Michigan

Woodborn Partners to Develop $16M Housing Project in Detroit

by Kristin Harlow March 28, 2019

DETROIT — The city of Detroit has selected Woodborn Partners to develop a new mixed-income housing project in the Hubbard Richard neighborhood and Mexicantown Business District of southwest Detroit along the border of Corktown. The site, currently vacant land, sits adjacent to Michigan Central Station, the former train depot that Ford Motor Co. is transforming into a campus. The $16 million project will include 60 new apartment units, as well as 5,000 square feet of retail space and 40 parking spaces. The four-story development will also include outdoor amenities. The project is in one of 10 neighborhoods of the Strategic Neighborhood Fund, a fund dedicated to neighborhood development. Construction is expected to start later this year, with completion slated for late 2020. Detroit-based Woodborn has other multifamily projects underway within the city.

March 28, 2019

Acquisitions Hospitality Michigan Midwest

L. Mason Capitani CORFAC International Brokers Sale of Historic Hotel Property in Detroit

by Kristin Harlow March 26, 2019

DETROIT — L. Mason Capitani CORFAC International has brokered the sale of The Royal Palm/Park Avenue Hotel located at 2305 Park Ave. in Detroit. The sales price was not disclosed, but the asking price was $15 million. The 13-story, 180-room hotel was designed by Detroit architect Louis Kamper in 1925 and has been operational ever since. Downtown Hospitality Detroit LLC, which is owned by Mario Kiezi and Mike Abdulnoor, purchased the property. The buyers plan to fully restore the hotel and add two restaurants on the first floor as well as a rooftop bar. Completion of the project is slated for late 2020. Al Lafrate of L. Mason Capitani represented the buyer and the seller, Catharina Harrington, who had operated the hotel with her late husband Wilbur Harrington since 1967.

March 26, 2019

Development Industrial Michigan Midwest

GM to Invest $300M, Add 400 Jobs at Michigan Plant for Electric Vehicle Production

by Kristin Harlow March 25, 2019

ORION TOWNSHIP, MICH. — General Motors is investing $300 million in its Orion Township assembly plant to produce a new Chevrolet electric vehicle. The investment will bring 400 new jobs to the plant, which is located approximately 40 miles north of Detroit. The announcement is part of GM’s new commitment to invest a total of $1.8 billion in its U.S. manufacturing operations, creating 700 new jobs and supporting 28,000 jobs across six states. The Orion plant currently builds the Chevrolet Bolt electric vehicle, along with the Chevrolet Sonic and test vehicles for the Cruise autonomous vehicle.

March 25, 2019

Development Michigan Midwest Retail

PREIT Adds Cheesecake Factory to Tenant Mix at Woodland Mall in Grand Rapids as Part of Redevelopment

by Kristin Harlow March 25, 2019

GRAND RAPIDS, MICH. — The Cheesecake Factory is coming to Woodland Mall in Grand Rapids as part of the repositioning of the shopping center, according to PREIT, the mall’s owner. This is the second location in the state of Michigan for The Cheesecake Factory. The first location in the state was in Novi. The restaurant will occupy 8,500 square feet at Woodland Mall and is expected to open in late October. Other new tenants include Black Rock Bar & Grill, Von Maur, Urban Outfitters, REI and Tricho Salon. Von Maur is set to open this fall in the former Sears space. As the second largest redevelopment underway in PREIT’s portfolio, Woodland Mall is expected to generate nearly 20 percent growth in net operating income (NOI) in 2020, according to the company.

March 25, 2019

Development Industrial Michigan Midwest

Ford Plans Electric Vehicle Production Expansion at Flat Rock Assembly Plant in Southeast Michigan

by Kristin Harlow March 21, 2019

FLAT ROCK, MICH. — Ford has unveiled plans to begin producing battery electric vehicles at its Flat Rock assembly plant in Southeast Michigan. Ford plans to invest more than $850 million in the Flat Rock assembly plant through 2023, adding a second shift and approximately 900 new jobs. The plant investment also includes funding to build the next-generation Mustang and is the bulk of a $900 million investment in Ford’s operations in Southeast Michigan. Ford also said it will begin building an all-electric SUV starting in 2020 at its Cuautitlan, Mexico plant. Production of Ford’s first autonomous vehicles will begin in 2021 for deployment in commercial use.

March 21, 2019

Development Michigan Midwest Multifamily Seniors Housing

CA Ventures, HED Complete 122-Unit Seniors Housing Project in Birmingham, Michigan

by Kristin Harlow March 14, 2019

BIRMINGHAM, MICH. — Developer CA Ventures and architect Harley Ellis Devereaux (HED) have completed The Sheridan at Birmingham, a 122-unit seniors housing project in Michigan. The 111,264-square-foot property includes 83 assisted living units and 39 memory care units. The assisted living portion is contained in a four-story building. The one-story memory support portion is tucked behind the assisted living units and opens into an enclosed garden. HED designed a series of landscaped gardens and courtyards on the 3.7-acre site.

March 14, 2019

Acquisitions Michigan Midwest Retail

Martin Commercial Arranges Sale of 7,400 SF Retail Property Near Lansing

by Kristin Harlow March 14, 2019

MERIDIAN TOWNSHIP, MICH. — Martin Commercial Properties has arranged the sale of a 7,400-square-foot retail property located at 3490 Okemos Road in Meridian Township near Lansing. The sales price was not disclosed. Shawn O’Brien of Martin represented the buyer, Tommy Hannawa of Affinity 8 Investments LLC, which also purchased a neighboring Tim Horton’s property. Property renovations are scheduled to begin in the next 90 days. The seller was not disclosed.

March 14, 2019

Acquisitions Hospitality Michigan Midwest

Linchris Acquires 225-Room Hotel Near University of Michigan

by Kristin Harlow March 13, 2019

ANN ARBOR, MICH. — An affiliate of Linchris Hotel Corp. has acquired the Holiday Inn Ann Abor near the University of Michigan for an undisclosed price. The 225-room, full-service hotel was developed in 1980 and renovated in 2012. The property features more than 6,800 square feet of meeting space, a full-service restaurant, fitness center, video arcade, business center, salon, pool and tennis and basketball courts. Greg LaBine, Jeff Bucaro, Nicole Aguiar and Matthew Schoenfeldt of HFF arranged a five-year, fixed-rate loan for the acquisition. Loan proceeds will also be used to execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.

March 13, 2019

Acquisitions Industrial Michigan Midwest

Schostak Brothers Purchases 950,000 SF Distribution Facility in Grand Rapids

by Kristin Harlow March 12, 2019

GRAND RAPIDS, MICH. — Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids for an undisclosed price. The current tenant, Bunzl Retail Services, will continue to occupy the building. John Kuiper, Mike Visser and Duke Suwyn of Colliers International represented the seller, Minnetrista Investments LLC. Steve Marcusse of Colliers represented Schostak.

March 12, 2019

Healthcare Leasing Activity Michigan Midwest Retail

Athletico Physical Therapy to Open in Westland, Michigan

by Kristin Harlow March 12, 2019

WESTLAND, MICH. — Athletico Physical Therapy has signed a 3,964-square-foot lease to open a location in Westland, a western suburb of Detroit. The company will open in the space formerly occupied by Anytime Fitness at Bayview Plaza. Larry Siedell, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord. Luke Paterson of Swearingen Realty Group represented Athletico.

March 12, 2019

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