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Affordable HousingDevelopmentMichiganMidwestMultifamily

Cherry Health, Woda Cooper Break Ground on 56-Unit Affordable Housing Project in Wyoming, Michigan

by Kristin Harlow

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have broken ground on Shea Ravines, a 56-unit affordable housing community adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer 40 one-bedroom units and 16 two-bedroom residences for singles, families and seniors who earn up to 80 percent of the area median income. There will be 20 Permanent Supportive Housing units reserved for renters exiting homelessness. Those units are supported by rental assistance provided by the Grand Rapids Housing Commission. Nonprofit services provider Community Rebuilders of Grand Rapids will coordinate supportive services to assist these residents. Amenities will include a multipurpose room, playground and bike storage. The US Green Building Council expects the property to be certified LEED Zero Energy. The project is named in honor of prior Cherry Health CEO Chris Shea. Additional phases of development are planned, for a total of 112 affordable housing units on the campus. The City of Wyoming approved a 3 percent Payment in Lieu of Taxes, which helped make the project possible. In 2024, the Michigan State Housing Development Authority (MSHDA) allocated housing tax credits to Shea Ravines to support the development financing. Earlier this year, MSHDA allocated housing …

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AcquisitionsMichiganMidwestRetail

SPERRY Negotiates Sale of Two Grocery-Anchored Shopping Centers in Southeast Michigan

by Kristin Harlow

ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has negotiated the sale of two grocery-anchored shopping centers in southeast Michigan. One property totals 73,253 square feet in Ortonville while the other spans 67,248 square feet in Flushing. Robert Pliska of SPERRY represented the seller, the Bueche family, who will continue to operate the grocery stores while selling the real estate. Laurencelle Properties was the buyer.

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IndustrialLeasing ActivityMichiganMidwest

KSI Auto Parts Signs 100,456 SF Industrial Lease in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — KSI Auto Parts has signed a lease for the entire 100,456 square feet of Building A within Airport Corporate Center in Romulus. Opus owns the development. KSI, a distributor of aftermarket collision automotive parts, maintains a small shipping center in the Detroit area. The Romulus facility marks the tenant’s first full inventory distribution center in the area. Airport Corporate Center is located one mile from I-94, three miles from the Detroit Metro Wayne County Airport and 20 miles from downtown Detroit. Building B remains available for lease and totals 170,088 square feet. Opus served as the developer, design-builder, architect and structural engineer on the project.

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AcquisitionsMichiganMidwestRetail

Howe Equipment Acquires Former AMC Theatres Property in Jackson, Michigan

by Kristin Harlow

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.

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Sarsam-Pull-Quote
Company NewsMichiganMidwestNew HampshireNortheastRetailTop Stories

C&S Wholesale Agrees to Acquire SpartanNash in $1.8B Grocery Merger

by Taylor Williams

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 …

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22-unit multifamily property
LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $1M Permanent Loan for 22-Unit Multifamily Property in Detroit

by Abby Cox

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.

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AcquisitionsMichiganMidwestOffice

KJ Commercial Assembles Land Site for New Citizens State Bank Headquarters in Metro Detroit

by Kristin Harlow

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.  

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Leasing ActivityMichiganMidwestRetail

NRG Trampoline Park Signs 50,000 SF Retail Lease in Troy, Michigan

by Kristin Harlow

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.  

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Leasing ActivityMichiganMidwestRetail

Local Nail Salon to Open 2,000 SF Location at Southwind Plaza in Lansing, Michigan

by Kristin Harlow

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.

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Affordable HousingLoansMichiganMidwestMultifamily

KeyBank Originates $51M in Financing for Detroit Affordable Housing Building

by Kristin Harlow

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.

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