Group buys seven office buildings
Seven West Michigan office buildings totaling more 300,000 square feet are under new ownership.
CBRE | Grand Rapids said today that Prime Office Equities — which is owned by Rick Gates and Gary Hart from Coldwater and Tom Kolassa from Battle Creek — has purchased the Belfry Portfolio of six office buildings in Grand Rapids and an office building in Holland: 3855 Sparks Dr. SE; 3900 Sparks Dr. SE; 3949 Sparks Dr. SE; 3950 Sparks Dr. SE; 3940 Peninsular Dr. SE, 2525 E. Paris Ave. SE.; and 844 S. Washington Ave. in Holland.
The new ownership group plans to invest more than $1 million to upgrade the buildings and “add Class A finishes.”
“It is an exciting time to invest in West Michigan,” said Gates, manager, Gates Prime Commercial Group. “The properties are in great condition, and we felt this was the right time for us to get involved. These buildings are in prime locations with quality tenants. We are looking forward to getting started.”
Gates Prime Commercial Group in Coldwater will be managing the properties and opening a Grand Rapids office.
The Grand Rapids buildings will be re-branded as Bridge Pointe Office Park.
CBRE | Grand Rapids’ Nate Scherpenisse and Blake Rosekrans represented Prime Office Equities on the deal, which closed on July 9.
“A sale of this size requires market knowledge, relationships and attention to detail,” Gates said.
He added that CBRE’s reps “took the time to understand what we are looking for and were an integral part of getting it done.”