Michigan

Bedrock Plans $2.1B in Developments in Downtown Detroit Totaling 3.2 MSF

by John Nelson September 21, 2017

DETROIT — Bedrock, Dan Gilbert’s Detroit-based commercial real estate development and investment firm, has unveiled a package of four developments totaling $2.1 billion in new investment that will add to Detroit’s skyline. Totaling 3.2 million square feet, Bedrock expects to create both construction and permanent jobs totaling up to 24,000. “Detroit is going vertical,” says Gilbert, who also founded Quicken Loans Inc. and owns the Cleveland Cavaliers of the National Basketball Association. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.” Gilbert adds that “transformational” projects like these are necessary to both accommodate the expansion of current downtown businesses and make Detroit a legitimate competitor for new businesses and massive opportunities, including Amazon’s HQ2. Gilbert, Detroit Mayor Mike Duggan and other elected officials and community members gathered at the historic Book Tower to unveil the following projects: The Hudson’s Site — The approximately $900 million, 1 million square-foot redevelopment of the old Hudson’s site will include the tallest tower in Detroit. Crain’s Detroit Business reports that the building will rise 80 stories, which would top …

September 21, 2017

Michigan Midwest

Stephen Ross Gives Additional $50M to University of Michigan, Brings Total Giving to $378M

by Kristin Harlow September 20, 2017

ANN ARBOR, MICH. — Real estate developer and alumnus Stephen Ross has donated an additional $50 million to the University of Michigan, bringing his total lifetime giving to the academic institution to $378 million. The majority of the gift will support career development programs for students, learning experiences such as student-run investment funds and new business ventures as well as resources for attracting and developing junior faculty. The rest will go toward completing and maintaining the Ross School of Business. Ross continues to be the single largest donor to the university. He also chairs U-M’s Victors for Michigan Campaign, which has raised more than $4 billion since its beginnings in 2013. Ross is founder and chairman of the Related Cos. and owner of the Miami Dolphins. The Related Cos. is best known for the development of Time Warner Center in New York City and the 28-acre Hudson Yards development on Manhattan’s west side, and is also one of the largest owners of affordable housing nationally.

September 20, 2017

Industrial Michigan Midwest

MSC Industrial Supply Co. Signs 14,334 SF Industrial Lease in Livonia, Michigan

by Kristin Harlow September 15, 2017

LIVONIA, MICH. — MSC Industrial Supply Co. has signed a 14,334-square-foot industrial lease in Livonia, a western suburb of Detroit. The warehouse property is located at 37007 Industrial Road. The building will serve as MSC’s vending machine division beginning in November. Gary Glotzhober of Colliers International represented the tenant in the lease transaction. MSC currently operates five locations in Michigan.

September 15, 2017

Michigan Midwest Net Lease Retail

Boulder Group Negotiates $2.4M Sale of Net Leased Retail Property in Ann Arbor, Michigan

by Kristin Harlow September 12, 2017

ANN ARBOR, MICH. — The Boulder Group has negotiated the sale of a retail property net leased to ATI Physical Therapy in Ann Arbor for $2.4 million. The 8,200-square-foot, single-tenant property is located at 4765 Jackson Road near the University of Michigan. ATI has over 11 years remaining on its lease, which expires in January 2029. The building recently underwent a complete renovation. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. The buyer was also a Midwest-based private partnership.

September 12, 2017

Alabama Florida Illinois Industrial Michigan Midwest Minnesota Southeast Top Stories

Brennan Investment, Arch Street Acquire $100M Industrial Portfolio in Midwest, Southeast

by Taylor Williams September 11, 2017

CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …

September 11, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $42M Refinancing Loan for Industrial Facility in Delta Township, Michigan

by Kristin Harlow September 6, 2017

DELTA TOWNSHIP, MICH. — Bernard Financial Group has arranged a $42 million loan for the refinancing of a 1.7 million-square-foot industrial facility in Delta Township, located just west of Lansing. Multiple tenants occupy the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan. Barings Real Estate Advisors provided the loan for the borrower, Ashley Delta LLC.

September 6, 2017

Michigan Midwest Multifamily Student Housing Top Stories

EdR, Northern Michigan University Open First Phase of $75.4M On-Campus Housing Development

by Katie Sloan August 29, 2017

MARQUETTE, MICH. — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018. The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round. “When we began this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” says Randy Churchey, CEO of EdR. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.” EdR is leasing the land from the university and owns the community through its on-campus equity plan titled the ONE Plan program. This public-private partnership is the largest construction project in the university’s history. EdR is one of America’s largest …

August 29, 2017

Michigan Midwest Office

ElmTree Acquires 116,824 SF Office Property in Farmington Hills, Michigan

by Kristin Harlow August 28, 2017

FARMINGTON HILLS, MICH. — ElmTree Funds has acquired a 116,824-square-foot office property in Farmington Hills. Upon acquisition, ElmTree oversaw a $7 million renovation at the property, which is occupied by Sumitomo Electric Wiring Systems Inc. As part of the same sales transaction, ElmTree acquired eight other buildings in various states totaling 312,974 square feet for $74.1 million. Each property is 100 percent leased. Other properties acquired in the Midwest include a 16,668-square-foot healthcare building in West Des Moines, Iowa, and a 16,694-square-foot healthcare building in O’Fallon, Mo. BioLife Plasma Services LP occupies both properties.

August 28, 2017

Michigan Midwest

Palace of Auburn Hills to Close in Michigan This Fall With Bob Seger Performing as Final Show

by Kristin Harlow August 25, 2017

AUBURN HILLS, MICH. — The Palace of Auburn Hills, formerly home to the Detroit Pistons, is slated to close this fall. Bob Seger & The Silber Bullet Band will play the final show at the arena on Saturday, Sept. 23. Conceptualized and built in 1988 by Arena Associates, The Palace has experienced a series of upgrades and renovations during its history, including $40 million of capital improvements made during the ownership of Tom Gores. No decisions or timetable regarding future plans for the building or the property have been made at this time. Business operations for the Detroit Pistons and Palace Sports & Entertainment will continue to function and be headquartered inside the building. Basketball operations will commence at the team’s practice facility adjacent to the venue while the new Henry Ford Detroit Pistons Performance Center in Detroit is being constructed. The Pistons will play at the new Little Caesars Arena in Detroit starting this season.

August 25, 2017

Industrial Loans Michigan Midwest

KeyBank Provides $12M Refinancing Loan for Industrial Property in Allen Park, Michigan

by Kristin Harlow August 25, 2017

ALLEN PARK, MICH. — KeyBank Real Estate Capital has provided a $12 million loan for the refinancing of an 809,918-square-foot industrial center located in Allen Park, a southern suburb of Detroit. The property consists of two buildings and a garage. The facilities were built in 1957 and 2000, with renovations in 2010 and 2014-2016. Roush Industries anchors the property. Robert Williams of KeyBank originated the 10-year CMBS loan, which features a 30-year amortization schedule.

August 25, 2017

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