GEORGETOWN TOWNSHIP — A fully-leased shopping center in Jenison has sold to California-based ET 102 LLC for $5.25 million.
The center located at 7500 Cottonwood Dr. SW is anchored by a Rebounderz indoor trampoline park and also includes a Dollar Tree, Autozone and Mel Trotter Ministries thrift store, according to a statement.
Brokers in the Grand Rapids office of Colliers International Inc., a commercial brokerage firm, represented both the buyer and the seller, identified in the statement as Spirit Realty Capital Inc., a Dallas-based real estate investment trust (REIT).
The new owners plan to develop and market a new outlot parcel on the southwest corner of the property.
“The buyer was looking for an investment in West Michigan and landed on 7500 Cottonwood because of the long-term tenants and location,” Michael Visser, an associate vice president at Colliers, said in a statement. “As West Michigan continues to grow, we’re finding more outside investors who are interested in breaking into the market by purchasing buildings that already have a strong tenant profile. 7500 Cottonwood was a great opportunity for the buyer to grow their West Michigan presence.”