Schostak Brothers and Co., a Livonia-based real estate and development company, acquired a 950,000-square-foot distribution facility in Grand Rapids. Details of the transaction were not disclosed.
Located at 1040 40th St., the purchase took place Feb. 13 and was announced today by Colliers International West Michigan.
“We have been looking for the right opportunity to further invest in West Michigan for several years, and Colliers helped us find the perfect opportunity with this distribution facility,” says Jeffrey Schostak, president of Schostak Development, a business unit of Schostak Brothers and Co. “We’re excited to have Bunzl Retail Services as our tenant, and we look forward to helping support their operations in this key facility.”
Bunzl Retail Services is the current tenant and will continue to occupy the building.
Schostak Brothers purchased the facility as an investment property as it continues to grow its portfolio of retail, office, industrial, and residential properties, including mixed-use and built-to-suit projects.
John Kuiper, Mike Visser and Duke Suwyn of Colliers represented the seller, Minnetrista Investments LLC. Steve Marcusse of Colliers represented the buyer.
“The opportunity to purchase a property with this amount of square footage in West Michigan is becoming increasingly rare,” says John Kuiper of Colliers. He helped represent Minnetrista Investments LLC, the seller.
Schostak Brothers was established in 1920 and is a fourth-generation family business. It operates commercial properties in 24 states.
Colliers International Group Inc. is a global real estate services and investment management company operating in 69 counties. It has a workforce of more than 13,000 professionals.