Michigan

Billionaire Amway Co-founder, Philanthropist Richard DeVos Dies at 92

by Kristin Harlow September 7, 2018

ADA, MICH. — Richard DeVos, co-founder of Amway, died on Thursday, Sept. 6 at the age of 92. The cause of death was complications from an infection. The Michigan native was known as a pioneer of the Amway direct selling method, which offered individuals the opportunity to build businesses of their own. He was also an inspirational speaker and philanthropist. In 2017, Forbes estimated his wealth at $5.6 billion. DeVos and his family played an instrumental role in the redevelopment of the downtown area of Grand Rapids. The Amway Hotel Corp. is the largest hotelier in Grand Rapids encompassing the Amway Grand Plaza Hotel, the J.W. Marriott hotel and the Courtyard by Marriott hotel. The DeVos Place convention center opened in 2004 along the Grand River downtown. The Richard DeVos Center is the flagship building on the Grand Rapids campus of Grand Valley State University. DeVos was also owner of the Orlando Magic NBA franchise. His entrepreneurial spirit began in high school with his classmate, Jay Van Andel. The duo eventually founded Amway in Ada, Mich. in 1959. Over five decades, they built their business into a multi-billion dollar international corporation and the leading direct sales company. Van Andel died …

September 7, 2018

Bernard Financial Secures $15M Loan for Refinancing of Office Building in Royal Oak, Michigan

by Kristin Harlow September 7, 2018

ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.

September 7, 2018

Leasing Activity Michigan Midwest Retail

Crunch Fitness to Open Fourth Location in Michigan

by Kristin Harlow September 6, 2018

TAYLOR, MICH. — Crunch Fitness has signed a lease to occupy a 29,200-square-foot building for its fourth Michigan location. The property is located at 21592 Ecorse Road in Taylor, a southwest suburb of Detroit. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate negotiated the lease on behalf of Crunch. The landlord was not disclosed. Crunch expects to expand to additional Michigan locations in the coming months, according to Dominion.

September 6, 2018

Acquisitions Michigan Midwest Retail Top Stories

Vision Growth Partners to Acquire 65 Salons in Michigan, Becoming Largest Supercuts Franchisee in Midwest

by Camren Skelton September 4, 2018

BLOOMFIELD HILLS, MICH. — Vision Growth Partners has entered into an agreement to acquire 65 salons in Michigan from Regis Corp. (NYSE: RGS). The store acquisitions will take place in small groups and will be completed by spring 2019. Financial terms of the transaction were not disclosed. The stores are currently branded as BoRics, Hair Masters and Fiesta Salons, but will transition into Supercuts franchises upon acquisition. The agreement also includes 13 existing Supercuts corporate stores. Super C Group LLC, an entity managed by Vision Growth Partners, will operate the salons. In addition to the acquisitions, Super C Group plans to open 10 new Supercuts locations in Michigan over the next several years, making the entity the largest Supercuts franchisee in the Midwest. “We are very excited to enter the salon space in a significant way in our home state of Michigan,” said Michael Sarafa, managing partner of Vision Growth and Super C Group. “Regis is a great partner with great employees, and we look forward to growing the Supercuts brand and building a culture of teamwork and success.” Over the next 10 months, Super C Group will renovate the acquired properties. The investment level will vary by location, but Crain’s …

September 4, 2018

Acquisitions Hospitality Michigan Midwest

Partnership Sells 107-Room Hotel Indigo in Traverse City, Michigan

by Kristin Harlow August 29, 2018

TRAVERSE CITY, MICH. — A partnership between JS Capitol and Hadidi Capital has sold the 107-room Hotel Indigo in Traverse City for an undisclosed price. The property, built in 2016, is located at 263 W. Grandview Parkway. Situated in the city’s waterfront Warehouse District, the hotel features heated underground parking, 5,500 square feet of meeting space, a ground-floor restaurant, business center and fitness center. Nate Sahn, James Johnson, Jack Johns and Anthony Leeds of CBRE represented the owners in the sale. The buyer was not disclosed.

August 29, 2018

Loans Michigan Midwest Multifamily

Cohen Financial Arranges $10.6M HUD Loan for Refinancing of Multifamily Property in Michigan

by Kristin Harlow August 23, 2018

PORTAGE, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.6 million HUD 223(f) loan for the refinancing of Timberwood Crossing in Portage, just south of Kalamazoo. The multifamily property includes 254 units. The fixed-rate loan, which features a 35-year term, will refinance the original short-term loan Cohen secured for the acquisition of the property. Trillium Investments was the borrower.

August 23, 2018

Acquisitions Michigan Midwest Retail

RCG Acquires 224,479 SF Shopping Center in Grandville, Michigan

by Kristin Harlow August 22, 2018

GRANDVILLE, MICH. — RCG Ventures has acquired Grandville Marketplace in Grandville, located about eight miles southeast of Grand Rapids. The purchase price was not disclosed. The 224,479-square-foot shopping center is located just off I-196. Hobby Lobby, Office Max, PetSmart, Cost Plus, Party City and Dollar Tree anchor the property. Amy Sands and Clinton Mitchell of HFF represented the seller, a public REIT.

August 22, 2018

Development Michigan Midwest Mixed-Use

Kraemer Design Group to Serve as Architect for Conversion of Historic Office Building to Mixed-Use Property in Detroit

by Kristin Harlow August 21, 2018

DETROIT — Kraemer Design Group PLC will serve as architect, designer and historic consultant for the landmark Park Avenue building project in Detroit. The former office building dates back to the 1920s and is located at 2001 Park Ave. in Grand Circus Park. The building will be transformed into a mixed-use project with apartment units and 5,000 square feet of first-floor retail space. Designed by Albert Kahn and once known as the General Necessities Building, the 104,500-square-foot structure rises 12 stories. The developer is Rino Soave, owner of Infinity Homes & Co. who purchased the building in April. The building has been vacant for decades and will require structural updates and new infrastructure to accommodate future residents and retail tenants. Project costs are estimated at $7 million to $10 million, according to Crain’s Detroit Business. A timeline for completion was not disclosed.

August 21, 2018

Development Michigan Midwest Retail

PREIT’s Redevelopment of Woodland Mall in Grand Rapids Gets Under Way

by Kristin Harlow August 21, 2018

GRAND RAPIDS, MICH. — PREIT is underway on an extensive redevelopment of the 1.1 million-square-foot Woodland Mall in Grand Rapids. Construction has commenced on a 90,000-square-foot Von Maur department store. The space was formerly home to Sears. This will be the first Von Maur store in the region and is expected to open in October 2019. Other stores expected to open next year at Woodland Mall include Urban Outfitters and REI. Renovations will be made to Victoria’s Secret and Hollister stores. Black Rock Bar & Grill has signed a new lease to occupy 9,000 square feet at Woodland Mall. Diners at Black Rock cook their meat or seafood on hot volcanic granite at their tables. The mall will remain open throughout the renovation process, which is estimated to cost $100 million, according to local media reports.

August 21, 2018

Acquisitions Michigan Midwest Net Lease Retail

Encore Brokers Sale of Property Net Leased to Sherwin Williams in Farmington Hills, Michigan

by Kristin Harlow August 17, 2018

FARMINGTON HILLS, MICH. — Encore Real Estate Investment Services has arranged the sale of a 5,000-square-foot retail property net leased to Sherwin Williams in Farmington Hills. The sales price was not disclosed. Sherwin Williams has 6.5 years left on its lease. Matt Weber, Deno Bistolarides, Brandon Hanna and Ryan Vinco of Encore represented the seller, a California-based limited liability company. A California-based private investor purchased the asset.

August 17, 2018

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