GRAND RAPIDS — An affiliate of Livonia-based Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids.
The company purchased the facility at 1040 40th St. SE as an investment property, according to the West Michigan office of Colliers International.
Schostak paid $24.1 million for the property, which Minnetrista Investments LLC had owned since 2008, according to property records. The transaction closed Feb. 13.
“We have been looking for the right opportunity to further invest in West Michigan for several years and Colliers helped us find the perfect opportunity with this distribution facility,” Jeffrey Schostak, president of Schostak Development, a business unit of Schostak Brothers & Co., said in a statement.
Bunzl Retail Services will continue to occupy the building.
Schostak is a fourth-generation family business whose properties span retail, office, industrial and residential sectors, including mixed-use and built-to-suit projects.
John Kuiper, executive vice president at Colliers, said in a statement the opportunity to purchase a property of this size in West Michigan is “becoming increasingly rare.”