TEG the Lofts at 5 Lyon LLC.
“Rockford Property Management sold it to The Embassy Group — this is a company based out of New York. It’s a team of guys that go around and buy apartment communities in the Grand Rapids area,” said Lisa Kelley, property manager.
The sale was brokered through Grand Rapids-based real estate firm Marcus and Millichap, she said.