The Praedium Group Acquires 434,000 SF Class-A Industrial Property at 4247 Eastern Avenue in Grand Rapids, MI for $20M

September 2, 2014

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NEW YORK – SEPTEMBER 2, 2014 – The Praedium Group, a New York City-based national real estate investment firm, in partnership with Sagic Capital and Park Bridge Financial, announces the $20 million acquisition of a 434,039 square-foot class-A industrial building located at 4247 Eastern Avenue in Grand Rapids, MI. The 100 percent occupied industrial asset is situated on almost 18 acres and contains an in-place net lease to a single blue-chip tenant through 2025. The purchase price represents a discount to estimated replacement cost of approximately 25 percent.

“We were thrilled to acquire this ‘state of the art’ industrial building that is located in a prime location,” said Mason Sleeper, Principal of The Praedium Group. “4247 Eastern Ave is at the center of an industrial corridor boasting 115 million square feet of quality space with a vacancy rate of just 6.7 percent.”

In 2011, the previous owner completely re-furbished the building, including updating the entire HVAC and mechanical systems and installing a new roof system. In 2013, the complex underwent a major transformation with the addition of an 115,000- square-foot building featuring 33-foot ceiling heights. The asset is conveniently located off US-131 – the area’s main north/south thoroughfare – and is in close proximity to Interstate 96, which connects Grand Rapids to Lansing and Detroit.


The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing approximately $9.5 billion of capital, including 70,000 multifamily units and 43.5 million square feet of commercial space.  Over the past 23 years, The Praedium Group has sponsored a series of eight private equity funds. The commingled funds by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit


Sagic Capital, LLC is a New York City based commercial real estate investment company that primarily focuses on value-oriented equity investments in high-quality assets on the East Coast and Midwest markets. The company seeks to find compelling risk-adjusted investments that achieve opportunistic returns.


Park Bridge Financial, LLC (“Park Bridge”) is a boutique real estate company specializing in commercial real estate finance. Park Bridge offers several lines of services to institutional lenders, property owners and CMBS trusts which include capital raising, workouts and debt restructuring, valuations, portfolio reviews and analysis, loan underwriting and surveillance, litigation support and other lender services, and asset management services, including sales and disposition of loans and REO.

Since its founding in 2009, Park Bridge has successfully:
• Raised approximately $1 billion of new debt and equity capital
• Restructured nearly $2 billion of debt for its clients
• Completed over $50 billion in loan and portfolio valuations, risk assessments and other advisory assignments
• Served as operating advisor or subordinate class representative on in excess of $31 billion of CMBS trusts