Health system buys properties for $4.9M
Editor's note: The sale price of the properties has been updated from $9.9M to $4.9M, per the source.
A local health system has purchased a pair of properties in Grand Rapids.
Grand Rapids-based Spectrum Health confirmed this week it purchased the parcels east of Medical Mile at 1697 and 1701 Michigan St. NE, the sites of its 22,000-square-foot Spectrum Health Child Development Center and an adjacent parking lot.
The health care system said the move was made after a fiscal analysis determined ownership would be “more advantageous” than renting the properties.
The system said no changes are planned at the sites.
The parcels were purchased for $4,995,000 total from Third Coast Development Partners by the new owner, listed as 1697 Michigan Street Property in city records.
Third Coast Development Partners bought the property at 1697 Michigan St. NE for $799,000 in 2008 and the property at 1701 Michigan St. NE for $535,000 in 2008, according to city records.
Third Coast did not respond to the Business Journal on the deal.