Firm sells industrial property
A recent real estate transaction is the “capstone” of a 25-year relationship between two firms.
Elston-Richards has sold its warehouse property at 3787 Patterson Ave. SE in Kentwood, according to Colliers International West Michigan this month.
The property has 219,325 square feet of space over four buildings.
The listing was the final property in the Elston-Richards portfolio to be sold.
Over the last quarter century, Elston-Richards has completed nearly 3-million square feet in real estate transactions with Colliers International West Michigan.
SIBSCO, a Grand Rapids-based commercial real estate firm owned by the Secchia family, purchased the warehouse property.
The property consists of one 207,100-square-foot warehouse and three buildings totaling 12,225 square feet.
Grand Rapids-based Cascade Engineering is the main tenant of the warehouse and renewed its lease prior to the sale.
Duke Suwyn, CEO of Colliers International West Michigan, represented Elston-Richards in the sale.
“There’s something special about having a 25-year relationship like this,” said John Holmes, president and CEO, Elston-Richards. “We have trusted Duke and the Colliers team with our portfolio over the years, and we are confident 3787 Patterson Ave. SE is in good hands under its new ownership.”
Suwyn added that the transaction “marks a special capstone in our partnership.”
“When I talk to the young brokers, I remind them that the work we do isn’t just about one-time transactions, it’s about developing long-term relationships and providing value,” Suwyn said.