GRAND RAPIDS, MICH. — Hope Network has opened Eastpointe Commons, a $40 million affordable housing development in Grand Rapids. Formerly the Fulton Manor property, the 118-unit community was completely renovated and is now fully leased. The 182,018-square-foot complex features 79 one-bedroom units, 34 two-bedroom units and five three-bedroom apartments. The property is home to a mix of residents, including veterans, seniors and people with disabilities. Hope Network offers social services and case management onsite. Amenities include a children’s room, exercise room, multipurpose room, courtyard and grilling area. The project team included DeStigter Architecture and Pioneer Construction. The building has earned GREEN Energy certification from the Enterprise Green Communities. Financing for the project came from UnitedHealth Group, Cinnaire Corp., Fifth Third Bank, CPC Financial, HUD CPF Community Grant and the City of Grand Rapids MEDC Grant.
Michigan
WASHINGTON, D.C. — The Midwest showed modest population growth from 2023 to 2024 with average rates varying by population size, according to the U.S. Census Bureau’s Vintage 2024 estimates released May 15. Places with fewer than 5,000 residents saw an average growth of 0.1 percent. Those with populations between 5,000 and 9,999 recorded a 0.6 percent average increase, while cities and towns with 10,000 to 49,999 residents grew by an average of 0.7 percent — the same rate observed in places with populations of 50,000 or more. Nationally, cities with populations fewer than 5,000 grew by 0.3 percent on average, compared with average growth rates of 1 percent for those with populations of 5,000 to 9,999; 1.1 percent for populations of 10,000 to 49,999; and 1 percent for populations of 50,000 or more. Between 2023 and 2024, 22 cities and towns in 16 states nationwide crossed the 20,000-population threshold. Four were in the Midwest. Rosemount, Minnesota, was ranked as one of the top 10 fastest-growing cities and towns with populations of 20,000 or more. The population grew 10.6 percent to 30,581. Rosemount was the only city in the Midwest to make the top 15 list. Chicago was ranked No. 7 …
ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has brokered the sale of two grocery-anchored shopping centers in southeast Michigan. One center totals 73,253 square feet in Ortonville, while the other spans 67,248 square feet in Flushing. The seller, being involved in the grocery business for over 110 years, will continue to operate the grocery stores while selling the real estate. Robert Pliska of SPERRY represented the seller.
KENTWOOD, MICH. — Mercantile Bank has acquired a 31,500-square-foot office building in Kentwood near Grand Rapids. The two-story, fully remodeled building offers a mix of private offices, conference rooms, open workspaces, a large break room, training room and onsite parking. Significant capital improvements include renovations in 2017 and 2020 as well as upgraded HVAC systems and a refreshed parking lot. Kurt Kunst of NAI Wisinski of West Michigan represented Mercantile Bank, while Doug Taatjes and Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the undisclosed seller. Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion.
MUSKEGON, MICH. — Residential phases are underway and major infrastructure is in motion at Adelaide Pointe, a lakefront project in Muskegon, a western Michigan city located along Lake Michigan. Entrepreneur Ryan Leestma is spearheading the development. Backed by over $85 million in private capital and part of a broader $250 million master plan, Adelaide Pointe is located in a federally designated Opportunity Zone and anchored on a manmade peninsula surrounded by water. The project marks one of the largest waterfront developments in the state and Michigan’s largest Opportunity Zone project to date. The development will feature a 454-slip marina, luxury condominiums, a yacht club, boardwalk and commercial village.
PORT HURON, MICH. — Marcus & Millichap has brokered the $9.7 million sale of Port of Call Manufactured Housing Community in eastern Michigan’s Port Huron. Developed in 1995, the community is licensed for 146 homesites, 143 of which are occupied. Of the homes, 112 are community owned and 31 are tenant owned. All utilities are public and individually metered, and the property features off-street parking, community lighting and a basketball court. Chase Gilewski and Marcus & Millichap represented the seller and procured the buyer. Luke Lamoreaux of Marcus & Millichap Capital Corp. arranged $7.2 million in acquisition financing through a national housing lender that specializes in manufactured, modular and mobile homes.
DEARBORN, MICH. — District Capital has secured a $25.1 million first mortgage loan for a 622-bed student housing community at the University of Michigan – Dearborn. Mike Lemon of District Capital arranged the nonrecourse loan through a bank. The loan features a five-year term, fixed interest rate, one year of interest-only payments and a 30-year amortization.
OAKLAND TOWNSHIP, MICH. — Evexia Wellness Spa has signed a 3,603-square-foot retail lease to open its second location in Oakland Township, about 32 miles north of Detroit. Evexia will occupy space at the Kroger-anchored Country Creek Commons shopping center, which is located at the northwest corner of Adams and Silverbell roads. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the tenant, while Eric Banks of Dominion Real Estate Advisors represented the undisclosed landlord.
AUBURN HILLS, MICH. — Lakeshore Ear, Nose & Throat Center has signed an 89-month lease for 6,567 square feet of medical office space at 2251 N. Squirrel Road in Auburn Hills. James Mitchell and David McNabnay of Dominion Real Estate Advisors represented the landlord, Five Points Professional Office Building LLC. Michael Pulcini of M P Real Estate Consulting represented the tenant, which maintains six locations in metro Detroit.
SOUTHGATE, MICH. — A soul food restaurant has leased 7,198 square feet of retail space at Eureka Plaza in Southgate, a southwest suburb of Detroit. The lease brings the shopping center to full occupancy. There is still proposed outlot availability at the property, with up to 2,500 square feet with drive-thru capability. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.