Investor buys 28th Street shopping center
A 91,225-square-foot shopping center on 28th Street has changed hands.
An anonymous Michigan-based investor recently purchased Grand Central Plaza in Grand Rapids, at 2035 28th St. SE, from SDLT Investments VII LLC out of California, according to NAI Wisinski West Michigan.
Some of the shopping center’s tenants include All-Start Sports, Bluff Banquet, Buffalo Wild Wings, Capital Cities Hobbies and Rent-A-Center.
Investment specialists Cameron Timmer and Russ Bono and retail specialist Todd Leinberger of NAI Wisinski West Michigan represented both the seller and unnamed the buyer in the deal.
The sales price was not disclosed.
“Grand Central Plaza presented an opportunity to acquire a shopping center with strong fundamentals at a return higher than what is seen in other sectors of the commercial real estate market,” Timmer said.
“We continue to see strong interest from both local and out-of-market investors looking to invest in West Michigan.”