by Mark W. Secchia
Peter F. Secchia decided to start a small real estate management company in the 1980's as a vehicle to teach his four children business principles, with the risk and responsibility that comes with investment. While they were attending college, they would manage this rental property, pay the bills, negotiate the maintenance, supervise the cleaning staff, and help find weekly tenants for the 12 summer weeks, and one monthly winter tenant.
They would each receive $200 per month for this management work. That became their spending money while at college. It was to teach them responsibility. It began as a single property.
The last Secchia student graduated from undergraduate school in 1995... and as this LLC had become larger than intended, it needed family leadership... So PFS became its managing partner without salary.
A list of properties that were owned, rented, and/or developed by SIBSCO are as follows.
|Description||Date Aquired||Date Sold||Notes|
|Fort Wenger||Aug. 1986||Lake Front Rental Home|
|Englewood Apartments||Nov. 1990||Aug. 1996||Section 8 Apartments in Kentwood|
|Hagerstown MD - RCFC||June 1992||Apr. 1998||Restaurant|
|Cedar St. Finleys||Oct. 1992||Restaurant|
|201 Monroe NW GR||Feb. 1994||Nov. 2000||RCFC Office|
|Northland - Pietro's||Apr. 1995||Restaurant & Miniature Golf|
|525 Ottawa NW||Oct. 1996||Office Building|
|82 Ionia NW||Nov. 1997||Office Building|
|Peck Building||Jan. 1998||Mar. 2002||Renovated Apartments & Retail|
|Cherry St. Landing||Jan. 1998||Sept. 2003||A Multi-Unit Development|
|Train Station||Jan. 1998||Jan. 1999||Design Plus Corp. Office|
|Sierra Room Lot||Jan. 1998||Vacant Land|
|Cafe/Youngs Buildings||Jan. 1998||Mar. 2002||Vacand Land|
|Western Michigan University||Sept. 1998||Classroom Building & Law School|
|Steketee Building||Dec. 1998||Jun. 2000||Office|
|City Center Building||Nov. 1999||Mar. 2001||Office / Police Station|
|Lot - Scenic Dr. - Muskegon||Nov. 1999||Aug. 2000||Lakeshore Property|
|Lake Eastbrooke||Aug. 2000||Office|
|Olds Manor||Oct. 2001||Jan. 2003||Future Hotel|
|20A Parcel - Nunica, MI||Sept. 2002||Farmland|
|3065 Henry St. Muskegon||Dec. 2002||Restaurant|
|140 Columbia Ave. BC||Dec. 2002||Restaurant|
|6301 Westnedge Kal||Dec. 2002||Restaurant|
|175 E. 8th Holland, MI||Dec. 2002||Restaurant|
It had been a successful and enjoyable period in their lives, and the mission statement never changed. It was always: "To take old and tired buildings, clean them up, make the buildings proud members of our community, and try to fill them with tenants who would add to the vitality of our renovated downtown district."
When the politics on the City Commission changed, and all of the Sibs4 had determined they would not be coming home to take over this family partnership, the 65th birthday of its managing partner made this decision. "Why invest in 4 or 5 year projects if there is not going to be anybody here from the family to manage them?"
In the year 2002, a decision was made to reduce activity in downtown Grand Rapids for several reasons.
So, in 2003 SIBSCO changed its game plan and went into more passive investments that would yield income for the family without requiring any management other than our loyal and dedicated family CPA, Mark Schut.
SIBSAIR was formed — to lease airplanes with Northern Jet Management as the managing lessee. Mark Schut is the supervisor.
SIBSFARM was formed in January 2003 — to invest in agricultural properties with former Lt. Governor Dick Posthumus as our managing partner. Agricultural property was escalating rapidly in price. This was tabled in June of 2003.
When this was written, the company has just moved its offices downtown (to the Exhibitors Building).