GRAND RAPIDS, MI — A 2,600-person music venue in downtown Grand Rapids, formerly known as 20 Monroe Live, has been sold.
And now the local authority that oversees the Van Andel Arena could be in line to operate the nearby entertainment locality.
GLC Live at 20 Monroe – formerly known as 20 Monroe Live – sold out in late February, according to records from the Kent County Register of Deeds. The sale price was not disclosed in the transfer deed dated February 28.
The concert hall at 11 Ottawa Avenue NW was previously listed for $16.5 million.
Officials at the Gilmore Collection, which owns the venue, did not respond to calls for comment. Gilmore Collection officials have previously said the new owners will continue to host performing arts in the space.
The Gilmore Collection sold the venue to GLC GR Live, a limited liability company formed in 2021 that is tied to a South Bend, Indiana-based real estate development and private equity firm called Great Lakes Capital, or GLC.
A spokesperson for the Gun Lake Tribe, which in 2021 bought the naming rights to 20 Monroe Live and renamed it GLC Live after the Gun Lake Casino in Wayland, said the tribe did not purchase the venue. nor did he know who bought it.
State records show that the GLC GR Live LLC was organized by Richard J. Deahl, general counsel and director of Great Lakes Capital.
GLC GR Live LLC is also related to another limited liability company, Compound Capital, which was organized in 2019 by Jeff Smoke, Managing Director and Director of Great Lakes Capital.
Smoke was unavailable for comment Monday afternoon. The Great Lakes Capital receptionist said no one else at the company except Smoke could talk about the real estate deal.
GLC GR Live approached the Grand Rapids-Kent County Convention/Arena Authority (CAA) to lease the venue and operate it.
According to Kent County documents, the CAA wants to enter into a 20-year lease for the space and an operating agreement managing the property for more than five years.
The CAA is the public authority that oversees the Van Andel Arena, DeVos Place and DeVos Performance Hall. It contracts with ASM Global, a venue and event management company, to operate and manage the venues.
“The new owners of the venue have asked the CAA to consider operating the venue on their behalf because their normal business is not to do entertainment on this scale,” the Kent County Administrator said. , Al Vanderberg, “and so they contacted the CAA and asked if they would be willing to consider leasing the venue to them as the operator of the property.
Rick Winn, who chairs the CAA, said the offer made sense because of the site’s proximity to the Van Andel Arena, which the CAA also oversees.
“I think it’s a synergy in terms of leveraging entertainment venues that are so close to each other rather than having some sort of competition,” he said.
He also said the new owners wanted “local involvement, which the CAA provides.”
“We can provide local monitoring,” he said.
Winn said there are local partners connected to the owner. But he declined to identify those partners, saying he “didn’t want to speak on behalf of the property.”
Due to the structure of the CAA, the Kent County Board of Commissioners and the Grand Rapids City Commission must approve the ability of the CAA to enter into a land lease as well as enter into any agreement for a term greater than five years .
On Thursday, March 24, the Kent County Board of Commissioners voted 15-4 in favor of letting the CAA move forward on the potential lease and operating agreement. The Grand Rapids City Commission will hold a similar vote on Tuesday, March 29.
The Gilmore Collection also owns the BOB, a collection of restaurants and clubs spanning five floors in a building adjacent to GLC Live at 20 Monroe. The Gilmore Collection had also put the property up for sale at a listing price of $15.5 million. Both properties were listed in November 2020.
The BOB is listed as temporarily closed since the end of December 2021. The BOB list remains online but is designated as “pending”.
MLive/The Grand Rapids Press reporter Brian McVicar contributed to this report.
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