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Spectrum Health has acquired the properties bordered in red since December in Grand Rapids’ Monroe North business district. Spectrum Health has acquired the properties bordered in red since December in Grand Rapids’ Monroe North business district. MIBIZ ILLUSTRATION

Spectrum Health continues land acquisition in GR’s Monroe North district

BY Tuesday, March 03, 2020 10:17am

GRAND RAPIDS — Spectrum Health continues to amass more properties in the Monroe North business district near its planned Center for Transformation and Innovation, MiBiz has learned. 

Since the middle of January, the Grand Rapids health system has scooped up three additional properties in separate transactions for a total of $5.45 million, according to property records. 

The recent property acquisitions suggest Spectrum Health could be expanding its vision for the area around the Center for Transformation and Innovation, but for now, the health system is keeping mum. 

“The recent property purchases allow Spectrum Health to plan for the future health needs of our community. In the long term, Spectrum Health is committed to ensuring greater access to exceptional clinical services in downtown Grand Rapids,” Ellen Bristol, corporate public relations manager at Spectrum Health, said in a statement to MiBiz. 

Spectrum Health is continuing to finalize details in its plans for the properties and expects to share more information later in 2020, Bristol said.

The recent acquisitions include: 

  • A 1-acre parcel with a more than 44,000-square-foot commercial building at 648 Bond Ave. NW. Spectrum Health paid $3.45 million for the property, located just south of the former Gill Industries plant where the health system plans the main Center for Transformation and Innovation, as MiBiz previously reported. The seller was Bond Street Investors LLC, which is registered to CWD Real Estate Investment LLC Partner Sam Cummings. 
  • A 0.689-acre parcel at 711 Ionia Ave. NW at the northwest corner of Fairbanks Street that Spectrum bought from All Phase Real Estate LLC for $1.15 million. 
  • A 0.115-acre site at 750 Ottawa Ave. NW at the corner with Newberry Street that Twig Studios LLC sold to Spectrum for $850,000. 

The purchases come after Spectrum Health finalized an $11.05 million property deal with Gill Real Estate Holding Co. for a total of 5 acres on Bond Avenue, where the organization is moving forward with plans to build a new office building that will consolidate 1,200 employees at a single location and house a training and learning center. 

Construction on the $100 million, 300,000-square-foot Center for Transformation and Innovation office building planned for the Bond Avenue site could begin in early 2021, as MiBiz previously reported.

Read 6159 times Last modified on Tuesday, 03 March 2020 11:43
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