Spectrum Health closes on another property along Medical Mile MIBIZ PHOTO: KATE CARLSON

Spectrum Health closes on another property along Medical Mile

BY Monday, June 22, 2020 03:24pm

GRAND RAPIDS — Spectrum Health has added to its growing list of property acquisitions northeast of downtown and near its Butterworth Hospital campus.

The Grand Rapids-based health system on June 12 bought property at 320 Michigan St. NE for $2 million from Warren Radio Co. The 9,672-square-foot, one-story commercial building was built in 1951 and remodeled in 1997, according to property records.

It made more financial sense for Spectrum to buy the property instead of continuing to lease it, said spokesperson Susan Krieger. The purchase is consistent with Spectrum’s focus of “personalized health made simple, affordable and exceptional,” and reducing costs long term, Krieger added.

Spectrum has leased the space for multiple departments over the past decade, but there is no timeline around future use, Krieger said.

“This purchase was in motion prior to the COVID-19 pandemic and the unforeseen financial challenges it presented,” Krieger said. “This investment will help us achieve lower costs and ultimately, more affordable care for the people in our communities. This remains our priority.”

Spectrum has been amassing property along Michigan Street over the past decade. 

In November 2019, Spectrum purchased a $3.9 million professional office building at the northeast corner of Michigan Street and College Avenue from Jade Pig Ventures LLC. In 2018, an affiliate of the health care system purchased two properties at 1697 and 1701 Michigan from Third Coast Development LLC for $5 million. 

Spectrum is also planning for construction to begin in early 2021 on a $100 million, 300,000-square-foot Center for Transformation and Innovation office building at 648 Bond Ave. NW in the nearby Monroe North business district. The new office building will consolidate 1,200 employees into a single location and include a training and learning center.

Read 3435 times Last modified on Monday, 22 June 2020 16:17
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