Bidding war ensues over foreclosed strip mall

Glen Valley Center’s taxable value had fallen to $776,221 since 2013, and the foreclosed, 35,775-sq.-ft. strip center in Caledonia, Michigan, had been the property of Wells Fargo Bank since 2007. So why did the bank walk away with $2.3 million for the center after a bidding war erupted among six buyers?



“We have a huge lack of product for investors to put their money in," explained Mark Ansara to mlive.com, which recently ran a report on the sale consummated at the end of June.



An advisor to Colliers West Michigan, which handled the sale, Ansara held that strong retail centers in secondary markets might not be glamorous, but can be profitable.



“Caledonia is experiencing impressive growth and the Glen Valley Center plays a vital role in attracting businesses to this area,” he said.



The 11-year-old strip mall outside of Grand Rapids is nearby the M-37, a north-south Michigan Trunkline highway. Tenants include Hallmark, Little Caesars, and Subway.

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