GRAND RAPIDS, Mich.– Colliers International has announced that Hertz Investment Group is finalizing a deal to buy the Bridgewater Place in downtown Grand Rapids.
News of the new owner came during the Colliers Annual Economic and Real Estate Forecast breakfast Friday. The deal is expected to close in the next 30 to 45 days.
Hertz Investment Group is out of California and owns properties around the country. Bridgewater Place will be the first property in Michigan.
Colliers has managed and leased spaces in Bridgewater for the past two years. The group started managing shortly after the building was foreclosed and became bank-owned. Spectrum Health is set to rent more than 30,000 square feet of space.
Other news to come out of the breakfast: the economic forecast on the economy in West Michigan. According to Paul Isley, professor and chair of economics at Grand Valley’s Seidman College of Business, West Michigan’s economy will experience modest growth in 2013, while health-related sectors and manufacturing will see slowing growth. He predicted 2 percent employment growth in 2013, with skilled labor jobs in high demand.