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DevelopmentHospitalityMichiganMidwest

Azul Hospitality Opens 154-Room AC Hotel Detroit

by Kristin Harlow

DETROIT — Azul Hospitality has opened the AC Hotel Detroit, a 154-room in the Brush Park neighborhood of Detroit. The 10-story property marks the first AC Hotel in southeast Michigan. Developed by the Roxbury Group in partnership with Peachtree Group, the hotel features a glass-enclosed lobby bar named The Conservatory, a rooftop venue and the restoration of the historic Bonstelle Playhouse. The Bonstelle, which is separately managed but connected to the hotel, will be used for live performances as well as civic, corporate and private events. Additionally, Azul has converted the Cadillac House, an historic property in Lexington, Mich., into the Tapestry Collection by Hilton. The 23-room hotel underwent an extensive renovation and expansion. The property also features the Hidden Cavern event venue and the Cadillac House Tavern & Bar.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 151,673 SF Bloomfield Plaza Shopping Center in Suburban Detroit

by Kristin Harlow

BLOOMFIELD HILLS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Bloomfield Plaza, a 151,673-square-foot shopping center in the Detroit suburb of Bloomfield Hills. The sales price was undisclosed. Anchor tenants at the fully leased property include Nino Salvaggio International Marketplace and Trader Joe’s. Additional tenants include Andiamo Italian, CVS, Planet Fitness and Sephora. Located at the southwest corner of Maple and Telegraph Roads, the center has served the community since 1957. Ben Wineman and Daniel Stern of Mid-America represented the seller, the family owners of Bloomfield Plaza’s original developer. Jack Berke of Taylor Real Estate Services represented the buyer, a private investor.

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AcquisitionsMichiganMidwestMultifamily

Marquette Cos., DRA Advisors Sell 520-Unit Apartment Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Marquette Cos. and a fund managed by DRA Advisors have sold The Haven at Ann Arbor, a 520-unit apartment community in Ann Arbor. Abacus Capital Group, a New York-based real estate investment firm, purchased the asset for an undisclosed price. Marquette purchased The Haven in 2017 when it was known as Village Green of Ann Arbor and undertook a $13 million revitalization project that included extensive exterior improvements and unit interior renovations. Marquette also renovated the amenities and improved site operations. At the time of sale, The Haven was 95 percent occupied. Located about a 15-minute drive from the University of Michigan, the property features studio, one- and two-bedroom units ranging from 650 to 1,075 square feet. Amenities include a clubhouse with resident lounge, three fitness centers, an outdoor pool with terrace, enclosed dog park, tennis courts, nature trails and an onsite car washing station.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 444,709 SF Shops at Centerpoint in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shops at Centerpoint in Grand Rapids for an undisclosed price. The 444,709-square-foot shopping center is home to TJ Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Golf Galaxy, Ulta, DSW, Old Navy, Dunham’s Sports and Planet Fitness. Ben Wineman, Joe Girardi and Daniel Stern of Mid-America represented the seller, a joint venture between New York City-based DRA Advisors and Chicago-based Pine Tree. The asset sold to Seattle-based Bridge33 Capital.

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DevelopmentIndustrialLoansMichiganMidwest

Department of Commerce to Provide $325M in CHIPS Funding for Hemlock Semiconductor Facility in Michigan

by Kristin Harlow

HEMLOCK, MICH. — The U.S. Department of Commerce has awarded Hemlock Semiconductor (HSC) up to $325 million in direct funding under the CHIPS Incentive Program’s Funding Opportunity for Commercial Fabrication Facilities. The funding will support the construction of a new manufacturing facility in Hemlock, about 65 miles north of Lansing. The project is expected to create approximately 180 manufacturing jobs and over 1,000 construction jobs. HSC is the only U.S.-owned manufacturer of hyper-pure polysilicon.

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AcquisitionsHealthcareMichiganMidwest

Cushman & Wakefield Brokers Sale of Henry Ford Health Hospital Building in Rochester, Michigan

by Kristin Harlow

ROCHESTER, MICH. — Cushman & Wakefield has brokered the sale of the Henry Ford Health Rochester Hospital medical office building in Rochester, a northern suburb of Detroit. The sales price was undisclosed. The 113,687-square-foot property was built in 1994 and expanded in 2014. The facility is situated on the campus of Henry Ford Health Rochester Hospital, formerly known as Ascension Providence Rochester Hospital. Tenants include Henry Ford Health Providence Rochester, Henry Ford Health Family Practice and Contemporary Obstetrics and Gynecology PC. The hospital is part of the recently established partnership between Ascension Michigan and Henry Ford Health. Gino Lollio, Travis Ives, Sushil Puria, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, Detroit-based KIRCO. The buyer was UDLR Healthcare.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $2.5M Loan for Refinancing of Michigan Multifamily Community

by Kristin Harlow

CLARKSTON, MICH. — Bernard Financial Group (BFG) has arranged a $2.5 million loan for the refinancing of a 141-unit multifamily community in Clarkston, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Independence Square LP. Ameritas Life Insurance Corp. provided the loan.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Brokers $2.1M Sale of Huntington Bank-Leased Retail Asset in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the $2.1 million sale of a 5,749-square-foot retail building net leased to Huntington Bank in Southfield. Built in 2008 and located at 24805 W. 12 Mile Road, the property features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the seller, a private developer. The asset sold to a local, all-cash buyer.

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AcquisitionsMichiganMidwestOffice

Colliers Arranges Sale of 20,000 SF Office Building in Birmingham, Michigan

by Kristin Harlow

BIRMINGHAM, MICH. — Colliers has arranged the sale of a 20,000-square-foot office building in Birmingham, a northern suburb of Detroit. The sales price was undisclosed. Kalasho Management, a property management company, purchased the building and plans to make major renovations. Taunt Law Firm previously occupied the property for many decades. Gary Grochowski and Bryan Barnas of Colliers represented the buyer and seller.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Secures $3.5M Loan for Refinancing of Apartment Building in Warren, Michigan

by Kristin Harlow

WARREN, MICH. — Bernard Financial Group (BFG) has secured a $3.5 million loan for the refinancing of Parkview Tower Apartments in Warren, a northern suburb of Detroit. The apartment building features 157 units. Joshua Bernard of BFG arranged the loan through Ameritas Life Insurance Corp. on behalf of the borrower, Parkview Tower Apartments LP.

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