CWD Real Estate Investment (CWD) announced today that it has purchased one of the largest buildings in the city – the Calder Plaza Building at 250 Monroe NW in downtown Grand Rapids, Michigan.
CWD bought the Calder Plaza Building from longtime owners, Calder Plaza Investors, for an undisclosed amount. The building was erected in 1980. It is a 10-story, 153,000-square-foot Class A office building located across from DeVos Place Convention Center and between Calder Plaza and the Fifth Third Building.
“Reinvestment in this significant downtown asset will help ensure a stable and active urban core and is critically important both for current and future tenants, as well as for our community,” said CWD managing partner Scott Wierda. “It’s a great building that has been well maintained. We are very enthusiastic about its future.”
CWD is currently evaluating the building and will be developing plans to renovate within the next year.
CWD is a locally-owned, professional owner-operator that manages 17 properties (including the Calder Plaza Building) in the downtown area. Its portfolio includes 2.7 million square feet of commercial real estate – approximately 50% of that being urban office in Grand Rapids and 50% in suburban retail throughout Kent County. Most recently, the company purchased the CWD Building, Ledyard Building, and Trust Building. Each underwent multi-million dollar renovations that were completed earlier this year.
“You need only look at the other investments we’ve made in the core to see that renovating and updating existing inventory works. We look forward to doing that same thing with the Calder Plaza Building,” said CWD managing partner Sam Cummings. “Occupancy is on a significant upward trajectory at those buildings, and we remain enthusiastic about the long-term stability of our urban core.”
CWD Real Estate Investment is a leading, local real estate investment and property management firm in Grand Rapids. Formed in 2008 by partners Sam Cummings, Scott Wierda, and Dan DeVos, CWD commits to strengthening the urban center and community of Grand Rapids by making strategic investments that provide high-quality places to work, eat, shop, live, and be entertained.
Contact: Lisa Young, firstname.lastname@example.org, (616) 588-7129