The 88%-occupied property consists of retail space on the ground floor, with five floors of loft-style office space. The asking lease rate is $16 per sf, gross, says Jason Costello, president at Cabrio. The retail is 100% occupied.
He says his Ann Arbor-based investment and management firm is expanding into different markets, and thought going into the western part of the state was a no-brainer. "We feel pretty strongly about Grand Rapids," Costello tells GlobeSt.com. "The downtown market is expanding, with a lot of institutional construction going on. There's job growth and a diversified economy, not what we're used to in Southeast Michigan. Also, new rents are several dollars higher than existing average rents right now, that's a strong indicator that going forward, this is a good buy."
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