JACKSON, MICH. — Howe Equipment has acquired a 4.5-acre property formerly occupied by AMC Theatres in Jackson, a city in southern Michigan. Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment, in cooperation with Marla Chaliff and Mark Kaplan of Dimension Development Partners, represented the undisclosed seller. ERA Reardon Realty represented Howe.
KEENE, N.H. AND GRAND RAPIDS, MICH. — C&S Wholesale Grocers, a New Hampshire-based food supplier whose brands include Piggly Wiggly and Grand Union, has agreed to acquire Michigan-based SpartanNash (NASDAQ: SPTN), owner of brands such as Our Family and Full Circle Market, in a merger valued at nearly $1.8 billion. The figure represents a purchase price of $26.90 per share of SpartanNash common stock in cash and includes the assumption of SpartanNash’s existing debt. The price marks a 52.5 percent premium over the company’s closing price of $17.64 per share on June 20 and a premium of 42 percent over the company’s 30-day volume-weighted average stock price as of that date. The merger, which has been unanimously approved by both companies’ boards of directors, is expected to close before the end of the year. Upon closing, the new company will operate more than 200 corporate-run grocery stores and almost 60 complementary distribution centers throughout the country. The distribution centers will supply more than 10,000 independent retail locations. “For our customers, this transaction creates the necessary scale, efficiency and purchasing power needed to enable independent retailers to compete more effectively with larger big box chains,” says Tony Sarsam, president and CEO …
DETROIT — Bernard Financial Group (BFG) has arranged a $1 million permanent loan for a 22-unit multifamily property located in Detroit. The name of the property was not disclosed. Josh Bernard of Bernard Financial Group originated the loan on behalf of the borrower, an entity doing business as Pilgrim Villa LLC. One of BFG’s correspondent life company lenders provided the loan.
ROYAL OAK, MICH. — KJ Commercial has assisted Citizens State Bank (CSB) in the multi-parcel land assemblage for its new headquarters in the Detroit suburb of Royal Oak. After evaluating a range of opportunities, including existing buildings and redevelopment sites, the team decided that a ground-up development was the optimal long-term plan. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial identified a site in the Woodward Avenue corridor and negotiated the off-market purchase of the adjacent property, enabling the assemblage of the necessary acreage for CSB. The transaction closed simultaneously with two separate sellers. A timeline for construction was not provided.
TROY, MICH. — NRG Trampoline Park has signed a retail lease to open a 50,000-square-foot location at the northeast corner of 14 Mile and John R roads in Troy. NRG will take the space formerly occupied by Dick’s Sporting Goods adjacent to Oakland Plaza. Michael Murphy, Zach Burk and Tjader Gerdom of Gerdom Realty & Investment, along with Sean Kipp of Ranger Retail Partners, represented NRG in the lease. NRG operates locations across the country, but this lease marks the entertainment concept’s first location in Michigan.
LANSING, MICH. — A local nail salon and spa has leased 2,000 square feet of retail space to open a new location at Southwind Plaza in Lansing. The Kroger-anchored property is located at the southeast corner of South MLK Junior Boulevard and West Holmes Road. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.
DETROIT — KeyBank Community Development Lending and Investment (CDLI) has provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit. The 15-story, Art Deco historical landmark will be transformed into housing for seniors and families. The property will include 182 units, of which 117 units will be restricted to individuals 55 years or older and 65 units available to families. All tenants are required to earn at or below 60 percent of the area median income. The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank’s financing covers the first two phases — floors 2-5 and floors 6-10. The project received additional funding through historic tax credit equity totaling $46.7 million as well as low-income housing tax credit equity from other banks. The City of Detroit provided $27.7 million in soft financing and Invest Detroit and the Michigan State Housing and Development Agency also contributed to the project. The borrowers and developers, Ethos Development and The Roxbury Group, are Detroit-based real estate development firms. Kory Clark and Kyle Kolesar of KeyBank CDLI structured the financing.
DETROIT — Friedman Real Estate has brokered the $3.9 million sale of the former First Independence Bank building located at 100 Michigan Ave. in Detroit. The retail building totals 20,756 square feet. Andrew Bower, Steve Eisenshtadt and Peter Jankowski of Friedman represented the seller. Buyer and seller information was not released.
WEST BLOOMFIELD, MICH. — WB Pub has signed a lease to open at the 2,625-square-foot former Smashburger space at The Boardwalk shopping center in West Bloomfield Township, a northwest suburb of Detroit. Michael Murphy of Gerdom Realty & Investment represented the landlord and tenant. The new pub will offer food as well as a full bar. Space remains available for lease at the property.
ORION TOWNSHIP, MICH. — Pita Way has leased space to open a 1,550-square-foot restaurant at the Shops at Baldwin Village in Orion Township, a far northern suburb of Detroit. The new retail development is located at the northwest corner of Baldwin and Morgan roads and is part of a proposed master plan that would include 215 condo units and 264 apartment units. Michael Murphy of Gerdom Realty & Investment represented the tenant. The landlord was undisclosed.