TRAVERSE CITY — A prominent commercial property on M-22 caught the attention of Steven Busch.
Yes, that Busch. Of the beer family of the same name.
Busch recently purchased the CenterPointe building and marina at 12935 S West Bay Shore Drive in Elmwood Township after storing a boat in the marina for three years. The building had been on-and-off the market since 2010, and its promise of financial return fit the Busch family’s investment standards.
“It’s a really attractive building,” Busch said. “Lakeside property is a scarce resource, so that’s really the most unique thing.”
CenterPointe was listed for $6.95 million, but terms were not released.
“It’s a positive for the area,” said real estate agent Vicky Oltersdorf. “We have a wonderful family and person that bought the building.”
The 64,000-square-foot CenterPointe building sits on 4.76 acres. It has four floors, lots of balconies and an underground tunnel that connects parking lots on either side of M-22.
Thirty commercial tenants such as insurance agents, massage therapists, lawyers and event planners rent space in the building that former owner David Mathia said has been fully occupied for three years.
Mathia purchased the building in 2007. He renovated its bathrooms and kitchenettes, upgraded landscaping, installed new carpet, repainted and expanded the marina from 17 to 62 slips.
Mathia said he sold the building because the renovations are done and he’s ready for a new opportunity.
“I’m more project-oriented,” he said. “It’s in maintenance mode and now it’s time to do another project.”
Busch said he hopes to retain CenterPointe’s tenants and largely will keep the building’s use the same. He started cleaning up, painting and landscaping after the May 30 sale.
Busch and his wife Laura own a home in Traverse City. Laura started visiting the area 30 years ago and Busch first visited 10 years ago.
“We’re happy to be a part of the business community here,” Busch said. “We really enjoy it.”