GRAND RAPIDS — Core Realty Holdings LLC, a Newport Beach, Calif.-based investment group, has acquired five nearly-full industrial properties around West Michigan.
The firm acquired three properties in Walker, the Union Station facility along US-131 south of Hall Street and one building in Norton Shores, according to a statement.
Brokers from the Grand Rapids office of Colliers International Group Inc., along with representatives from the commercial brokerage’s Chicago office, handled the sale of the portfolio, totaling more than 1.1 million square feet, which sold for more than $30 million, according to the statement.
“This transaction is a prime example of how investors across the country are looking at West Michigan as a great market for real estate investment,” Steve Marcusse, senior vice president of Colliers West Michigan, said in a statement. “We are seeing more investors, like Core Realty Holdings, looking at Grand Rapids as a top choice for real estate investment due to its relative value compared with primary markets. We’re looking forward to supporting their continued success across the region.”
The California firm acquired the portfolio from Chicago-based CrossLake Partners, which, according to a report in the Indianapolis Business Journal, consists of principals from the Colliers International office in Chicago.
The portfolio of properties has 15 tenants and two small vacancies. Core Realty Holdings already owns about 2 million square feet of industrial real estate in the region.
Colliers International will continue to lease the portfolio, which has increased in occupancy from 75 percent to 95 percent since 2013.
“We purchased the CrossLake portfolio because of its strong tenants, unique features and location, which complement our other investments in West Michigan,” said Core Realty Holdings Vice President of Leasing/Dispositions Nels Billsten, adding that the firm believes the West Michigan region has a stable and healthy commercial real estate market.