WALKER — Developers from Lansing and Farmington Hills are partnering on a $23 million transaction to purchase Green Ridge Square retail shopping center in Walker.
Lansing-based Boji Group LLC and Farmington Hills-based Bacall Companies LLC formed a joint venture and closed on the deal today, MiBiz has learned. The 214,000-square-foot retail shopping center at 3298 Alpine Ave. NW is 90-percent occupied and includes 21 clients, according to Boji Group and Bacall officials.
The acquisition marks Boji Group’s entrance into the Grand Rapids market, while Bacall has a “diversified footprint” in the area that includes food and beverage, retail, and hotels, said Principal and Partner Daivin Bacall.
“We’re not strangers to the Grand Rapids area. We’ve been there since 2015, and we continue to expand in the area,” Bacall said in an interview.
Boji Group President and CEO Ron Boji said in a statement that the company’s expansion into Walker is a “sign of confidence in the Grand Rapids metro area. We are ready to help Walker and the Alpine Avenue corridor continue to expand and thrive in the coming years.”
Boji Group’s retail portfolio includes 350,000 square feet of property, while Bacall’s portfolio includes 2 million square feet across the Midwest.
WOOD-TV8 reported last month that property owner Retail Value Inc. had secured a $23.3 million cash deal to sell the property, though the buyer was not identified.
Bacall said Green Ridge Square — which includes a Best Buy, Bed Bath & Beyond, Michaels and Panera Bread — “fits in our asset classification as well as being part of our wheelhouse. This property in particular is beautiful … and is definitely something that complements our portfolio.”
The project is the first joint venture between Bacall and Boji Group, which owns the historic Boji Tower in downtown Lansing across the street from the state Capitol Building.
Bacall said the deal is being financed through local lenders, and the development team worked with in-house specialists.
“The joint venture here opens doors to more opportunities,” Bacall said, adding that it will likely be the “first of many in the future” for the two companies.