GRAND RAPIDS, Mich. (WOOD) — Steketee’s Building, the historic downtown Grand Rapids building that serves as Blue Cross Blue Shield of Michigan’s regional headquarters, has been listed for sale.
The eight-story building at 86 Monroe Center St. NW near Ionia Avenue NW was listed at $21.7 million by Advantage Commercial Real Estate. At 104,000 square feet, that’s around $208 per square foot.
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The tower was built in 1916 to house the Paul Steketee & Sons department store. Blue Cross Blue Shield of Michigan has occupied the building since 2004 and has “invested significantly” in the property, according to the listing. The insurer has 15 years left on its lease, offering investors “stable cash flow backed by a high-credit tenant within one of Michigan’s most dynamic urban markets,” the listing says.
Property records show the building was purchased by Monroe Center JV LLC in 2003 for just over $2.4 million…