Firm buys 12-story downtown building
A major downtown building has changed hands.
The 99 Monroe office building in Grand Rapids, at 99 Monroe Ave. NW, has been acquired by Grand Rapids-based Vision Real Estate Investment from Franklin Partners.
Terms of the deal were not disclosed.
“99 Monroe represents everything that is great and innovative about Grand Rapids,” said Tim Engen, founder and CEO, Vision Real Estate Investment. “We are pleased we can work cooperatively with our partners to acquire this signature property, which reflects Vision’s core values of innovation, integrity and commitment to West Michigan.”
The transaction was announced this afternoon by Colliers International | West Michigan, which represented Franklin Partners in the deal. Colliers CEO Duke Suwyn and Colin Kraay brokered the sale.
“Properties like 99 Monroe are critical to the big picture for Grand Rapids,” Suwyn said. “The 99 Monroe purchase reflects the spirit of collaboration that makes Grand Rapids and West Michigan special and the key to our continued economic success.”
Franklin Partners took over the building in 2012 and helped remodel it. The sale in 2012 was for $11.8 million, according to city records.
“99 Monroe has been a passionate project for our team and a place we call home,” said Don Shoemaker, partner, Franklin Partners. “We value and respect the community of tenants in the building and know that Vision will continue the hospitality-rich environment our tenants have become accustomed to. We look forward to continuing our commitment to revitalizing buildings in downtown Grand Rapids.”