October 19, 2016
By Pat Evans
A local homebuilder has a new headquarters.
Redstone Homes has purchased a 4,800 square-foot office building in Grand Rapids, at 3330 Grand Ridge Dr. NE, according to NAI Wisinski of West Michigan yesterday.
Terms of the transaction were not disclosed.
Redstone Homes has built more than 1,600 homes and condominiums in Kent, Ottawa, Kalamazoo and Calhoun counties since it was founded in 1997.
The new office allows Redstone to bring its sales and operations offices together.
The move was completed last month, and the company plans to grow with new hires, Redstone Homes President Gary Hensch said.
“The move stems from Redstone Homes’ unprecedented growth in the past two years, and it enables us to maintain closer contact with our customers, trade partners and business associates,” Hensch said.
NAI Wisinski of West Michigan broker Jeremy Veenstra represented Redstone Homes in the deal, while NAI brokers Mary Anne Wisinski-Rosely and Joshua Jacobs represented the unnamed seller.
September 16, 2016
By Pat Evans
Greg Gilmore’s 20-year concert venue vision is coming to life and, by early 2017, will offer a one-stop entertainment complex.
Last week, Gilmore unveiled the plans for the $16 million “20 Monroe Live” entertainment venue currently under construction and Gilmore Collection’s partnership with Live Nation’s House of Blues division, one of the nation’s largest music promoters. With construction slated to finish up within the next 90 days, the first concerts should be held in January or February 2017, Gilmore said.
The project is connected to Gilmore’s The B.O.B., which opened in 1996 across from the then newly constructed Van Andel Arena, and has since tripled its annual revenue, according to Gilmore.
“It will further cement this area as the epicenter of entertainment in Grand Rapids and the region,” Gilmore said. “Van Andel has 25 to 30 concerts a year, and we expect to have 120, on a much smaller scale but with more frequency, so we’ll be bringing people downtown on a regular basis.”
Including the 120 shows, the venue will aim to hold more than 200 events each year, including private and corporate events, product launches and festivals.
The 36,000-square-foot 20 Monroe Live will offer a flexible space that can scale from 2,600-person capacity to 1,200 people with a moveable stage and a curtaining system to help offer more diverse space in Grand Rapids for bands, singer-songwriters and comedians.
Seating configurations still are being finalized, but scalable capacity options are available, including 1,200-1,600- and 2,200-person capacities.
Attached to the entrainment facility is Orion Construction’s $22 million Venue Tower, which includes 88 apartments.
The first shows currently are being booked, Gilmore said, but he’s unsure with Live Nation is planning for the debut.
Combined with the venue, a four-season beer garden and an alleyway will create more space for private parties and festivals for up to 4,000 people, said Ron Bension, president of Live Nation’s House of Blues Entertainment division.
Live Nation has had a presence in Grand Rapids for a long time, but Bension said to operate a facility will help the city be more attractive to more acts. House of Blues Entertainment operates 60 facilities across the nation, including Filmore and House of Blues locations.
September 9, 2016
By Pat Evans
A local promotional products company has purchased a building downtown to support its expanding operations.
Karen Scarpino, owner and president of Promotional Impact and its sister company, Green Giftz, has acquired the 6,000-square-foot building in Grand Rapids, at 532 Ottawa Ave. NW, according to NAI Wisinski of West Michigan today.
The building in the city’s North Monroe neighborhood was most recently a location for Vector Distribution, a screen-printing company.
Promotional Impact and Green Giftz currently operate in a 2,000-square-foot space in the nearby Brass Works Building.
“We love being in downtown Grand Rapids and witness growth and progress first-hand every day,” Scarpino said. “We have such pride in downtown Grand Rapids that we wanted to have true ownership and take root in this community. We see this building…as a true asset to the growth of our organization.”
The brands sell “earth friendly promotional products.” They serve clients such as Steelcase, Herman Miller and Amway.
NAI Wisinski’s Mary Anne Wisinski-Rosely and Jason Makowski represented the building’s sellers, Tom Korest and Peter Mason, and Signature Associate’s Joe Rizqallah represented Scarpino.
September 4, 2016
By Nick Manes
WYOMING- Stu Kingma often fields multiple phone calls per month from people interested in redeveloping Site 36, one of West Michigan’s most storied former industrial sites.
Despite that activity, he says he’s far from calling the reuse of the former General Motors stamping plant in Wyoming a done deal.
The associate broker with a focus on industrial property at NAI Wisinski of West Michigan in Grand Rapids has maintained the listing for Site 36 since March 2015. Kingma said he continues to work with other stakeholders – including the city of Wyoming and The Right Place Inc., the Grand Rapids-based regional economic development firm- to find the right single user or multiple users for the industrial site.
At this point, he remains unsure whether the site will draw in a big user from outside the region or local companies looking for space to expand or consolidate their operations.
“We believe there’s a lot of local companies that could be a good fit there,” Kingma said. “We can all want lots of things, but at the end of the day, it’s the market that will really drive that.”
According to Kingma, favorable market conditions could help catalyze some sort of redevelopment activity at the relatively flat, 92-acre site near the corner of 36th Street and Clay Avenue SW, where GM closed a long-time plant in 2009 and later demolished it. With an ever-increasing shortage of existing industrial facilities in West Michigan, buyers have turned to purchasing developable land in recent months, he said, noting vacant property sales have accounted for about 20 percent of his overall business.
September 2, 2016
By Pat Evans
With homeownership rates at the lowest point in more than 50 years, apartments are the focus for many developers nationwide.
The main issue with the apartment needs, however, is the high cost of construction, according to Scott Nurski and Craig Black, multifamily investment advisors at NAI Wisinski of West Michigan.
“Developers are building what economics will allow,” Nurski said. “Developers are building Class A product, because the cost of construction is so high, and you have to have high rent. If you need to have high rent, you need a high level of finish to attract those who will pay for it.”
The majority of new apartment development is concentrated in downtown areas, including Grand Rapids, where cranes are popping up with more regularity. The cost of the market-rate apartments downtown are approximately $2 per square foot, meaning an 800-square-foot apartment will cost $1,600.
The supply of market rate housing in downtown Grand Rapids is still building to reach the pent-up demand of years without nearly any available housing, Black said.
August 26, 2016
By Mike Nichols
Every business story essentially boils down to two great forces: money and people.
For Brad Bruinsma, the general manager of NAI Wisinski of West Michigan, his story is no exception. A man who has made his career by being an expert on both subjects, Bruinsma spent approximately 14 years in banking before finally turning to the industry that he felt with his destiny: commercial real estate.
Both fields share a number of similarities, he said, but it took more than a decade of work before he was ready to fully make the jump.
“You’re dealing with a lot of the same people, business owners, CFOs, the decision makers of a company. When it comes down to it, it’s about relationship management,” he said.
“In banking, you’re managing a relationship with a client in regard to their lending and banking needs. With commercial real estate, it’s the same thing, but with real estate.”
The banking and real estate industries run deep in Bruinsma’s genes. He was born in Grand Rapids and attended Grand Rapids Christian High School, from which he graduated in 1995. In a somewhat strange twist of fate, his career followed a similar trail as his father, Gordon.
“My dad was in banking originally and then went into commercial real estate. I kind of followed the same path as he did,” Bruinsma said. “As I was getting more interested in business, I was able to follow him a little bit.”
A skilled athlete, Bruinsma received a scholarship to play basketball at Trinity Christian College, located in a southwestern suburb of Chicago. After spending a few seasons as a shooting guard, he gave up on basketball and focused on school, graduating in 1999 with a degree in accounting.
Straight out of college, he got a job working at Old Kent Bank in downtown Chicago. For a young man from a religious upbringing, the looming business world of Chicago was an education unto itself.
“I was on the fourth floor of the Sears Tower. Growing up in Grand Rapids and going to a Christian high school and then at Trinity… it’s somewhat sheltered. It was definitely an eye-opening experience,” he said.
” I was in Chicago at Old Kent for two years. Just before we moved back, they started the conversion to Fifth Third (Bank). I transferred to Fifth Third in Grand Rapids and worked in the commercial lending department. The biggest thing I learned there was time management and multi-tasking. As an analyst, I was supporting 15 different lenders. And the only way you stay on top of your work is to prioritize what needs to be done.”
By 2003, Bruinsma was contemplating what he wanted to do with his life. He began to realize banking wasn’t what he wanted to do forever. He decided to get out of banking for a year and started working as the director of development for The Granger Group, a Grand Rapids-based commercial real estate development company.
“At the time, I thought that was the career I wanted to get into. I really enjoyed it, but it just wasn’t the right fit for me at that particular company,” he said.
“I knew I enjoyed commercial real estate. I knew long term that was what I wanted to do, but professionally, I wasn’t ready for it. I got back into banking and spent the next eight years at Founders Bank and Trust.”
August 22, 2016
GRAND RAPIDS, MICH- NAI Wisinski of West Michigan has arranged the sale of two vacant parcels of land in Grand Rapids for the future development of two hotels. West Michigan Investment Properties sold the property, located at 4888 Town Center Drive, to Grand Hospitality Management, which plans to build a Holiday Inn Express on the 5.4-acre site. Grand Hospitality Management also acquired a 2.7-acre land parcel from Mitul Patel and plans to build a Marriott Hotel on the site. Construction on both hotels is slated to start next year. Dave Denton of DAR Development represented Grand Hospitality Management in both deals. Rod Alderink of NAI Wisinski represented West Michigan Investment Properties in the first transaction, and Bill Tyson and Todd Leinberger of NAI Wisinski represented Mitul Patel in the second deal.
August 19, 2016
By Dillon Davis, Battle Creek Enquirer
A new Domino’s concept restaurant touting an interactive experience for customers will open up next month in Battle Creek.
The restaurant, owned by Five Star Pizza Co. Inc., will open its doors Oct. 17 in the Capital Centre Plaza at 2545 Capital Ave. S.W. It marks the return of the franchise to the area after a former location at 145 W. Columbia Ave. closed at the end of May. Five Star Pizza Co. President Eric Arnston said the old location no longer met Domino’s needs as the brand has undergone a shakeup of its menu and its logo during the past several years.
Arntson said the 2,081-square-foot space leased on Capital Avenue is a better fit with greater accessibility for its customers and delivery drivers.
The new Domino’s location is expected to feature a “guest-friendly, pizza theater prototype” that allows patrons a view of the entire pizza making experience. The company plans to have all of its restaurants remodeled to fit this exact design by the end of its 2017 fiscal year, according to multiple media reports.
Market Realist, an investment research and analytics company, said Domino’s is investing more than $50 million for technology and its redesign program.
Arntson also said its not likely to be the last of its kind in the area. He said Five Star Pizza Co. is planning a second location on Battle Creek’s north side that could open up as early as next year. He said several north side locations have been identified, but one has not yet been selected.
Dane Davis of NAI Wisinski of West Michigan assisted in the transaction with Anmar Atchu of Hinman Co. representing the landlord, BC Capital Centre LLC, according to a Friday news release by Grand Rapids-based Clark Communications.
Domino’s was founded in 1960 in Ypsilanti by Tom and James Monaghan. It now has about 12,900 locations with more than 260,000 employees worldwide, the company said.
GRAND RAPIDS, MICH -NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Breton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transactions.