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AcquisitionsIndustrialMichiganMidwest

SRS Real Estate Brokers Sale-Leaseback of 277,425 SF Industrial Facility in Warren, Michigan

by Kristin Harlow

WARREN, MICH. — SRS Real Estate Partners has brokered the sale-leaseback of a single-tenant, 277,425-square-foot industrial facility located at 26661 Lipari Way in Warren. Built in 2006 and situated on 11.7 acres, the property serves as the headquarters and distribution site for Lipari Foods, a wholesale food distributor. Michael Carter and Frank Rogers of SRS represented Lipari Foods in the sale. The buyer was a private investment fund from New York City. Lipari Foods signed a new, corporate-guaranteed 15-year lease. The building features 28,000 square feet of office space and 205,000 square feet of temperature-controlled warehouse space, which includes nearly 23,000 square feet of dock space with a total of 30 dock doors.

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Leasing ActivityMichiganMidwestRetail

Wellness Center Signs 1,685 SF Retail Lease at Market Place Plaza in Suburban Detroit

by Kristin Harlow

FARMINGTON HILLS, MICH. — Thai Body and Soul, a wellness center, has signed a 1,685-square-foot retail lease at Market Place Plaza in Farmington Hills. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord. Market Place Plaza is situated on Orchard Lake Road, just south of 13 Mile Road.

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IndustrialLoansMichiganMidwest

Bernard Financial Group Arranges $3M in Financing for Flex Industrial Property in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $3 million permanent loan for a 64,000-square-foot flex industrial property in Auburn Hills. David Ruff of BFG arranged the loan on behalf of the borrower, K-S Group LLC. A life insurance company provided the loan.

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Leasing ActivityMichiganMidwestRetail

Powerhouse Gym Opens 120,000 SF Location at The Mall at Partridge Creek in Michigan

by Kristin Harlow

CLINTON TOWNSHIP, MICH. — Powerhouse Gym has opened its largest location totaling 120,000 square feet at The Mall at Partridge Creek, an open-air regional shopping center in Michigan’s Macomb County. The space was formerly home to Carson’s. The gym offers a lap pool, dry sauna, women’s-only space, spa services, a kid’s zone, spin room with nightclub-style lighting, yoga, cycling, a turf, track, massage chairs, a basketball court, personal trainers and fitness classes. The gym also features Italian-imported Panatta equipment and is adding a Detroit Medical Center physical therapy area and Pure Green juice bar in the first quarter. The new Powerhouse Gym location opened this week after the most successful membership pre-sale in the company’s history, according to a release. Spinoso Real Estate Group handles leasing and management of The Mall at Partridge Creek.

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Leasing ActivityMichiganMidwestRestaurantRetail

NAI Farbman Negotiates 4,500 SF Restaurant Lease for Culver’s in Metro Detroit

by Kristin Harlow

GROSSE POINTE, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has negotiated a 4,500-square-foot restaurant lease for Culver’s at 18845 Mack Ave. in Grosse Pointe, about 12 miles northeast of Detroit. The lease marks the first Culver’s location in the market. Originally constructed as a bank in 1949, the property was transformed into a dining destination. The locally owned and operated restaurant, which opened Dec. 15, features menu items such as ButterBurgers and frozen custard offerings. Harrison Yaldoo represented Culver’s and the landlord in the lease. Culver’s was founded in Wisconsin in 1984.

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Affordable HousingDevelopmentIndianaMichiganMidwestMultifamilyWisconsin

Cinnaire Closes $134M LIHTC Fund for 12 Affordable Housing Projects Across Five States

by Kristin Harlow

LANSING, MICH. — Cinnaire has closed a $134 million low-income housing tax credit (LIHTC) fund, Cinnaire Fund for Housing 44. The fund will finance 12 affordable housing developments across five states, creating or preserving 950 homes for families, seniors and individuals with special needs. Fund 44 will support developments such as Chamberlain House in Rochester, Ind., East Bay Flats in Traverse City, Mich. and Element Collective in Madison, Wis. Chamberlain House is a new development with 40 affordable housing units for families, including eight units reserved for Indiana’s State Referral Network with project-based vouchers from the Indiana Housing & Community Development Authority. Housing Directions and Village Management Co. is developing the project.   East Bay Flats is a rehabilitation project delivering 64 affordable homes for individuals who are homeless or at risk of homelessness. All units are supported by project-based rental subsidies from the Michigan State Housing Development Authority, with onsite supportive services provided by Goodwill Northern Michigan. The development team includes Goodwill Northern Michigan and TJ Acquisitions. Element Collective is a new property in Dane County that will create 197 affordable homes for families, including five units reserved for individuals experiencing or at risk of homelessness. As part of …

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IndustrialLoansMichiganMidwest

Gantry Arranges $12M Refinancing for Two Self-Storage Facilities in Suburban Detroit

by Kristin Harlow

DETROIT — Gantry has arranged $12 million across two loans to refinance maturing debt for a pair of National Storage-branded facilities in suburban Detroit on behalf of Pogoda Cos. The stabilized properties offer 1,082 units totaling more than 141,000 net rentable square feet with additional vehicle storage and both climate-controlled and drive-up units. Andy Weiss, Andy Bratt and Nick Severson of Gantry represented the borrower, a private real estate investor. A life insurance company provided the seven-year, fixed-rate loan, which features interest-only payments for the full term and flexible prepayment. Gantry will service the loan on behalf of the lender.

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Leasing ActivityMichiganMidwestRetail

UPS Signs 1,304 SF Retail Lease at Canton Landings Shopping Center in Michigan

by Kristin Harlow

CANTON TOWNSHIP, MICH. — The UPS Store has signed a 1,304-square-foot retail lease at Canton Landings on Ford Road in Canton Township, a western suburb of Detroit. Michael Murphy and Owen Kelly of Gerdom Realty & Investment represented the undisclosed landlord. Lindsey Shaw of Mid-America Real Estate Group represented the tenant. One space remains available for lease at Canton Landings.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 99,529 SF Retail Center in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Cascade East, a 99,529-square-foot, grocery-anchored retail center in Grand Rapids. The property was 97 percent leased at the time of sale to D&W Fresh Market, Hallmark, Sola Salon Studios, iSmash, Your Pets Naturally, HOTWORX, Warhammer and Pit Stop Catering. Ben Wineman, Eric Geskermann and Daniel Stern of Mid-America represented the seller, a publicly traded REIT. Batal Real Estate, a metro Detroit-based private investment firm, was the buyer.

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AcquisitionsHealthcareMichiganMidwest

Cushman & Wakefield Brokers $56M Sale of Oncology Center Portfolio in Western Michigan

by Kristin Harlow

GRAND RAPIDS, HOLLAND, NORTON SHORES AND BIG RAPIDS, MICH. — Cushman & Wakefield has brokered the $56 million sale of the Michigan OneOncology Cancer Center portfolio, a five-property portfolio totaling 152,289 square feet across western Michigan. The oncology-focused medical outpatient buildings, located in Grand Rapids, Holland, Norton Shores and Big Rapids, were fully leased at the time of sale. OneOncology operates the centers in partnership with The Cancer & Hematology Centers. The facilities are situated near Corewell Health and Trinity Health hospitals. Each property serves as a treatment hub with infusion bays, onsite radiation oncology and specialty pharmacy services. Gino Lollio, Travis Ives, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, a group of physicians and investors associated with the operating practice of the facilities.

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