New York investors buy office building
A fully leased office building that’s undergone $8 million in upgrades in recent years has been bought by New York investors.
Colliers International | West Michigan recently announced that brokers Colin Kraay, Michael Visser and Duke Suwyn worked out a deal for the roughly 435,000-square-foot Priceline building in Wyoming, located at 4147 Eastern Ave. SE, with the building’s owner, Franklin Partners, and the buyer, a joint venture between Ladder Capital and Sagic Capital.
The move marks the investors' first acquisition in the Grand Rapids market.
Terms of the deal were not disclosed.
The two-story building’s tenants include Booking.com and AMI Entertainment, and it has seen various improvements by both Booking.com and Franklin Partners, which purchased the building in 2008.
“Because the original investment was also brokered by Colliers, our team was able to work on the initial project,” Kraay said. “As a broker, it’s gratifying to play a role in bringing a building full circle, from identifying an investor for the vacant facility through selling to a long-term investor as a stabilized asset with long-term leases.
“It’s been gratifying to see this building transform to have a positive impact on the community. This continues the trend of growing interest we are seeing from out-of-state investors in the Grand Rapids market, and we are welcoming it with open arms.”
Franklin Partners has redeveloped and re-positioned a number of local real estate properties, including 99 Monroe and 25 Ottawa.
“While it is less of a project to take on a building at full capacity, these investors do not see it as an opportunity to be complacent in a new venture — rather, as a chance to take something good and make it even better for the Grand Rapids community,” said Matt Abraham, industrial principal, Colliers International | West Michigan.
“The investors have a high degree of confidence in the Grand Rapids market. This property will join a portfolio of currently existing real estate investment projects mapped across the country.”