Friday, March 28, 2025
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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Brokers $23.8M Sale of Retail Power Center in Canton, Michigan

by Kristin Harlow

CANTON, MICH. — Marcus & Millichap has brokered the $23.8 million sale of Willow Creek Shopping Center in Canton. The 161,626-square-foot power center was built on 18 acres in 2004. Michaels and Marshalls are original tenants at the property, which is fully leased to eight tenants. The other retailers include Dunham’s, Crate & Barrel, Dollar Tree, Kirkland’s, Five Below and Direct Optical of Canton. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 62,079 SF Retail Center in Portage, Michigan

by Kristin Harlow

PORTAGE, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shoppes at Romence Village in Portage, just south of Kalamazoo. The sales price was undisclosed. The 62,079-square-foot retail center was 96 percent leased at the time of sale to tenants such as AAA, Great Clips, Michigan Secretary of State, Jet’s Pizza, Once Upon a Child and Clothes Mentor. Ben Wineman, Daniel Stern and Brad Lefkowitz of Mid-America represented the seller, Bloomfield Hills, Mich.-based Bleznak Real Estate Investment Group. New York-based Time Equities Inc. was the buyer.

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DevelopmentMichiganMidwestRetail

Poag, Studio C to Complete $5M Renovation of Celebration Cinema at RiverTown Crossings in Michigan

by Kristin Harlow

GRANDVILLE, MICH. — Poag Development Group and Studio C have unveiled plans for a $5 million renovation of Celebration Cinema at RiverTown Crossings in Grandville. Plans call for luxury heated recliners from Irwin Seating, a Michigan-based seating manufacturer; a new façade; a C PREMIUM auditorium featuring Dolby Atmos sound and 4K laser projection; and a significant expansion to Celebration Cinema’s food-and-beverage operations, including the addition of a full bar and new menu items. Renovations for the C PREMIUM auditorium is expected to be completed in May, with the other auditoriums and full transition to recliner seating set for this summer. RiverTown Crossings recently received improvements such as landscaping to the outer portion of the mall, a repaired merry-go-round and significant upgrades to the parking lot. Poag’s greater redevelopment plan is to evolve the mall into a mixed-use lifestyle center. Studio C is a local owner and operator of entertainment destinations, including Celebration Cinema.  

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AcquisitionsHealthcareMichiganMidwest

Marcus & Millichap Brokers Sale-Leaseback of 9,231 SF Medical Office Building in Metro Detroit

by Kristin Harlow

ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale-leaseback of a 9,231-square-foot medical office building in Rochester Hills, a northern suburb of Detroit. Located at 2940 Crooks Road and built in 2005, the asset is leased to Stonebrooke Family Physicians. Seth Haron, Darin Gross and Ashish Vakhariya of Marcus & Millichap represented the seller and procured the buyer. The building features 7,431 square feet of clinical space on the first floor and 1,800 square feet of administrative space on the lower level. Stonebrooke Family Physicians provides care for all age groups, with eight providers currently at the facility.

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AcquisitionsIndustrialMichiganMidwest

TruCore Investments Acquires 30,770 SF Industrial Building in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — TruCore Investments has acquired a fully leased industrial building totaling 30,770 square feet at 4908 Contec Drive in Lansing. Built in 1999, the facility sits on 2.2 acres and features 24,050 square feet of warehouse space and 6,720 square feet of office space. There are 55 parking spaces, two conference rooms, a reception area, breakroom, two docks, two drive-in doors and a 24-foot warehouse ceiling height. The property is fully leased to Extend Your Reach, a full-service mail and marketing company. Christopher Miller of Martin Commercial Properties brokered the transaction.

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Leasing ActivityMichiganMidwestOffice

BrainWise Psychotherapy Expands at One Crosstown Plaza in Kalamazoo, Michigan

by Kristin Harlow

KALAMAZOO, MICH. — BrainWise Psychotherapy has expanded its practice at One Crosstown Plaza in Kalamazoo. The practice opened its newly expanded space on March 1. After initially opening in a 1,250-square-foot space in 2024, BrainWise now occupies 4,353 square feet on the fourth floor of 555 Crosstown Parkway. The expansion enables the practice to onboard more therapists. BrainWise offers both in-person and online sessions for mental health support. Kara Schroer of NAI Wisinski of West Michigan represented the landlord in the lease with BrainWise.

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IndustrialMarket ReportsMichiganMidwestMidwest Market Reports

Detroit’s Industrial Market Remains Resilient Despite Potential Concerns

by Kristin Harlow

By Jason Capitani, L. Mason Capitani/CORFAC International The automotive industry and business as a whole have always operated in cycles. Looking back at 2009, when Southeast Michigan faced significant challenges, the region’s recovery in the years that followed shows how resilient the local economy can be. Yet, as we navigate today’s post-COVID landscape, some still hope for a more gradual and stable recovery. Though questions remain about whether Detroit should have seen a market correction years ago, or if electric vehicle programs have artificially propped up the economy, only time will tell. Michigan’s jobless rate hovers around 4 percent, lower than the national average of over 7 percent, marking the lowest level since before the pandemic. The state has added over 450,000 jobs since 2020. While the automotive sector remains dominant, other thriving industries include advanced manufacturing, defense, IT, medical devices, food processing and logistics. 2025 outlook: early weakness with potential for shift Demand for industrial space in late 2024 and early 2025 has been weaker, with net absorption at its lowest since 2021. This dip might signal a shift in the auto industry, with some speculating a return to hybrid or combustion engine production, though these decisions take time …

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AcquisitionsMichiganMidwestOffice

Colliers Negotiates Sale of 56,920 SF Flex Office Building in Northville, Michigan

by Kristin Harlow

NORTHVILLE, MICH. — Colliers has negotiated the sale of a 56,920-square-foot flex office building in Northville for an undisclosed price. The property is located at 22300 Haggerty Road. Metro Engineering Solutions, an engineering company, is moving into the space in April. The company maintains several other locations in Michigan. John Fricke and Jonathan Loos of Colliers represented the buyer.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Spring Arbor, Michigan

by Kristin Harlow

SPRING ARBOR, MICH. — Marcus & Millichap has brokered the $5.5 million sale of Village Crossing, a 17-suite retail center in Spring Arbor, about 46 miles west of Ann Arbor. The multi-tenant property totals 53,900 square feet and is situated on Spring Arbor Road. The asset consists of two buildings that are 94.4 percent leased. The anchor tenant is Henry Ford Health, which recently extended its lease for five years with annual rent increases. Darin Gross, Seth Haron and Ashish Vakhariya of Marcus & Millichap represented the seller and procured the buyer. The deal closed at 97.3 percent of the asking price.

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LoansMichiganMidwestMultifamily

Dwight Mortgage Trust Provides $88.5M Bridge Loan for Multifamily Property in Belleville, Michigan

by Kristin Harlow

BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, a western suburb of Detroit. Spanning 99 acres along the shores of Belleville Lake, the garden-style multifamily property features 1,046 units. The waterfront community offers residents exclusive access to a boat launch and 42 private boat slips in addition to a newly renovated clubhouse, fitness center, barbecue grills, firepits, a pool and picnic areas. The asset also features over two miles of walking trails and dedicated dog parks. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan.

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