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Mercantile Bank Corp. today reported substantially higher quarterly earnings, now a year after its merger with the former Firstbank Corp. and the related costs.

New York City-based real estate investment trust (REIT) Ladder Capital Securities LLC along with another New York investor, Richard Bennett, the principal at New York City-based real estate investment firm Sagic Capital LLC, purchased the building, said Don Shoemaker, principal at Franklin Partners, in an interview with MiBiz.

A Kalamazoo-based company that provides high-speed telecommunications services to businesses across the state was among a trio of West Michigan companies to receive venture capital investments in the second quarter.

The Kalamazoo-based Stryker says the cash deal for Muka Metal A.S. in Kayseri, Turkey should close in the third quarter. The two companies have had a distribution agreement in Latin America since 2012 and the acquisition will expand Stryker’s global presence expand “in key markets with a product portfolio that complements and enhances Stryker’s current offerings,” the company said in a statement announcing the deal.

West Michigan’s growing economy is leading to a very “healthy” commercial real estate market. That’s according to Duke Suwyn, chairman and CEO of the Grand Rapids office of Colliers International West Michigan, whose firm just released reports on the second quarter performance for the commercial real estate market in the region.

The $100.4 million deal that was announced at the end of last month highlights the strong job market and overall demand for multi-family housing in the metropolitan Grand Rapids area, CFI executives told multiple real estate industry trade publications today. The deal was brokered by the Detroit office of Berkadia Commercial Mortgage LLC.

Rich Sorota will begin his new role as CEO of the manufacturer of oral and personal health care product in mid-August, according to a statement. Sorota has served in various leadership roles for companies including Phillips, Scotts Miracle-Gro, Procter & Gamble and Bissell.

Davenport University will close campuses and forge new partnerships with community colleges around the state as part of new

Despite a declining lumber market, Universal Forest Products Inc. (Nasdaq: UFPI) posted strong second quarter 2015 earnings.

West Michigan recently racked up almost $3.9 million in tax credits to build or upgrade affordable housing options in the region. According to a statement released by the Michigan State Housing Development Authority, the cities of Muskegon Heights, Portland and Grand Rapids have all been awarded federal Low Income Housing Tax Credits (LIHTC) for a variety of projects.

Niles-based Delta Industrial Valves Inc., a manufacturer of knife gate valves for the mining, oil sands and other industrial sectors, was acquired by global engineering firm, Weir Group PLC of Glasgow, Scotland for $47 million, according to a statement.

Honor Credit Union to expand to Allegan

Written by | Wednesday, 15 July 2015 16:21 |

The office will become the St. Joseph-based credit union’s 17th location. Honor Credit Union presently has 13 offices across Southwest Michigan and three in the Upper Peninsula. The new Allegan branch is targeted to open in November.

The Kalamazoo-based dealer group, which now has over 20 locations in West Michigan, Illinois, Indiana and New York, recently acquired M&M Motorsports Inc, also of Kalamazoo.

Parent company Colson Group Inc., a manufacturer and marketer of caster and wheels, will invest $1.5 million and create 50 new jobs with the new 110,000-square-foot center that’s expected to be open by September.

The expansion will make way for the company to add 81 new jobs. The company had considered relocating to Texas after it received a contract for a new product that it expects will increase sales by 50 percent by 2016.

Pamlico Capital invests in Service Express

Written by | Wednesday, 15 July 2015 13:45 |

Charlotte, N.C.-based private equity fund Pamlico Capital has invested in Grand Rapids-based Service Express Inc., according to a statement. SEI’s current leadership team, including CEO Ron Alvesteffer and other executives, will maintain “significant ownership” in the company and will continue to operate the business.

While the state will continue to operate a film office to assist productions that choose to shoot in Michigan, it will no longer provide any kind of tax incentives — whether through a credit or a rebate — as it has since 2008.

The manufacturer of niche, designer furniture recently acquired the assets of Denton, N.C.-based Councill Company LLC, a luxury-brand residential and contract furniture manufacturer. The acquisition included all Councill’s casegoods and a majority of its upholstered products.

Waterville, Ohio-based The Woda Group Inc. plans to turn a former school building into low-income housing in Ionia County.

The Grand Rapids Planning Commission today unanimously approved a proposed 287-unit apartment development just north of the Michigan Street corridor. There, Valdosta, Ga.-based Rise Real Estate Co. plans to acquire and demolish 20 properties along Benson and Grand Streets to make way for the new apartments, along with a proposed 325-space parking deck.

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