MUSKEGON, MICH. — RD Management LLC has unveiled plans to redevelop Muskegon Shopping Center located at 3530 Henry St. in western Michigan. The project will include removal of the 134,874-square-foot building formerly occupied by Kmart, renovation of the 32,338 square feet of adjacent retail space and the construction of five residential buildings totaling 126 units. Demolition of the Kmart building will begin in late spring. In addition, Mercy Health has agreed to purchase a 6.2-acre parcel of the shopping center in order to construct a new 40,900-square-foot medical office building that will include urgent care, physical therapy, research laboratories, doctor’s offices and a pharmacy.
DETROIT — Bedrock and the city of Detroit have completed an affordable housing project reserved for residents age 55 and above and who earn 30 to 60 percent of the area median income. This equates to earning $14,910 to $29,820 for a single person. Located within Detroit’s Brush Park neighborhood and part of Bedrock’s 8.4-acre City Modern development, The Flats at 124 Alfred is the first of six apartment buildings to be completed. The 54-unit building features one-bedroom floor plans that range from 600 to 735 square feet. Amenities include a fitness center, resident lounge, outdoor terrace and underground parking. Detroit-based Hamilton Anderson Associates designed the building. In 2017, Bedrock made a commitment to the city that 20 percent of its residential portfolio would be dedicated to affordable housing units. Bedrock plans to develop or rehabilitate a total of up to 3,500 residential rental units over the next several years, with 700 of those units designated as affordable housing.
SALINE, MICH. — Marcus & Millichap has brokered the $2.9 million sale of a property net leased to Tractor Supply in Saline, about 10 miles south of Ann Arbor. The 18,104-square-foot building is located at 111 Sage Court. Tractor Supply has operated at the property for 18 years. Brett Winger and Dominic Sulo of Marcus & Millichap brokered the sale. Steve Chaben assisted on the transaction as the broker of record.
GRAND RAPIDS, MICH. — BDO has signed a 35,000-square-foot office lease in Grand Rapids. The firm, which delivers assurance, tax and financial advisory services to its clients, will occupy space within 5300 Patterson Ave., a newly renovated office building. Owner Franklin Partners upgraded the lobby and common areas, which include a café, bank, fitness center and shared collaborative spaces. Mary Ann Wisinski of NAI Wisinski of West Michigan, along with Justin Decker and Mark Robbins of Avison Young, represented BDO in the lease transaction. Duke Suwyn of Colliers International represented Franklin Partners. As a result of BDO’s lease, the 140,000-square-foot building is 95 percent occupied. Other tenants include Kellogg Global Service Center, Kellogg Community Credit Union, Maxim Healthcare and Varipro.
SHELBY TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 16,830-square-foot industrial building located at 51255 Oro Drive in Shelby Township. The sales price was not disclosed. The buyer, Michigan Architectural Millwork, will use the building for the production of doors, plywood, moldings, hardwood boards and hardware. Jason Capitani and Joseph DePonio III of L. Mason Capitani represented both the buyer and the seller, JMJ Investment Co.
FENTON, MICH. — CAPREIT has acquired Silver Lake Hills, a 310-unit apartment community near Silver Lake Park in Fenton. The purchase price was not disclosed. Floor plans range from 700 to 1,810 square feet. CAPREIT plans to renovate the community with new flooring, appliances, countertops and fixtures. Upgrades will also be made to the clubhouse, fitness center, pool and dog park. This is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.
DETROIT — Union Joints will anchor the new Little Caesars world headquarters campus expansion at the corner of Woodward Avenue and Columbia Street in Detroit. The 14,000-square-foot restaurant will feature a second-floor patio that faces Comerica Park, home of the Detroit Tigers. Level One Bank has secured construction financing and completion is slated for the end of the year. Union Joints is an independent restaurant group that owns and operates nine locations, including The Clarkston Union, Union General Store, Union Woodshop, Vinsetta Garage, Fenton Fire Hall, Pumphouse Custard, Honcho, Gran Castor and Bunkhouse Burgers. The company is based in Clarkston, Mich. and is known for its mac and cheese.
Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities
BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …
YPSILANTI, MICH. — Greystone has provided an $11.2 million Fannie Mae loan for the refinancing of Ranches of Rosebrook in Ypsilanti. The 302-unit multifamily property features 650-square-foot two-bedroom units. Cary Belovicz of Greystone sourced the loan, while John Marr of Greystone originated the loan. Terms of financing were not disclosed.
GENOA TOWNSHIP, MICH. — Lockwood Cos., a builder, manager and investor of apartments in Michigan and Ohio, has opened the third phase of Lakeshore Village Apartments in Genoa Township, about five miles southeast of Howell, Mich. The $24 million investment adds 144 units to the 240-unit complex. Phases I and II were completed in 2000. Phase III features one-, two- and three-bedroom units with monthly rents ranging from approximately $850 to $1,000. The development was financed through the Michigan State Housing Development Authority, resulting in monthly savings for residents. In addition to the existing pool, clubhouse and playgrounds, Lockwood added a new fitness center and business center.