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Hertz Investment Grp Acquires Bridgewater Place

Foreclosed Office Sells for $26.5M in Grand Rapids
May 7, 2013
California-based investment firm Hertz Investment Group purchased the Bridgewater Place office building at 333 Bridge St. NW in Grand Rapids, MI in an REO sale for $26.5 million, or about $75 per square foot. This is Hertz Investment Group’s first acquisition in the Central Grand Rapids submarket.

The 17-story, 353,252-square-foot, class A downtown office building was delivered in 1994, and features both retail and office space. Tenants include the law offices of Varnum, Riddering, Schmidt & Howell and Spectrum Health. The property was 82 percent leased at the time of the sale.

GMAC Mortgage foreclosed on the property in 2011, and enlisted Colin Kraay of Colliers International and John Bell of Rockwoods Real Estate Advisors to negotiate the sale. The buyer handled the deal in-house.

Please see CoStar COMPS #2724422 for more information on this transaction.
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