Taubman Centers Reopens All Properties Across Portfolio Following Temporary Closures Due to COVID-19

BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills, Mich.-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, …

July 2, 2020Michigan, Midwest, Retail

ICP Purchases Knoll Manufacturing Facility in Grand Rapids

GRAND RAPIDS, MICH. — Industrial Commercial Properties (ICP) has purchased a Knoll manufacturing facility located at 4300 36th St. in Grand Rapids for an undisclosed price. The 619,165-square-foot building sits on 37 acres adjacent to the Gerald R. Ford International Airport. ICP plans to make a multi-million-dollar investment to update both interior and exterior elements of the property. Bob Horn of JLL brokered the sale. Knoll is a design firm that produces office seating, storage, desks …

July 1, 2020Acquisitions, Industrial, Michigan, Midwest

L. Mason Capitani Brokers Sale of 70,000 SF Office Building in Troy, Michigan

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 70,000-square-foot office building located at 550 Stephenson Highway in Troy. The sales price was undisclosed. The multi-tenant property was 97 percent leased at the time of sale. Mason L. Capitani, a principal with the brokerage firm, represented the buyer, California-based LREH Michigan LLC. L. Mason Capitani will oversee leasing efforts moving forward while the company’s affiliate, Liberty Property & …

July 1, 2020Acquisitions, Michigan, Midwest, Office

Judge Orders Simon, Taubman to be Trial-Ready by Mid-November

OAKLAND COUNTY, MICH. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says …

June 26, 2020Indiana, Michigan, Midwest, Retail

Bernard Financial Group Arranges $6M Refinancing for Two-Building Industrial Property in Michigan

BROWNSTOWN TOWNSHIP, MICH. — Bernard Financial Group has arranged a $6 million loan for the refinancing of a two-building industrial property in Brownstown Township, about 25 miles southwest of Detroit. The 220,760-square-foot property is located at 18640-18650 Dix-Toledo Highway. Dennis Bernard and Joshua Bernard arranged the loan with Symetra Life Insurance Co. Ashley Brownstown North 4 & 5 LLC was the

June 24, 2020Industrial, Loans, Michigan, Midwest

Barbat Holdings Completes 41-Unit Apartment Conversion Project in Ann Arbor

ANN ARBOR, MICH. — Barbat Holdings has completed Montgomery Houze, a multi-million-dollar renovation and conversion of the five-story Montgomery Ward building in Ann Arbor. The historic building, located at 212 S. 4th St., is now home to 41 apartment units with a new three-story addition. Amenities include rooftop terraces and the basement of the building now houses Ann Arbor Comedy Showcase. The building formerly served as the Montgomery Ward & Co. department

June 23, 2020Development, Michigan, Midwest, Multifamily

Cushman & Wakefield Brokers Sales of Two Industrial Buildings in Suburban Detroit

LIVONIA, MICH. — Cushman & Wakefield has brokered the sales of two industrial buildings totaling nearly 250,000 square feet in Livonia, a western suburb of Detroit. Sales prices were undisclosed. In the first transaction, Anthony Avendt of Cushman & Wakefield represented Country Fresh in the sale of 31770 Enterprise Drive to Caresoft Global LLC. The 148,000-square-foot property, partially renovated in 2004, will be upgraded to meet the needs of the global technology and solutions …

June 17, 2020Acquisitions, Industrial, Michigan, Midwest

Boulder Group Arranges $1.3M Sale of Property Net Leased to Dollar General in Michigan

BANCROFT, MICH. — The Boulder Group has arranged the $1.3 million sale of a single-tenant property net leased to Dollar General in Bancroft, about 30 miles east of Lansing. the 9,100-square-foot building is located at 4531 Lansing Road near I-69. There are 15 years remaining on Dollar General’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. A Michigan-based private investor purchased the

June 15, 2020Acquisitions, Michigan, Midwest, Retail

Shops at CenterPoint in Grand Rapids to Completely Reopen by June 15

GRAND RAPIDS, MICH. — Retailers at the Shops at CenterPoint in Grand Rapids have begun reopening this week after being closed for nearly three months due to the COVID-19 pandemic. Owner Stonemar Properties LLC anticipates that nearly all tenants will be open by Monday, June 15. Shops at CenterPoint is a 575,000-square-foot shopping center located at the corner of East Beltline Road and 28th Street. It is home to T.J. Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Ulta, DSW, Carhartt …

June 12, 2020Michigan, Midwest, Retail

Captain D’s Expands into 23rd State with New Location in Michigan

CLINTON TOWNSHIP, MICH. — Fast-casual seafood restaurant Captain D’s has opened its newest franchised location in Clinton Township, about 25 miles north of Detroit. Situated at 35134 Groesbeck Highway, the restaurant marks Captain D’s only Michigan location and expands the brand’s footprint into its 23rd state. Currently, the Clinton Township Captain D’s is open for drive-thru, call-ahead ordering for curbside pickup and delivery. The dining room will remain closed for the immediate …

June 9, 2020Leasing Activity, Michigan, Midwest, Restaurant, Retail