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AcquisitionsMichiganMidwest

Colliers Brokers Sale of 39,058 SF Maple Commerce Center in Troy, Michigan

by Kristin Harlow

TROY, MICH. — Colliers Detroit has brokered the sale of Maple Commerce Center, a 39,058-square-foot office and industrial asset in Troy. The sales price was undisclosed. Located at 950 W. Maple Road, the property was originally built as a truck repair facility in 1962. In the 1980s, Maple Commerce Center underwent significant renovations to serve an automotive engineering company. Later, Colliers worked with developer Cooke Management on a repositioning strategy to transform the property into multi-tenant use. Tenants include Superior Ambulance, Krav Maga, Italmoda, F.A.S.T. and R&B Dance Studio. The asset is fully leased. Gary Grochowski and Bryan Barnas of Colliers represented the seller, Cooke Management. Berge Avesian of Colliers represented the buyer, Barbat Group.

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DevelopmentMichiganMidwestMultifamilySeniors Housing

REDICO Opens 132-Unit Independent Living Community in Haslett, Michigan

by Kristin Harlow

HASLETT, MICH. — REDICO has opened American House Meridian, a 132-unit independent living community in Haslett, an eastern suburb of Lansing. The project team included Cunningham-Limp Development Co. and Banko Design. The four-story property is located at 1673 Haslett Road. Amenities include a fitness center, movie theater room, café, game room and Paul Mitchell salon. The Therapy Institute, a physical, occupational and speech therapy company, is moving into the lower-level retail space in June. Prior to opening, 50 of the community’s units were leased.

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AcquisitionsHealthcareMichiganMidwest

Dominion, Lee & Associates Arrange Sale of 11,892 SF Medical Office Building in Flint, Michigan

by Kristin Harlow

FLINT, MICH. — Dominion Real Estate Advisors and Lee & Associates have arranged the sale of an 11,892-square-foot medical office building in Flint for an undisclosed price. The property is located at 1321 S. Linden Road within the Cornerstone Office Complex. James Mitchell of Dominion and Michele Rosenblum of Lee & Associates represented the seller, LSPV Cornerstone Owner LLC, otherwise known as Versa Development. The buyer will occupy the building for its medical practice, Mid-Michigan Home and Health Hospice.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Cherry Health, Woda Cooper to Build 56-Unit Affordable Housing Community in Wyoming, Michigan

by Kristin Harlow

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage.   The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.

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LoansMichiganMidwestRetail

District Capital Arranges $10M Loan for Refinancing of Retail Center in Oakland County, Michigan

by Kristin Harlow

OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.

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AcquisitionsIllinoisMichiganMidwest

Wintrust Agrees to Acquire Macatawa Bank for $510.3M

by Kristin Harlow

ROSEMONT, ILL. AND HOLLAND, MICH. — Wintrust Financial Corp. (NASDAQ: WTFC) and Macatawa Bank Corp. (NASDAQ: MCBC) have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction valued at $510.3 million. Macatawa is the parent company of Macatawa Bank, a Michigan state-chartered bank that is headquartered in Holland, Mich., and operates a network of 26 full-service branches. Macatawa, which was founded in 1997, had approximately $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans as of Dec. 31. The purchase price of $14.85 per share represents a nearly 50 percent premium to Macatawa’s closing stock price on Monday, April 15. The transaction is subject to approval by banking regulators, approval of Macatawa’s shareholders and other customary closing conditions. The transaction is expected to close in the second half of 2024. Rosemont, Ill.-based Wintrust, which maintains approximately $57 billion in assets, operates 15 community bank subsidiaries with over 170 banking locations in the greater Chicago and southern Wisconsin markets.

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DevelopmentMichiganMidwestMixed-Use

Bedrock Tops Off Construction of Hudson’s Project Site in Detroit, Signs GM as Tenant

by Kristin Harlow

DETROIT — Developer Bedrock has topped off construction of its Hudson’s site project in downtown Detroit. Meanwhile, General Motors Co. plans to leave Renaissance Center for the new development in 2025, according to Crain’s Detroit Business. The project marks Detroit’s largest ground-up development in the past 50 years, according to the developer. Upon completion, the property will house more than 1.5 million square feet of retail, office, dining, hospitality, residential and event space. Construction will continue in a phased approach. Bedrock recently announced on its social media platforms that the name of the development is now Hudson’s Detroit. Construction of the project on the former J.L. Hudson’s department store site began in 2017. Setbacks such as unanticipated underground obstructions and design changes have pushed the development well beyond its original schedule, reports Crain’s. Originally proposed to be 734 feet, the tower now rises 680 feet. GM’s current home, the RenCen, is the tallest building in Detroit and has suffered since the pandemic. Bedrock and GM plan to spend the next year analyzing what to do with the 5.5 million-square-foot property, according to Crain’s.

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IndustrialLoansMichiganMidwest

Maverick Commercial Mortgage Arranges $9M in Financing for Three Industrial Buildings in Michigan

by Kristin Harlow

PONTIAC, FARMINGTON HILLS AND BAY CITY, MICH. — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $9 million for three industrial buildings in Michigan. A regional bank provided the five-year loan. The subject properties include a 74,026-square-foot building in Pontiac, a 26,571-square-foot building in Farmington Hills and a 51,138-square-foot facility in Bay City. The borrower, 1788 Holdings LLC, is a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage assets.

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LoansMichiganMidwestMultifamilyStudent Housing

District Capital Arranges $7.7M Loan for Refinancing of Student Housing Portfolio in Michigan

by Kristin Harlow

MICHIGAN — District Capital has arranged a $7.7 million loan for the refinancing of a 108-bed student housing scattered site portfolio located on a Big Ten campus in Michigan. A life insurance company provided the 30-year loan, which features a 30-year amortization schedule. Dave Dismondy of District Capital arranged the loan on behalf of the undisclosed borrower.

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DevelopmentMichiganMidwestMultifamily

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

by Kristin Harlow

TROY, MICH. — A joint venture between Cypress Partners and Douglas Capital Partners is slated to open Forum Flats in Troy this month. The luxury apartment complex is comprised of three buildings with 200 units. Amenities include a tenant lounge, pool, dog park and fitness center. The first of the three buildings involved the adaptive reuse of the 100,000-square-foot office space previously utilized by Kelly Services. The two additional ground-up buildings are set to open this summer. The project team included Krieger Klatt Architects and Tower Construction. Monthly rents start at $1,625. Individuals who apply or rent by April 15th will receive a $1,000 discount, which can be applied to their first initial payment. In addition, Forum Flats offers discounts for healthcare workers as part of their preferred employer program, which waives application fees, waives lease administration fees and offers a lower security deposit of $150 with approved credit. 

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