- people on the move
Real estate firm buys office building
A local real estate firm has acquired a 10-story office building in downtown Lansing.
Grand Rapids-based Vision Real Estate Investment said today it acquired One Michigan Avenue, at 120 N. Washington Square.
Tenants of the 154,000-square-foot building include PNC Bank, Miller Canfield, Warner Norcross, Regus and Logicalis. There are also retail and restaurant spaces on the first floor.
Terms of the deal were not disclosed.
The seller was OMA Lansing, and the deal was brokered by Marcus & Millichap.
Matt Goble at Chemical Bank helped with financing.
One Michigan Avenue is "steps from a vibrant and growing collection" of retail and restaurants, as well as the seat of state government, said Tim Engen, founder and CEO, Vision Real Estate Investment.
Vision plans more than $1 million for immediate property upgrades, including elevators, a lobby remodel and signage.
Vision will be the building’s property manager as well.
“We have long believed that downtown Lansing is a vibrant hub for businesses and retailers alike, and Vision’s purchase of One Michigan Avenue reinforces that belief,” said Tim Daman, president and CEO, Lansing Regional Chamber of Commerce.
Launched in November 2015, Vision Real Estate Investment now owns and manages more than 1-million square feet of real estate in Michigan, including properties in Grand Rapids, Big Rapids, Lansing and Detroit.