BENTON HARBOR, MICH. — Mno-Bmadsen, the independent, non-gaming investment entity of the Pokagon Band of Potawatomi Indians, has acquired a 50 percent stake in City Center Lofts in downtown Benton Harbor, a city in Southwest Michigan. Cressy Commercial Real Estate sold the stake for an undisclosed price and will retain a 50 percent stake in the property.
Originally constructed in the 1880s, City Center Lofts sits on the corner of Main and Pipestone streets. The two-story, 20,000-square-foot building is home to 16 apartments and two commercial spaces. All the apartment units are occupied, and one commercial space is available for lease. Cressy rehabilitated City Center Lofts last year in partnership with the Michigan Economic Development Corp. and the Benton Harbor City Council.
Mno-Bmadsen is diversifying its real estate portfolio, which is known as Redtail Properties. The entity is also investing in local communities and land that has historical significance to the Pokagon Band of Potawatomi, which is a federally recognized Indian tribe located in Southwest Michigan and Northwest Indiana. The tribe owns more than 6,000 acres of land in Michigan and Indiana. Mno-Bmadsen is derived from the Pokagon phrase for “the good path.”