Developer sells business park buildings
A developer has sold the last group of buildings in a business park.
The last of five buildings at Watermark Business Park in Grand Rapids sold last month by Golfview Woods, LLC is a 29,210-square-foot building, which houses several technology companies, at 1575 Arboretum Dr. SE.
The building was purchased by its largest tenant, Compliance Systems, Inc., or CSI, a provider of financial transaction technology and expertise, through JAME Associates, LLC.
Jeff Tucker, agent and broker at Signature Associates, represented the purchaser, CSI.
Tucker said that CSI is planning to grow in the space, but still plans to keep the building’s other tenants: EMC Corp., ADP and Cisco Systems.
Investment group buyer
The building was part of a larger sale of Watermark Business Park by Golfview Woods, said Colin Kraay, principal, Colliers International West Michigan.
Colliers marketed all five buildings in the sale, and Golfview Woods desired to sell all the buildings as a whole, he said, adding that the sale went down on March 12.
Watermark Tech Ventures, LLC, comprised of local investors and long-term holders who have a history of investing in commercial real estate in West Michigan, purchased all the spaces, with the exception of the building that CSI purchased.
“Golfview was the original developer of the park,” Kraay said. “Over the years, Colliers has sold off other pieces of the larger park. These five properties were the final assets held.”
Several addresses were included in the Watermark Tech Ventures purchase: 1555 Arboretum Dr. SE, which is 30,000 square feet; 1591 Galbraith Ave. SE, which is 21,600 square feet; 1601 Galbraith Ave. SE, suite 301, which is 18,000 square feet, and suite 303, which is 5,900 square feet.
The buildings were all used for office space, except for 18,000 square feet leased to Grand Rapids Gymnastics.
Colliers will manage the properties.
“The properties will undergo some limited cosmetic upgrades to the buildings and grounds, as well as some infrastructure upgrades like HVAC and lighting upgrades that will be more energy efficient,” Kraay said.
“The overall office market, particularly in Cascade, has become relatively tight. I imagine over time, some tenants will shuffle in and out of the park and likely see cosmetic interior improvements and upgrades as we facilitate future tenant space needs.”