Colliers International|West Michigan on Sept. 14 assisted Leestma Management LLC with the purchase of the fully leased 159,000-square-foot Grand Rapids Corporate Center located on Roger B. Chaffee Memorial Drive in Wyoming, Michigan, from JBD Acquisition Corporation. The facility sold for $5.5 million.
In May 2015, the Grand Rapids Corporate Center was purchased by Michigan investor J.B. Davies of JBD Acquisition Corporation, a “value add” real estate organization in Bloomfield Hills, Michigan. At this time, the property was purchased for $2 million and was 35 percent occupied. Since then, the industrial property has gone through extensive renovations, including new landscaping, signage, exterior and decorative lighting, a new parking lot and exterior painting.
Since 2015, Colliers increased tenant occupancy from 35 percent to 100 percent, securing 34 tenants for the facility. There are a total of 42 tenants. The facility contains four multi-tenant buildings with the majority of the suites ranging from 1,600 to 6,000 square feet. One building contains two warehouse suites and another is made up of two larger suites, which are 17,000 square feet and 25,000 square feet.
Colliers International|West Michigan’s Trent Wieringa handled industrial leasing for the Grand Rapids Corporate Center over the last 28 months, and Mike Visser was the investment specialist. Colliers will continue to provide leasing services for the property.