- people on the move
Investor buys shopping center for $5.25M
A California-based investor has purchased a shopping center in the area for $5.25 million.
ET 102 LLC, an investment firm out of Oceanside, California purchased the 91,361-square-foot property located at 7500 Cottonwood Dr. in Jenison, according to Colliers International West Michigan today.
The seller was Spirit Realty Capital, a publicly traded REIT based in Dallas, who was represented by Colliers' Michael Visser, an associate vice president, and Earl Clements, an SVP.
The fully leased shopping center is anchored by Rebounderz, a 54,000-square-foot indoor trampoline and recreation facility. The center is also home to a Dollar Tree, AutoZone and Mel Trotter Ministries thrift store.
ET 102 LLC has plans to bring an outlot to the southwest corner of the property.
“The buyer was looking for an investment in West Michigan and landed on 7500 Cottonwood because of the long-term tenants and location,” Visser said. “As West Michigan continues to grow, we’re finding more outside investors who are interested in breaking into the market by purchasing buildings that already have a strong tenant profile.”