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Monday, 21 October 2013 20:42

Charter House owner to buy former Auto Sports HQ out of receivership

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Chuck Reid, president of Charter House Innovations Chuck Reid, president of Charter House Innovations MiBIZ FILE PHOTO

ZEELAND — More than a quarter million square feet of vacant industrial and office space in West Michigan could soon find a new user.

That’s because the former headquarters of the defunct Auto Sports Unlimited has a buyer, according to Ottawa County Circuit Court documents obtained by MiBiz.

The owner of Holland-based Charter House Innovations, operating under the entity Flat Lands 4 LLC, is purchasing the property out of receivership from Amicus Management for $1.96 million in cash. Circuit Court Judge Edward Post approved the sale on Oct. 14.

Located at 200 North Franklin Street in Zeeland, the facility sits on almost 14 acres. The building includes approximately 229,500 square feet of industrial space with 18-foot ceilings and 33,500 square feet of newly constructed office space on two floors.

Charter House expects to close on the deal by Oct. 31, according to company president Charles Reid. The Michigan Economic Development Corp. is expected to announce support for the project on Wednesday.

The former Auto Sports Unlimited headquarters facility is the last of 14 properties tied to Scott Bosgraaf that fell into receivership under the scope of First Financial Bank and Huntington Bank, said Dan Yeomans, president of the turnaround firm Amicus Management, the court-appointed receiver for the properties.

At one time, the facility was home to Batts Inc., a maker of wooden clothes hangers that reportedly employed about 300 people at its peak.

Three other Bosgraaf properties involving Citizens Bank have sale hearings scheduled in the next 45 days, Yeomans said.

Charter House got its start in 1988 making dining room furnishings for fast food restaurants chains and later branched into hospitality furnishings. In 2008, the company further diversified by developing and furnishing CityFlats Hotel in Holland, a concept it later brought to downtown Grand Rapids. The manufacturer currently operates out of a 200,000-square-foot facility in Holland.

Reid joined the company in 2002 and purchased it in 2004. In 2010, he was named Small Business Person of the year by the Michigan office of the U.S. Small Business Administration.

Read 5982 times Last modified on Monday, 21 October 2013 20:48

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