CBRE|Martin Arranges Sale of 66,603 SF Hospitality Asset near Kalamazoo, Michigan

AUGUSTA, MICHIGAN — CBRE|Martin has arranged the $950,000 sale of Brook Lodge, a 66,603-square-foot hotel and conference center in Augusta, about 15 miles east of Kalamazoo. Situated on 82.6 acres, the property consists of eight cottages totaling 48 guestrooms. CBRE|Martin represented the seller, Michigan State University (MSU), which acquired the property in 2000, in the transaction. The buyer was not disclosed. Prior to MSU’s acquisition of Brook Lodge, the property served as a …

CORE BKG Purchases 30-Acre Site, Plans Industrial Development in Southeast Michigan

LYON TOWNSHIP, MICH. — Investment group CORE BKG has purchased a 30-acre site located at 54500 and 54650 Grand River Ave. in southeast Michigan’s Lyon Township. CORE BKG plans to develop Lyon Commerce Center, which will consist of three industrial buildings totaling 450,300 square feet. The buildings will be suited for distribution, high-tech and light manufacturing uses. Construction is scheduled to begin in June. CORE BKG includes principals form both CORE Partners and

Investors Take Notice of Office Rebound in Detroit’s CBD and Suburbs

Metro Detroit’s office recovery continues to steadily march forward. Local and national commercial real estate investors are showing a renewed appetite for buying and renovating existing buildings, and even developing new product. [caption id="attachment_202247" align="alignright" width="100"] Bill Harvey, Transwestern[/caption] The City of Detroit has experienced the quickest recovery, going from near stagnant activity with a vacancy rate of 21.5 percent to a single-digit vacancy of 8 …

It’s Not Too Late to Invest in Detroit, Say Entrepreneurs Dan Gilbert, Chris Ilitch

DETROIT — At the conclusion of his speech at the Urban Land Institute (ULI) Spring Meeting in Detroit, billionaire businessman Dan Gilbert gave conference goers one piece of advice. “Get in on some of these investments in Detroit,” he said. “It’s not too late.” The event, held May 1-3 at the Cobo Center, drew 4,200 attendees from the real estate industry. It was the first ULI event in Detroit in 40 years. Gilbert, founder and chairman of Quicken Loans Inc., spoke at the …

Woda Completes $7.4M Conversion of Former School into Apartment Property in Portland, Michigan

PORTLAND, MICH. — Woda Cooper Cos. Inc. has completed Portland School Apartments in Portland, about 25 miles northwest of Lansing. Formerly Portland School, which dates back to 1919, the property is now home to 29 apartment units. The units are affordable for those earning no more than 60 percent of the area median income. Amenities include an elevator, a large community room, fitness center, outdoor BBQ space and gazebo. The school closed in 1996. The property was temporarily used for …

Alliant Provides $3.5M Refinancing for Industrial Property in Plymouth, Michigan

PLYMOUTH, MICH. — Alliant Credit Union has provided a $3.5 million loan for the refinancing of a 41,400-square-foot industrial property in Plymouth, about 25 miles west of Detroit. The research and development property is located within Metro West Technology Park. The 10-year loan features a 25-year amortization schedule. Chris Charboneau of Walker & Dunlop arranged the loan. The borrower was not

Site Design Firm PEA Opens New Office in Downtown Detroit

DETROIT — PEA Inc. has opened a new 2,400-square-foot office in downtown Detroit. The site development design firm will occupy the space at the 45 West Grand River building, which is owned by Bedrock. Renovations were recently made to the office, which is now open. PEA, which specializes in civil engineering, land surveying and landscape architecture, operates four offices in southeast

Surging Demand for Apartments in Downtown Detroit Is Testament to the City

At a time when downtown Detroit is in the midst of a civic renaissance, the state of the city’s multifamily real estate market is both a reflection of larger trends and a sign of what might be in store for the Motor City in the years ahead. To keep a pulse on the market, Broder & Sachse Real Estate compiles a market study twice a year to evaluate the rental and occupancy rates of all multifamily properties downtown. [caption id="attachment_202243" align="alignright" width="100"] …

Olympia Development Unveils Six Projects in The District Detroit

DETROIT — Olympia Development has unveiled six projects in The District Detroit, including the restoration of three vacant historic buildings and the construction of three new mixed-use buildings near Little Caesars Arena. These projects will launch Phase II of development in The District Detroit, a $1.4 billion project surrounding the arena. This investment of nearly $200 million will bring more office tenants, storefronts and density to the area, according to Olympia. The projects will …

LinkedIn Signs 74,500 SF Office Lease in Detroit

DETROIT — LinkedIn has signed a 74,500-square-foot office lease at the historic Sanders building in Detroit. The property, owned by Bedrock, is located at 1523 Woodward Ave. and dates back to the early 1900s. Renovations are underway and the job networking site plans to move into the new space within the next year. LinkedIn currently has 40 employees at its Detroit

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