Schostak Brothers & Co. has acquired a 950,000-square-foot distribution facility in Grand Rapids, Mich., from Minnetrista Investments LLC.
Colliers International | West Michigan facilitated the sale. The firm’s John Kuiper, Mike Visser and Duke Suwyn represented the seller, while Steve Marcusse handled the deal on behalf of the buyer.
Located at 1040 40th St. SE, the property currently houses Bunzl Retail Services as its lone tenant.
“We really like the economic diversity of the Grand Rapids market and we had been looking for a distribution center in Grand Rapids for the last few years,” Jeffrey Schostak, Schostak Brothers & Co.’s president, told Commercial Property Executive. “This property was a perfect fit that it was a large distribution building—which is our preference, and a great global company as the sole occupant of the building.”
The property is next door to the corporate headquarters of Steelcase and is located about 10 minutes from Gerald R. Ford International Airport.
Schostak Brothers & Co., a fourth-generation family business, has a portfolio of retail, office, industrial and residential properties. The company is no stranger to Michigan, with much of its portfolio in the state, including Northville Park Place, a 500,000-square-foot mixed-use property in Livonia.
According to Schostak, one of the company’s core values is being entrepreneurial.
“Acquiring an older million-square-foot distribution center with a short-term lease provides opportunity to be creative and create long-term value,” he said. “We believe in the fundamentals of industrial real estate. E-commerce is only adding to an already strong sector of commercial real estate. We feel long term this is a great asset to own in a great market like Grand Rapids, Mich.”
Images courtesy of Colliers International | West Michigan