With vacancy rates across all commercial real estate sectors at near record lows in West Michigan, industry executives say buyers have increasingly turned their attention to vacant land.
Stakeholders in West Michigan’s commercial real estate, architecture and construction industries are coming off another big year for development and see few signs that indicate a significant slowdown in 2019.
GRANDVILLE –– Amid an apartment building boom across West Michigan, the Grand Castle stands out in ways few other projects do.
News that The Hinman Co. plans to move forward with its long-planned tower in downtown Grand Rapids — albeit without 29 floors of residential units — indicated to many observers that the bottom has fallen out of the city’s apartment market.
The uncertain future of Rivertown Crossings Mall in Grandville has cast a pall over West Michigan’s retail real estate market, where demand from new entrants is strong but places to put them remain in short supply.
Here is the MiBiz Growth Report for March 5, 2018:
• M&A: After nearly doubling the business over the last two and a half years, the private equity owners of Action Fabricators Inc. decided the market timing was right to find a partner to take the company to the next level. Last week, Chattanooga, Tenn.-based River Associates Investments LLC announced it had sold the Grand Rapids-based manufacturer of adhesive-backed products for the automotive and medical device industry to Boyd Corp. of Modesto, Calif. Terms of the deal were not disclosed. Action Fabricators grew revenues from around $45 million in 2015 to nearly $80 million at the time of the sale. President and CEO Jon Rudolph and the rest of the management team will stay on with the new owners. Boyd is a portfolio company of San Francisco-based Genstar Capital. Milwaukee, Wis.-based Robert W. Baird & Co. represented Action Fabricators in the deal.
GRAND RAPIDS — Demand remains strong for urban apartments, although occupancy rates for the burgeoning market have begun to slip as new units come online.
As 2017 comes to a close, West Michigan’s construction and development industry continues to show signs of strength.
While inventory remains constrained, the value of commercial real estate transactions continues to gather momentum in West Michigan.
GRAND RAPIDS — A 105,000-square-foot medical office building fully occupied by Metro Health-University of Michigan Health was acquired by new owners as part of a multi-state, 25-building property deal, MiBiz has learned.