- people on the move
Firm buys distribution facility for $24M
A real estate firm from the state’s east side has purchased an industrial property in Grand Rapids.
Livonia-based Schostak Brothers & Company recently purchased the 950,000-square-foot distribution facility at 1040 40th St. SE in Grand Rapids, according to Colliers International West Michigan today.
The current tenant, Bunzl Retail Services, will continue to occupy the building.
“We have been looking for the right opportunity to further invest in West Michigan for several years, and Colliers helped us find the perfect opportunity with this distribution facility,” said Jeffrey Schostak, president of Schostak Development, a business unit of Schostak Brothers & Company.
“We’re excited to have Bunzl Retail Services as our tenant, and we look forward to helping support their operations in this key facility.”
Schostak Brothers & Company purchased the distribution facility as an investment property for $24.1 million.
The family-owned business continues to grow its portfolio of properties spanning the retail, office, industrial and residential sectors, including mixed-used and built-to-suit projects.
Several members of Colliers’ Grand Rapids office represented the seller, Minnetrista Investments: EVP John Kuiper; associate VP Mike Visser; and CEO Duke Suwyn.
The buyer, Schostak Brothers & Company, was represented by SVP Steve Marcusse of Colliers.
Established in 1920, Schostak Brothers & Company is a fourth-generation operation.
The company operates commercial properties in 24 states as a real estate development, management, leasing and consulting company.