Firm buys shopping center

April 6, 203307 Plainfield18 | By Ehren Wynder

A shopping center in town is under new ownership.

Real estate investor 1923 Property, LLC purchased the 20,168-square-foot shopping center at 3325 Plainfield Ave. NE in Grand Rapids from Northland Plaza, LLC for an undisclosed price, according to NAI Wisinski West Michigan this week.

The shopping center is home to tenants such as Family Fitness of Grand Rapids and Mirage Tanning Centers, and the center has end-cap retail space available.

The center’s storefronts will be renovated in the near future.

Bill Tyson and Todd Leinberger, retail specialists with NAI Wisinski West Michigan, represented the buyer, 1923 Property, LLC, in the deal.

Darrel Herweyer, president of DAR Development, represented the seller, Northland Plaza LLC, in the deal.

Prior to closing, Tyson and Leinberger assisted the buyer in negotiating longer-term leases with the current tenants, who previously had month-to-month leases.

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NAI Wisinski of West Michigan assists Elite Full Service Salon in Securing a Location

381-baldwin-pr-photo.jpg(Jension, MI)- Bill Tyson of NAI Wisinski of West Michigan has assisted a salon in securing a 1,662 square-foot space at 381 Baldwin St., in Jenison. Elite Full Service Salon & Spa signed a 5 year lease for the last vacant space of the retail center.

Elite Full Service Salon & Spa will be a full service salon, specializing in hair, skin, massage, waxing and spray tans.

“I chose this location partly because I have been working in the same vicinity for years, and its conveniently located to the expressway. When the lease for this venue became available, I liked the location and the look of the store front,” said Brenda Williams, owner of Elite Full Service Salon & Spa.

Continue reading “NAI Wisinski of West Michigan assists Elite Full Service Salon in Securing a Location”

Financial firm relocating within downtown

December 20, 2017 | Ehren Wynder

85 Campau Ave. NW Grand Rapids on left

The local office of a financial advisory firm is relocating to a new space downtown.

Oxford Financial Group is expanding its Grand Rapids presence by moving to 85 Campau Ave. NW.

The firm has signed a lease for the 6,900-square-foot space.

The space is under construction and new finishes are being added.

Oxford plans to move into its new office in January.

Oxford’s current office is a 2,900-square-foot space at 99 Monroe. Continue reading “Financial firm relocating within downtown”

NAI Wisinski helps bakery find new home in Grand Rapids

December, 18 2017 | Staff Writer- REJournals.com

2365 E Beltline PR Photo

Bill Tyson of NAI Wisinski of West Michigan assisted Sara’s Sweets Bakery in signing a 10-year lease at 2365 East Beltline Ave. NE in Grand Rapids, Michigan.

2365 East Beltline is a new retail development that is anticipated to be completed in March of 2018. Continue reading “NAI Wisinski helps bakery find new home in Grand Rapids”

Private equity changing market

October 27, 2017 | Ehren Wynder

After the housing crash, a new industry rose around property management that allowed single-family homes to be treated as commodities. Following the Great Recession, private equity started moving into the housing market, buying tens of thousands of homes and turning them into rental properties.

In a recently aired segment on NPR’s WBUR, Dustin Dwyer, reporter for Michigan Public Radio and a Grand Rapids resident, explained how private investors from out of state became interested in purchasing homes in

Continue reading “Private equity changing market”

NAI Wisinski of West Michigan completes $57 Million Multifamily Transaction

(Grand Rapids, MI) – Craig Black and Scott Nurski recently sold a 237 unit, Class A apartment community located in Grand Rapids, Michigan.  The sale represents the highest price per unit ever recorded in Michigan for a suburban, market rate multifamily asset.  Ridges of Cascade Apartments is a luxury apartment community with well-appointed units, luxury condominium-level interior finishes and resort class community amenities.  It is well located in highly sought after Cascade Township, which boasts high income levels and extremely high barriers to entry for multifamily development.  All buildings were preleased as they were constructed and the property was 100% occupied when it opened in August 2016. Continue reading “NAI Wisinski of West Michigan completes $57 Million Multifamily Transaction”

Commercial real estate brokers worry tax reform could slow key investment vehicle

September 29 2017 | Nick Maines

GRAND RAPIDS — Although a formal GOP tax reform bill has yet to be introduced, executives in the commercial real estate industry are already expressing concern.

In particular, sources worry that any possible reform could include the removal of the 1031 Exchange, a tax loophole that allows real estate investors who sell a property to reinvest the proceeds into a similar, “like-kind” property and defer any tax payments.

At a panel discussion in Grand Rapids hosted by the West Michigan chapter of the Turnaround Management Association, commercial real estate executives noted that 1031 deals have been a major driver of industry activity as of late, specifically with regards to the returns investors expect to see, known as capitalization rates. Continue reading “Commercial real estate brokers worry tax reform could slow key investment vehicle”