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Record out-of-state investment in West Michigan in 2007

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Purchase caps record year for out-of-state investment

It's estimated that First Companies sold a record $115 Million in properties to a California firm this past year, which they will continue to manage. California-based CORE Real Estate Holdings, which made the purchase, also purchased a massive amount in 2005 (not as much as 2007).

Investment broker Patrick Mohney of NAI West Michigan in Grand Rapids expects even larger figures in 2008, however.

"I wouldn't be surprised if in the next year, it wasn't three times that," Mohney said. "Investment's at least half the (real estate) activity going on in the area. Sometimes I'm even getting calls from people with no connection here whatsoever."

Daily calls from investors, most often in San Francisco and Chicago, continue unabated, he said. A continued weak dollar might even prompt foreign investment, he added.

The amount of confidence in the local industrial sector by out-of-staters is astounding.

The story was also covered in today's Business Journal.

I wonder where First Companies goes from here with all that liquidity? :blink:

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That's really interesting news, GRDAD. It would be very interesting to read CORE's internal memos containing their rationale for placing such big bets on the region's future.

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