A local commercial real estate firm has been acquired by a company with a West Michigan presence.
South Bend, Indiana-based Bradley Company said yesterday it acquired Grand Rapids-based X Ventures.
Terms of the deal were not disclosed.
X Ventures' commercial operations will be integrated into Bradley Company's existing West Michigan presence.
X Ventures’ 10 licensed brokers will bring Bradley Company’s staff total to 260, with 15 based in Grand Rapids.
The X Ventures office is in downtown Grand Rapids, at 220 Lyon St. NW.
The companies said X Ventures’ assets will enhance Bradley Company’s resources in West Michigan and give clients access to a larger range of services.
In particular, Bradley Company expects the acquisition to grow its property management services.
Chip Bowling, founder, president and former owner of X Ventures, said he decided to sell the firm to enhance the services offered to its clients.
“After learning more about Bradley Company, their core values and plans for future investment in West Michigan, it felt like the right time to move forward with this agreement,” Bowling said.
Brad Toothaker, president and CEO of Bradley Company, said he has focused on strategic growth throughout the Midwest and led the company through multiple acquisitions.
“We are dedicated to continuing to invest in the state of Michigan, and the additional bandwidth we will gain from the X Ventures team will provide for additional growth in the market,” Toothaker said.
X Ventures will be briefly co-branded with Bradley Company in the West Michigan market, before fully converting all marketing assets and signage to Bradley Company.
Bradley Company's Grand Rapids office will be led by Jeff Tucker, VP of office brokerage at Bradley, as well as Chip Bowling and his father, Bill Bowling, who served as a consultant at X Ventures.
X Ventures was represented in the transaction by Jim Ens, a real estate attorney with Miller, Johnson, Snell & Cummiskey in Grand Rapids.
Founded in 1978, Bradley Company offers commercial real estate brokerage and asset services, acting as brokerage agent for more than 400 commercial properties and managing more than 3,000 multi-family units.
The company has eight offices across Indiana and Michigan.