Real estate firm buys commercial property for $5.5M
A local real estate firm has purchased a fully leased corporate center for $5.5 million.
Grand Rapids-based Leestma Management purchased the four-building, 159,000-square-foot Grand Rapids Corporate Center in Wyoming, at 3520 Roger B. Chaffee Memorial Blvd. SE, from Bloomfield Hills-based JBD Acquisition Corporation this month, according to Colliers International West Michigan today.
The center was purchased by JBD in May 2015 for $2 million. The property was 35 percent occupied at the time.
Since then, the center has undergone landscaping, signage, exterior and decorative lighting upgrades, a new parking lot and exterior painting.
Colliers increased tenant occupancy from 35 percent in 2015 to 100 percent, securing 34 tenants for the facility, with a total of 42.
The majority of the suites at the center range from 1,600 to 6,000 square feet. One building contains two warehouse suites and another is made up of two larger suites, which are 17,000 square feet and 25,000 square feet.
Colliers VP Trent Wieringa handled industrial leasing for the center over the last 28 months, and Colliers Associate Vice President Mike Visser was the investment specialist.
“Trent did an exceptional job in stabilizing the asset and earning the opportunity to prepare a valuation of the asset,” Visser said.
Colliers will continue to provide leasing services for the property.