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DevelopmentMichiganMidwestMultifamily

Partnership to Open 200-Unit Forum Flats Luxury Apartment Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — A partnership between Douglas Capital Partners, Cypress Partners and Village Green is set to open Forum Flats in Troy on Thursday, Nov. 14. The luxury apartment complex consists of three buildings with 200 units. Amenities include a clubroom, pool, fitness center, pet spa and dog park. The first of the three buildings took over the former 100,000-square-foot office space previously utilized by Kelly Services and now features 90 units. The other two buildings were constructed from the ground up and each total 55 units. Monthly rents start at $1,675 for studios.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Arranges $2M Sale of Two-Tenant Retail Property in Stevensville, Michigan

by Kristin Harlow

STEVENSVILLE, MICH. — Marcus & Millichap has arranged the $2 million sale of a 4,556-square-foot retail property occupied by Starbucks and T-Mobile in Stevensville, a city in southwest Michigan. Constructed in 2021, the building is located at 4678 Red Arrow Highway. John Nuzman of Marcus & Millichap represented the seller, TDM Partners LLC. Chris Prins of DAR Commercial Real Estate represented the local buyer. The asset sold at 97 percent of the list price.

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Leasing ActivityMichiganMidwestRetail

Mathnasium Signs 1,500 SF Retail Lease at Brookdale Square in South Lyon, Michigan

by Kristin Harlow

SOUTH LYON, MICH. — Mathnasium has signed a 1,500-square-foot retail lease at Brookdale Square in South Lyon, about 40 miles west of Detroit. The shopping center, located at the intersection of 9 Mile Road and Pontiac Trail, is now fully leased. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties.

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AcquisitionsMichiganMidwestRetail

North Central Area Credit Union Purchases Development Site in Standish, Michigan

by Kristin Harlow

STANDISH, MICH. — North Central Area Credit Union has purchased .85 acres of commercial land on South Huron Road in Standish, a city in northern Michigan. The sales price was undisclosed. Jack Melton, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed seller. Sara Lewis of Century 21 Affiliated represented the credit union, which will soon begin construction at the site.

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DevelopmentMichiganMidwestRetail

Cosm to Anchor 1.5 MSF Development at Cadillac Square in Detroit 

by Kristin Harlow

DETROIT— Immersive entertainment concept Cosm has signed on as the anchor tenant at Development at Cadillac Square, a 1.5 million-square-foot mixed-use project scheduled to break ground in Detroit in 2025. Cosm Detroit will feature an LED dome spanning roughly 90 feet with Shared Reality technology, offering experiential sports and entertainment programming. Content will include a production of Cirque du Soleil’s “O,” as well as immersive art experiences from members of the Cosm Studios Creator Program. The venue, designed by architecture firm Rosetti, will also feature a food-and-beverage element, with gastropub-style dining, craft cocktails and a curated beer selection.

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AcquisitionsDevelopmentMichiganMidwest

Kintsugi Village Buys Former School Property in Detroit’s Corktown Neighborhood for $3.4M

by Kristin Harlow

DETROIT — Nonprofit organization Kintsugi Village has purchased the former St. Vincent Middle School property in Detroit’s Corktown neighborhood for $3.4 million. Next Cities Investment Group sold the property, which also included a vacant lot next to the building for a total of 1.6 acres. Constructed in 1962, the school building totals roughly 38,000 square feet. It closed in 2010 and then operated as a coworking space. The facility has been vacant for the last four years. Kintsugi Village is working with Sachse Construction and plans to break ground soon on converting the property into an early childhood education center, artist residency and retreat center. The nonprofit expects to open in fall 2025.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Merchants Capital Provides $66.3M in Construction Financing for Michigan Workforce Housing Property

by Kristin Harlow

PETOSKEY, MICH. — Merchants Capital has provided $66.3 million in financing for the construction of Maple Block Lofts, a 204-unit workforce housing property in Petoskey, a growing vacation destination in northern Michigan. Merchants Capital provided a $29.6 million Freddie Mac Unfunded Non-LIHTC Forward permanent loan for the development, and its parent company, Merchants Bank, provided a $36.7 million construction loan. Maple Block Lofts is the first project in Michigan to receive the Michigan State Housing Development Authority’s Affordable Housing Tax Increment Financing, which accounts for $6 million of the $14 million in tax-increment financing being granted for the development. More than $12 million was provided in state grants and loans, with strong support from Michigan Economic Development Corp.; the Michigan Department of Environment, Great Lakes and Energy; the City of Petoskey; the Emmet County Brownfield Redevelopment Authority; and numerous local businesses. The project will feature seven garden-style apartment buildings with 18 studios, 72 one-bedroom units and 114 two-bedroom units. Fifty percent of the units will be restricted to residents who earn between 60 percent and 120 percent of the area median income (AMI). Ten percent of the residences will be income- and rent-restricted for those making less than 80 percent …

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HealthcareLoansMichiganMidwestOffice

PACE Loan Group Provides $3.3M C-PACE Loan for Renovation of Samaritan Center in Detroit

by Kristin Harlow

DETROIT — PACE Loan Group has provided a $3.3 million C-PACE loan for the renovation of the Samaritan Center in Detroit. The four-building business complex features more than 525,000 square feet. The loan covers 60 percent of the energy-efficiency project’s $5.5 million renovation, which will update the main building and is expected to reduce annual repair expenses and utility costs. Redeveloped from a former hospital, Samaritan Center was founded to help spur redevelopment on the east side of Detroit and is owned by SER Metro-Detroit. At least 65 percent of the space is leased to nonprofits, which aim to promote education and physical and mental well-being in the community. Currently, the property is used for medical services, senior living, education, social services and office space. The C-PACE proceeds will be used to finance qualifying energy-efficiency improvements, including LED lighting, HVAC, chillers and boilers, upgraded building control systems and new elevators. These improvements are expected to save $328,370 annually in energy costs and reduce annual maintenance costs by $250,000. SER Metro-Detroit also received a $2 million grant from the State of Michigan to update the building façade, replace large sections of the roof and rebuild air handlers.

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AcquisitionsIndustrialMichiganMidwest

Microsoft Acquires 274 Acres Near Grand Rapids, Michigan

by Kristin Harlow

GRAND RAPIDS, MICH. — Microsoft Corp. has acquired 274 acres in Dorr, a southern suburb of Grand Rapids, for an undisclosed price. The property is located at 4400 144th Ave. and 14th Street. Matt Wickstra, Shawn O’Brien and Julie O’Brien of Colliers represented Microsoft in the transaction. Colliers also represented Microsoft in its purchase of 316 acres at 76th Street SE in Caledonia, bringing the company’s total holdings in the region to nearly 590 acres.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 276,244 SF Waterside Marketplace Shopping Center in Suburban Detroit

by Kristin Harlow

CHESTERFIELD TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sale of Waterside Marketplace, a 276,244-square-foot shopping center in the northeast Detroit suburb of Chesterfield Township. The sales price was undisclosed. The property, located at the interchange of I-94 and 23 Mile Road, is 93 percent leased to tenants such as TJ Maxx, Sierra, Burlington, Best Buy, Ulta, DSW and Old Navy. Ben Wineman, Emily Gadomski and Daniel Stern of Mid-America represented the seller, New Orleans-based PMAT Real Estate Investments. Alpharetta, Ga.-based Octave Holdings and Investments was the buyer.

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