West Michigan’s commercial real estate industry is capping off a banner year for 2016. Developers, architects and contractors have all reported success across multiple sectors, including retail, industrial and health care. And while some divisions have started to emerge about just how strong all those sectors truly are, executives across the region agree the boom in apartment development — and the corresponding need for design and construction for those projects — is real and makes for significant business opportunity. In separate interviews, MiBiz spoke with three industry stakeholders to get their take on where one segment in particular — the multifamily market — stands and where it’s going.
WEST MICHIGAN — 2016 has featured a flurry of commercial real estate news, in a year that’s been defined by dwindling vacancies for developers and rising costs for end users.
Despite political uncertainty and fears of an impending economic slowdown, commercial real estate and construction stakeholders have faith in the fundamentals of the industry in West Michigan.
GRAND RAPIDS — Randy Rua left NuVescor Group LLC seven years ago to break out on his own and launch an M&A firm that focused on working with small business owners.
Mike Jandernoa leaves the board at Perrigo Co. plc next spring and in the process ends a link to the company’s past when it was a far smaller producer of medications in rural Allegan.
GRAND RAPIDS — Grand Valley State University seeks to raise $10 million through a capital campaign to coincide with the construction of a $37.5 million academic center along the Medical Mile.
Fifth Third Bank’s $30 billion corporate commitment over the next four years for community development offers a massive pool of money for West Michigan organizations to potentially tap to fund projects and initiatives.
HOLLAND — The impact of Kandu Inc.’s closure last year could have been far worse for adults with disabilities in Ottawa County were it not for the opening in October of the Hope Network Development Center.
KALAMAZOO — When Folia Water Inc. sought to partner with a paper manufacturer to advance its water filtration technology from the initial proof of concept phase, the company faced a dilemma.
GRAND RAPIDS — When hackers shut down popular websites including Twitter and Spotify in October, they enlisted myriad devices, ranging from coffee makers and appliances to webcams, to carry out the attack.
LANSING — The Michigan Economic Development Corp. could expand its toolbox of incentives under a proposed payroll tax abatement program.
KALAMAZOO — Southwest Michigan’s legacy in the life sciences industry and the area’s strong talent pool led accuFD Inc. to set up shop in Kalamazoo.
EAST LANSING — A new venture capital firm formed by Michigan State University’s research foundation targets a critical need for early-stage capital for startups in the state.
After one of the largest political upsets in recent history, West Michigan automotive suppliers have started assessing how a Donald Trump presidency could affect their industry.
LANSING — Sweeping energy policy reform that has taken nearly two years to move through the state Legislature could face a contentious debate during the remaining days of the post-election lame duck session.
Riverside, Mo.-based NorthPoint Development sees opportunity in former automotive manufacturing sites around the state’s capitol.
Insurance broker Acrisure LLC of Caledonia has completed the $2.9 billion management-led buyout of private equity firm Genstar Capital.
After a successful launch last year in Kent County, Priority Health has extended a narrow-network insurance product into Southwestern Michigan for consumers who buy their own health coverage.
After 35 years under the ownership of founder Arlen Smith, Central Interconnect Inc. has been sold to new owners at the culmination of an 18-month-long process.
A $6 million federal grant will pay for Grand Rapids Community College to train more health care workers.
North Central Co-op will invest $10.1 million in an expansion project at its feed mill in Newaygo County.
The state’s Department of Talent and Economic Development (TED) will likely have a new director come end of the month.
Michigan State University researchers seeking financial backing to commercialize an innovation now have a potential capital source available right on campus.
Martin Stein, founder and managing director of Grand Rapids-based private equity firm Blackford Capital, was named Private Equity Professional of the Year in the 15th Annual M&A Advisor Awards.
After 23 years of active duty in the U.S. Army, Jason Schenkel faced an uncertain future when he retired from the military a little more than a year ago.
Here is the MiBiz Growth Report for Nov. 14, 2016:
• M&A: Byron Center-based SpartanNash Co. (Nasdaq: SPTN) signed a definitive agreement to acquire certain assets of Caito Foods Service Inc. and its Blue Ribbon Transport business for about $217.5 million in cash, according to a statement. The deal includes an earn-out potential of an additional $12.4 million if the business hits performance targets. SpartanNash, which expects the transaction to be accretive to 2017 earnings, will fund the deal with proceeds from its lending facility. Subject to regulatory and other approvals, the deal is anticipated to close in early January 2017. The combined Caito and Blue Ribbon Transport businesses generate annual revenues exceeding $600 million. Caito supplies fresh fruit and vegetables to groceries and distributors in 22 states in the Southeast, Midwest and Eastern regions of the country. The company has facilities in Indiana, Ohio and Florida. SpartanNash was advised on the deal by Deutsche Bank (financial) and Morgan Lewis (legal).