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Real estate firm buys plant
A local manufacturing facility vacated earlier this year is under new ownership.
An LLC affiliated with Bloomfield Hills-based Kojaian Management Corporation has purchased a major plant in Grand Rapids, at 3951 Trade Dr.
The 925,000-square-foot building was previously the headquarters of Amstore, a Grand Rapids-based manufacturer of retail store equipment and related services, according to an earlier Business Journal report. The company announced in February it would cease operations, citing a challenging retail climate
The property was listed on the market in January and closed on July 30.
The sale price was not disclosed. The property has an assessed value of $1,164,100, according to city documents.
Olga Hallstedt, a commercial real estate advisor and associate broker with Berkshire Hathaway Home Services, represented the seller in the transaction.
“The property had unprecedented interest from the time of listing it to the actual sale,” Hallstedt said. “We were able to overcome the obstacle of the building having a second floor, which is typically not sought after in the industrial market. … I am very satisfied with the opportunity for Grand Rapids to have space availability to house manufacturing companies.”
Stu Kingma, an associate broker and industrial specialist at NAI Wisinski of West Michigan, represented the buyer and will be retained to handle leasing activity moving forward.
Kingma said the new owner wishes to expand its industrial portfolio through this most recent acquisition.
“They are presently full in their portfolio, and this acquisition will allow them to attract additional tenants and offer expansion opportunities within their current tenant base,” Kingma said.
Leases are available for smaller portions, ranging from 118,590 square feet, to the entire building, according to information from NAI Wisinski.