GRAND RAPIDS — Spectrum Health continues to scoop up property along Michigan Street east of downtown and its Butterworth Hospital campus.
On Nov. 1, the Grand Rapids-based health system purchased a professional office building at the northeast corner of Michigan Street and College Avenue from an affiliate of Jade Pig Ventures LLC, a Grand Rapids-based real estate, development and property management firm.
Spectrum Health paid $3.9 million for the Medical Mile facility, according to property records.
Currently, Spectrum Health has no plans to redevelop the location, according to a spokesperson.
“In the long term, Spectrum Health is committed to ensuring greater access to exceptional clinical services in downtown Grand Rapids and building our Medical Mile presence,” the company said in a statement to MiBiz.
The 22,000-square-foot, three-story building, which was built in 1987, currently houses Northwoods University’s Grand Rapids campus and a clinic for Quest Diagnostics. The L-shaped property also includes on-site parking.
Jade Pig Ventures has owned and operated several professional office buildings on Michigan Street. This sale marks the last property that the company’s two principals, Scott Weirda and Brian DeVries, owned together in that area.
“We felt the timing was right for us, and that it was important to put it in the hands of Spectrum Health so they can continue to plan for their long-term success, which clearly benefits our community,” Weirda told MiBiz via email.
For its part, Spectrum Health has been an active acquirer of properties along the Michigan Street corridor over the last decade. Most recently, the health system purchased two properties at 1697 and 1701 Michigan Street from Grand Rapids-based Third Coast Development LLC for $5 million, as MiBiz was first to report.
As well, Spectrum Health recently said it was considering expansion plans north of downtown with a new $100 million administration and training building called the “Center for Transformation and Innovation” at 706 and 725 Bond Ave. NW on land currently owned by affiliates of Gill Industries, as MiBiz previously reported.
MiBiz real estate and development news coverage is sponsored by Rockford Construction Co. Rockford is a nationally recognized construction, real estate development and property management provider, serving West Michigan and beyond for more than 30 years. Licensed in 45 states and ranked by Engineering News-Record as one of the top-200 contractors in the nation, Rockford brings together diverse people and ideas to tackle challenges, changing the creativity, productivity and functionality of built spaces. Visit rockfordconstruction.com for information. This sponsorship is advertising. It has no effect on editorial consideration in MiBiz.