Firm bids $5M for riverfront property
A public agency has hooked a single bid for a piece of riverfront property in Grand Rapids.
Following a request for proposals issued late last year, the Kent County Road Commission is now reviewing a bid for the property that houses its offices at 1500 Scribner Ave. NW.
The road commission received one proposal from 2722 Vassar, LLC, registered to Christopher Weller, according to a notice of land sale. Proposals were due on Feb. 28.
The road commission is reviewing Weller’s proposal, said Maura Lamoreaux, communications manager, Kent County Road Commission. Staff will provide recommendations regarding potential next steps at the regularly scheduled March 26 meeting.
The proposal includes the following terms, the notice of land sale says.
1. The purchase price would be $5,050,000, to be paid in full at closing.
2. The sale would include all fixtures and furniture.
3. All post-closing rent under the existing leases with the Kent County Drain Commission and Kent County Department of Public Works would be paid to the buyer. These two agencies are currently paying rent to the road commission.
4. The road commission would lease the property back from the buyer at a base rental rate of $82,500 per month until Dec. 31, 2020, with the option to extend month to month for up to one year.
The road commission began accepting bids for the property along the Grand River last December, the Business Journal previously reported. The 14.2-acre property includes four parcels: 1500 Scribner Ave. NW; 1600 Turner Ave. NW; 1632 Turner Ave. NW; and 1660 Turner Ave. NW.
There are a variety of buildings, totaling 134,840 square feet, situated on the property.
The commission expected to relocate its operation to Walker View Industrial Park by 2021. It purchased a 29-acre parcel at the park in 2016 to have room for expanded operations.