GRAND RAPIDS — A strip shopping center along 28th Street has new owners.
Grand Central Plaza, located at 2035 28th St. in Grand Rapids, was sold to an undisclosed Michigan-based firm, according to NAI Wisinski of West Michigan.
The 91,225-square-foot shopping center includes tenants Buffalo Wild Wings, Bluff Banquet, Rent-A-Center and Capital Cities Hobbies.
The seller was California-based SDLT Investments VII LLC, which bought the building in 2012 for $2.7 million, according to property records.
NAI Wisinski, a Grand Rapids-based commercial real estate brokerage, represented both the buyer and seller in the deal.
Financial details of the recent transaction were not immediately available.
“Grand Central Plaza represented an opportunity to acquire a shopping center with strong fundamentals at a return higher than what is seen in other sectors of the commercial real estate market,” Cameron Timmer, investment sales specialist for NAI Wisinski, said in a statement. “We continue to see strong interest from both local and out of market investors looking to invest in west Michigan.
According to the 2019 real estate forecast from Colliers International, many landlords now focus on the identities of their shopping centers, seeking groups of tenants that complement one another.
Retail vacancy stands at a low of 8 percent in West Michigan’s main corridors, which has concerned owners focusing on securing the right tenant mix to enhance shoppers’ experiences, according to Colliers.