Prep LLC.pdf
Prep LLC, Petitioner Vs. City Of Grand Haven, Respondent · 25-002453-TT
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RECEIVED ee UN02205 ENT MS — MICHIGAN TAX TRIBUNAL STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON I. BROWN, DPA GOVERNOR LANSING DIRECTOR Prep LLC , MICHIGAN TAX TRIBUNAL Petitioner(s) MTT Docket No. City of Grand Haven Respondent(s) ENTIRE TRIBUNAL PROPERTY TAX PETITION 1 Property Parcel No: 70-03-21-326-043 (If more than one parcel is at issue, attach a completed Multiple Parcel Petition Form addressing all other parcels at issue.) 2. The property identified above is x real __ personal. 3. If more than one parcel of real property is under appeal, are the properties contiguous? Yes ___ No. (If no, separate Petitions are required for each non- contiguous parcel.) 4. Are all of the parcels of personal property located on a parcel of real property under appeal? ___ Yes ___ No. (If no, separate Petitions are required for each parcel of personal property not located on a parcel of real property under appeal.) 5. If parcels of personal property are under appeal, when were the personal property statements filed by parcel number (attach additional page if necessary):
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‘MTT Docket No. ~~ Page2of4 ee ee 8. 10. 11. 12. 13. If a protest was required and no protest was made, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal’s authority over the assessment or assessments at issue (attach additional page if necessary): If the appeal was not submitted by the deadline for the filing of an appeal for the classification or classifications of the properties at issue (i.e., May 31 or July 31 of the tax year involved), list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the assessment or assessments at issue (attach additional page if necessary): The property or properties at issue are located in Ottawa County. The property or properties’ address is: 462 N Beacon Bl GH, MI The assessment or assessments at issue were established by the (applicable local governmental unit): GH Petitioner's legal residence or principal office address is: 292 S La Cienega BI, Ste 201 BH, CA 90211 This appeal involves issues relating to the (check all that are applicable): X the property or properties’ true cash and taxable values the property or properties’ taxable value only If the property or properties’ taxable value is at issue, is there a
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MTT Docket No. Page 30f4 — — S— 15. If more than the current tax year is being appealed, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the prior tax year or years (attach additional page if necessary): 16. The values for the property identified above as established by Respondent's Board of Review are: Tax Year True Cash Value Assessed Value Taxable Value 2025 4,932,400 2,466,200 2,466,200 17. Petitioner contends that the values for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 4,200,000 2,100,000 2,100,000 18. The values in dispute for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 732,400 366,200 366,200 19. Petitioner requests the following relief (attach additional page if necessary): Reduction of TCV and accordingly AV/TV to more reflect these accurate figures based on comps, condition, income, vacancy, etc. (Property purchased under duress of 1031 Exchange deadline!)
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MTT Docket No. ~~ Pagedofd i Stephen Polter Mailing Address: 2600 W Big Beaver, Ste L100, Troy, MI 48084 Email Address: spolter@polterlaw.com | Telephone Number: 248-213-6800 Date: May 25, 2025
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SPARTAN REAL ESTAT Commercial Real Estate Evaluation Property: 462 N Beacon Blvd Grand Haven, MI 49417 Please Note: This report was completed with the following assumptions. Market Approach: Market Value Exposure Time: Typical Important additional information relating to this report, including use and comparative properties are attached to this report. Address: 462 N Beacon Blvd Grand Haven, MI 49417 Order ID: 4625182025 Property ID: 70-03-21-326-043 Date of Report: 05/18/2025 APN: 70-03-21-326-043 Property Overview: Property Type Retail Gross Building Area (GBA) 15,587 SF Current Use Retail General Property Condition Good Projected Use Retail Estimated Exterior Repair Cost $0 Occupancy Retail Estimated Interior Repair Cost $0 # of Buildings / Units 1/6 Total Estimated Repair $0 Average Unit Size 15,587 SF Extent of Inspection Desktop Only
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Neighborhood & Market Data: Location Type Suburban Predominant Property Type in Area Commercial Typical Property Condition in Area Average Predominant Occupancy Owner Occupancy Rate Stable Current Market Vacancy Rate 0-5% Overall Real Estate Values Stable Market for this property type Stable Neighborhood Comments The subject's neighborhood is the retail area on a main road of a suburban lake community. The area is a mix of commercial and multi-family properties. Site Description: Zoning Comm Accessibility/Visibility Good Data Source Public Records Parking Sufficient Zoning Description Commercial Subject Use Legal Conclusion of Highest and Best Use: Retail Site Comments: The subject is an outlot of a larger retail development along a high traffic road.
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Comps Comments: The subject’s acreage and property type required searchingina larger market area. Sold #1: 518 - 628 N Beacon Blvd, Grand Haven, M1 49417 Sale Price: $6,250,000 The sold comp is a multi-tenant retail property like the subject. The sold comp is a similar age built in 1997 to the subject. The sold comp is a larger square footage but is located close to the subject. The sold comp is 46,704 sf on 4.13 acres. Additional information regarding the sold comp is attached. Sold #2: 1309 S Beacon Boulevard, Grand Haven, Ml, 49417 Sale Price: $3,195,000 The sold comp is a multi-tenant mixed use property like the subject. The sold comp is a newer built in 2018 than the subject. The sold comp is 14,202 sf on .27 acres. Additional information regarding the sold comp is attached. Sold #3: 6193 Lake Michigan Dr, Allendale, MI 49401 Sale Price: $2,100,000 The sold comp is a multi-tenant retail property like the subject. The sold comp is an older age built in 1989 to the subject. The sold comp is a larger square footage but is similar to the subject. The sold comp is 20,128 sf on 2.33 acres. Additional information regarding the sold comp is attached. Price Conclusion: As-1s Market Price Final Price Conclusion $4,200,000 Probable Buyer User Estimated Exposure Time 12+ Months Property Interest Fee Simple Conclusion Comments / Summary of Analysis: The sold comps #1 was weighed most heavily to estimate the subject's market value. The sold comp #2 and comp #3 price was similar to the subject’s market.
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Broker Information: Broker Name - Wayne Loebig, CCIM Company/Brokerage - Spartan Real Estate Services Broker Address - 2424 Graystone Dr Broker City/State - Okemos Ml, 48864 License No - 6502377806 Electronic Signature - Wayue Loebiy Disclaimer: This is a market analysis, not an appraisal and was prepared by a licensed real estate broker or associate broker, not a licensed appraiser. Unless otherwise specifically agreed to in writing: The intended purpose of this report is to assist the account holder in making decisions within the scope of applicable statutory and regulatory requirements and performing required due diligence. This document is provided solely for the use of the account holder and not any other party, is not intended as any guarantee of value and/or condition of the subject property and should not be relied on as such. If this document is found to be defective, incorrect, negligently prepared or unfit for its authorized use, Spartan Real Estate Services in no event shall be responsible to the account holder for any indirect or consequential damages, whatsoever. This warranty is in lieu of all other warranties, express or implied, except where otherwise required by law.
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$ RPR | 442 N Beacon Blvd, Grand Hz [] closed / Pt Closed Price $5,150,0( Closed Date 2/2/2024 Shopping ( Type Basic Facts Type Shopping Center Owner Name PREP LLC Land Use Community: Shopping Plaza Google). Property Facts
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Name Property Type Property Subtype Number of Buildings Number of Units Number of Stories Building Area (sq ft) Lot Size Lot Dimensions Year Built Heating Garage (spaces) ® Add another row Property Features PUBLIC Building Quality D Number of Buildings 1 Lot Size Sqft 71,003 sq ft Public Facts Shopping Center Community: Shopping Plaza 1 0 1 15,587 1.63 acres 1.630 AC Forced Air Unit 0 Lot Size Acres 1.63 acres Building Sqft Est. 67,165 sq ft Building Sqft 15,587 sq ft Your Changes Additional | - LV valuate' Cc COMPSTAK Source: Public Record and Listing ©ClimateCheck oA First Street Fil
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Tenants Tenant/Contact Suite/Unit Move-in Date Business Type Business Start'Date Sorry, there is no tenant data available. Add a Tenant Source: SMR Owner Facts Mail Care-Of Name Prep Owner Name (Public) PREP Gh Lic LLC Vesting Time Owned Company/Corporation 0-5 Yrs Mailing Address 292 S La Cienega Blvd STE 201 Beverly Hills CA 90211-3394 Source: Public Record and Listing Financial Details Adjusted Prop. Value Local Area Credit Risk Score $4,932,400 C CRESTED Default History Special Risk Characteristics
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Legal Description Source: Public Records Parcel Number 70-03-21-326-043 County Ottawa County City/Municipality/ Township GRAND HAVEN CITY Census Tract 261390209.005040 Carrier Route C003 Abbreviated Description DIST:58 CITY/MUNI/TWP:GRAND HAVEN CITY SEC/TWN/RNG/MER:SEC 21 TWN 08N RNG 16W LOTS 237, 238, 239, 240, 241, PART OF LOT 242 RYCENGAS ASSRS PLAT NO 4, LOTS 124, 125, PART OF LOTS 122, 123, 126 RYCENGAS Source: Public FIPS Parcel Number 2613970-03-21-326-043 Building sqft Estimate 67,165 General Use Shopping Center Or Mall Overall Use RETAIL Current Use Community: Shopping Plaza Plat Map Check for Plat Map
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Public Record History Tax Deed Contract Date 1/31/2024 Recording Date 2/2/2024 Document Type Deed Sale Price $5,150,000 Buyer Name PREP LLC Loan Type Open End Mortgage / Open End with Future Advance Clause Loan Amount $3,290,000 Buyer ID Limited Liability Company Price Code Description Full amount stated on Document Source: Public Disclaimer li s not guarante: fi Iie luation informa hould not be relied upon as an appraisal report of biect praperty prepared by a licer nal appraiser Listing information is subject to exclu: ng 1, and may ni nclude all of t listings available frorr participating ML (>) | RPR Copyright 2025 Realtors Property Resource” LLC. All Rights Reserved. A 1)
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Retail MOODY’ Spartan Real Estate Services 17 bey Road Suite 200 East Lan MI 48823 | 517-896 518 - 628 N Beacon Blvd, Grand Haven,. Prepared on May 2: 518 - 628 N Beacon Blvd, Grand Haven, Ml,49417 loflli dap data Transaction Details | Retail (Sold) Total Sold Space Unknown Tax Year 2022 Sold Price $6,250,000 Real Estate Taxes $119,525 in 2022 Sold Price Source Public Record Date Sold 11/30/2023 Sale Price Per Unit - Listing ID 39558334 Sale Price Per SF $133.82 Floors 1 Asking Price Unknown Date Listed - Cap Rate (Transact.) - 0 -Market Date 11/30/2023
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Legal Seller True Seller Grand Haven Shopping Center Lic Not Available Legal Buyer True Buyer H & D Equities Grand Haven Mi Llc Not Available 3410Belle Chase Way Ste 600 LANSING, M148911 Description Please contact the agent for more information about this property. y © Copyright Catylist, All Rights Reserved, The information presented herefn fs provided as fs, without warranty of any kind. Neither the administrators of this site nor Catylist assume any liability for errors ar omissions, Page 1 Location Details Address 518 - 628 N Beacon Blvd, Grand Have... Parcels 70-03-21-199-015| 1 Zoning COMMERCIAL Name 518-628 N Beacon Blvd County Ottawa Nearest MSA Grand Rapids-Kentwood Building Details Sub Type Neighborhood Center Primary Constr. Type Framed Building Status Existing Occupancy Type Multi-tenant Building Size 46,704 SF Parking Spaces - Land Size 4.13 Acres / 179,718 SF Parking Ratio - Number of Buildings 1 Water Yes Number of Floors 1 Sanitary Sewer Yes
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Additional Photos Contact Wayne G Loebig, CCIM 517-896-1292 wayneloebig@comcast.net Spartan Real Estate Sei © Copyright Catylist. All Rights Reserved. The infarmatian presented herein is provided as is, without warranty of any kind. Neither the administratars of this site nor Catylist assume any liability for errors or omissions. Page 2
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Retail Spartan Real Estate Services Class A Commercial Building: US-31/Grand . HEHE 1309S Beacon Boulevard, Grand Haven, M49417 PrenaredMay = = 19 ISINIH stern Deacon inn Google Map data Transaction Details | Retail (Sold) Secondary Uses Oice, Executive Suites/CoworkingListing ID 39414910 Total Sold Space 14,202 SF Oices 6 Sold Price $3,195,000 Min Div/Max Contig 14,202 SF Sale Price Per Unit - Owner Occupied Yes Sale Price Per SF $224.97 Restrooms 5 Asking Price $3,195,000 Vacant No Cap Rate (Transact.) - Date Listed 12/14/2023
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Buyer & Seller Contact Information Legal Seller True Seller Lef Land Holdings Gh, Llc Not Available Legal Buyer True Buyer Not Available Not Available Description MOO) This 14,200 SF, Class A building is conveniently located on the west side of S Beacon Boulevard/US- 31 near the South Shore Plaza in Grand Haven. This commercially-zoned, mainly open-concept building was built in 2018, is beautifully outfitted with high ceilings, exposed ductwork and walls of windows, providing a modern, industrial look. The structure was designed and built with the highest regard for form, function and beauty. This two-story building boasts 7,600 SF on the main level and includes a lounge and reception-area with cubbies, two ADA restrooms and a large open- concept exercise/fitness area. This upper level includes an executive o ice suite with kitchenette, private restroom and shower, six multi-use o ices, an open-concept/common work area, a training/meeting room and a large conference room, storage and data rooms, and two additional ADA restrooms. The building is fire suppressed and fully ADAcompliant with elevator access to the second story. Ample paved parking exists conveniently situated immediately in front of the building, which could be retro-fit for medical users, professional o ice or even retail. Property Features Location Details Address 1309 S Beacon Boulevard, Grand Hav...Name 1309 S Beacon Blvd Zoning COMMERCIAL Cross Street Taylor & Robbins Road County Ottawa Nearest MSA Grand Rapids-Kentwood Parcels 70-03-28-319-003
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Number of Buildings 1 Number of Floors 2 Year Built 2018 Occupancy Type Single Tenant Parking Spaces - Additional Photos Owner Occupied Water Sanitary Sewer Rail Service Yes Yes Yes No
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y @ Copyright Gatylist. All Rights Reserved. Th information presented herein is provided as is, without warranty of any kind. Meither the administeators of this site nor Catylist assume any liability for errors ar oniissions
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Contact @ Wayne G Loebig, CCIM 517-896-1292 wayneloebig@comcast.net Spartan Real Estate Services
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Retail MOODY’ Spartan Real Estate Services 1760 Abbey Road MI 48823 | 517-896 Town Center Plaza 6173 Lake : p don May2: Michigan Dr, Allendale Charter Twp, Ml, 49401 repre heft ARN. OAC ear Eilaaags Crystal oy ElAZzlecas- Allendale © J EormilyT ar Google dap data Transaction Details | Retail (Sold) Secondary Uses 0 ice Listing ID 32521374 Total Sold Space 20,128 SF Min Div/Max Contig 20,128 SF Sold Price $2,100,000 Vacant No Sale Price Per Unit - Date Listed 10/15/2022 Sale Price Per SF $104.33 0 -Market Date 4/10/2023 Asking Price $2,650,000 Days On Market 167 days Cap Rate (Transact.) - Date Sold 3/31/2023
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Legal Seller Not Available Legal Buyer Not Available Description True Seller Not Available True Buyer Not Available Fully leased investment opportunity including a mix of national and established local businesses. Tenants include Dollar Tree, Ivy Rehab Physical Therapy, Subway, Mike's Mattresses & More, Pack N Mail, Hungry Howie's, State Farm Insurance, H & R Block and Wicked Ways Tattoo Shop. Financial information is available upon signing of a confidentiality agreement. Please contact listing agent. MOO) Property Features Location Details Address Zoning County Building Details Sub Type Building Status Building Size Land Size Number of Buildings Number of Floors Year Built/Renovated 6173 Lake Michigan Dr, Allendale Cha... G-C (General Commercial) Ottawa Strip Center Anchored Existing 20,128 SF 2.33 Acres / 101,408 SF 1989, 1996 Parcels Name Parking Ratio Number of Tenants Air Conditioned Heated Electricity Water Sanitary Sewer Natural Gas 70-09-23-300-104 Town Center Plaza
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Additional Photos
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The information presented tein is provided as is, without warranty of any kind. Neither the administrators of this site nor Catylist .
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. The information presented herein is provided a: out warranty of any kine. feither the administiators of this site nor Catylist [YS
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Heatt's Journey ness Ge Contact Wayne G Loebig, CCIM Spartan Real Estate Services 517-896-1292 wayneloebig@comcast.net
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RECEIVED May 27, 2025 EXPRESS PROPERTY TAX APPEALS LLC A division of Polter Law Group 2nd Floor Michigan Tax Tribunal 2407 N. Grand River Avenue Lansing, Michigan 48906 Re: Multiple 2025 PTA To whom it may concern, This mailing contains sixty-three (“63”) commercial propetty tax appeals/petitions and one (“1”) multi (2) contiguous residential appeal/petition, along with the requisite filing fees, as follows: SXM LLC v Hadley Twp. (multi — 2) Res., along with 2 checks (#1345-46) for $125 ea. CCCU v Muskegon/Fruitpott, along with 2 checks; one (#1320) for $250, one (#1393) for $150 (totaling $400). CCCU v Commetce Twp., along with 2 checks; one (#1321) for $250, one (#1391) for $150 (totaling $400). CCCU v Notton Shores, along with 1 check (#1319) in the amount of $250. TOCU v Sandusky, along with 1 check (#1317) in the amount of $250. TOCU v Owosso, along with 1 check (#1318) in the amount of $250. W Investors v FH, along with 1 check (#1378) in the amount of $400. Rite Aid Cotp (Lewis) v Pinckney, along with 1 check (#1336) in the amount of $400. Warten Manot v Watten, along with 2 checks; one (#1311) for $600, one (#1390) for $25 (totaling $625 — contiguous multi (2)). 2Changs v N'Ville, along with 2 checks; one (#1350) for $250, one (#1389) for $150 (totaling $400). 5016 Gteenfield v Richfield, along with 1 check (#1330) in the amount of $250. Sptingfield v. Hampton, along with 1 check (#1331) in the amount of $400. Westbelt v Clawson, along with 1 check (#1337) in the amount of $400. CVS (Encote) v Dettoit, along with 1 check (#1316) in the amount of $250. 10 Middlebelt v FH, along with 1 check (#1375) in the amount of $250. Co wrsoas f= [= i FAN MICHIGAN TAX TRIBUNAL
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X Holdings v Watren, along with 1 check (#1329) in the amount of $400. Prism v Mt Pleasant, along with 1 check (#1326) in the amount of $250. Mishpat v Sfld., along with 2 checks; one (#1348) for $250, one (#1388) for $150 (totaling $400). Greenfield Manor v Detroit, along with 1 check (#1369) in the amount of $400. Prep v Grand Haven, along with 1 check (#1349) in the amount of $400. Impulso v OP, along with 1 check (1338) in the amount of $400. Impulso v Clarkston/Independence Twp., along with 1 check (#1340) in the amount of $400. Impulso v Pennfield, along with 2 checks; one (#1339) for $250, one (#1387) for $150 (totaling $400). Farmington 9 v Farmington, along with 1 check (#1333) in the amount of $400. HWFDS v LP, along with 1 check (#1334) in the amount of $400. Main 5" v RO, along with 1 check (#1332) in the amount of $400. Messersmith v Okemos, along with 1 check (#1335) in the amount of $400. RAD v VBT, along with 1 check (#1314) in the amount of $400. St Helen v. Charlevoix, along with 2 checks; one (#1315) for $250, one (#1386) for $150 (totaling $400). Durand RAD v Durand, along with 1 check (#1313) in the amount of $400. 360 N MLK v Pontiac, along with 2 checks; one (#1312) for $400, one (#1396) for $100 (contiguous — multi (5)). Schaefer v Sfld., along with 1 check (#1365) in the amount of $400. 26382 v Inkster, along with 1 check (#1310) in the amount of $400. 29200 v Livonia, along with 1 check (#1308) in the amount of $400. 20030 Taylor v Taylor, along with 1 check (#1309) in the amount of $400. 222 Reed v Reed City, along with 1 check (#1307) in the amount of $250. WMG v Flint, along with 2 checks; one (#1347) for $250, one (#1385) for $150 (totaling $400). 13 York v Novi, along with 1 check (#1364) in the amount of $400. Kenwood v RO, along with 2 checks; one (#1341) for $250, one (#1384) for $150 (totaling $400). Farmer v Detroit, along with 1 check (#1342) in the amount of $400. Rivershell v Lansing, along with 2 checks; one (#1363) for $600, one (#1383) for $25 (totaling $625) (contiguous — multi (2)). ID Pallister v Detroit, along with 1 check (#1366) in the amount of $600. ID Cap v Detroit, along with 2 checks; one (#1367) for $600, one (#1394) for $25
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CC (Letter only): JRV v Livonia., along with 1 check (#1325) in the amount of $400. Dhal RE v Sfld., along with 2 checks; one (#1324) for $400, one (#1381) for $200 (totaling $600). NWH v Lansing, along with 2 checks; one (#1351) for $250, one (#1380) for $150 (totaling $400). Berkley Venture v Berkley, along with 1 check (#1361) in the amount of $400. FHH v FH, along with 1 check (#1357) in the amount of $250. Northstar v Chestetfield, along with 1 check (#1353) in the amount of $250. Fenton v BC, along with 1 check (#1356) in the amount of $400. NWH v FH, along with 1 check (#1352) in the amount of $400. Global v Roseville, along with 1 check (#1358) in the amount of $400. Garfield Venture v CT, along with 1 check (#1360) in the amount of $600. Global v Shelby, along with 1 check (#1355) in the amount of $400. Intl Prop v Macomb, along with 1 check (#1379) in the amount of $250. KB3 v Big Rapids, along with 1 check (#1397) in the amount of $400. Please file and issue/email docket numbers accordingly. Holy Stephen Polter, JD, MBA President, EPTA SOM MTT
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POLTER LAW GROUP FMETROPLEX MI 480 2600 W. BIG BEAVER, SUITE L100 | TROY, MI 48084 : WF MAY 20250M 6 L , US F 06 3 XN MTT ToR Bom Lons mg, MZ %§909