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Leasing ActivityMichiganMidwestOffice

MichiganLabs Expands Office Lease Near Grand Rapids

by Kristin Harlow

ADA, MICH. — MichiganLabs has expanded into the second floor at 452 Ada Drive in Ada, about 10 miles east of Grand Rapids. In December, the software developer leased 2,541 square feet on the third floor. The new office space, totaling 1,643 square feet, will be called “The Lab” and will allow the company to expand its services and hire additional developers. First Cos. is building out the space and Integrated Architecture is providing interior design services. MichiganLabs plans to occupy the new space starting Oct. 7. Jason Webb of Colliers International represented MichiganLabs in the new lease. Brian Sikma of Highpoint Real Estate represented the undisclosed landlord.

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LoansMichiganMidwestMultifamily

Bellwether Enterprise Arranges $42.6M Acquisition Loan for Mobile Home Portfolio in Michigan

by Kristin Harlow

MICHIGAN — Bellwether Enterprise Real Estate Capital LLC has arranged a $42.6 million Fannie Mae loan for the acquisition of a portfolio of 10 mobile home community communities in Michigan. Specific properties and locations were not disclosed, but the portfolio spans 1,715 pad sites. MJ Vukovich of Bellwether Enterprise arranged the structured loan on behalf of the borrower, an owner-operator based in the western states. The 16-year loan features four years of interest-only payments followed by 12 years at a fixed rate of 4.9 percent.

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AcquisitionsMichiganMidwestRetail

Dominion Arranges Sale of Former Summit Place Mall in Waterford Township, Michigan

by Kristin Harlow

WATERFORD TOWNSHIP, MICH. — Dominion Real Estate Advisors has arranged the sale of the former Summit Place Mall in Waterford Township near Pontiac. Southfield, Mich.-based commercial real estate development and investment company Ari-El Enterprises acquired the property from California-based SD Capital LLC, which has owned the asset since 2008. The 1.4 million-square-foot mall is situated on 73 acres. It opened in 1962 as the first enclosed mall in Michigan. At its peak, Summit Place Mall was home to more than 200 stores. The Sears store was the last to close in 2014. DTE Energy plans to break ground this fall on a 50,000-square-foot facility at the site. Redevelopment of the full property could include more than 1 million square feet of mixed uses, including industrial, office, hospitality and fast casual restaurants, according to Arie Leibovitz, owner of Ari-El Enterprises. Dominion represented the seller in the transaction. Terms of the sale were not disclosed. A demolition is in the works for the property.

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DevelopmentMichiganMidwestNortheastPennsylvaniaSoutheastStudent HousingTennesseeTop Stories

Campus Apartments Opens Four Student Housing Communities in Tennessee, Michigan, Pennsylvania

by John Nelson

PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …

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AcquisitionsIndianaMichiganMidwestRetail

NAI Wisinski Brokers Sale of Four Shopping Centers in Michigan, Indiana for $28.5M

by Kristin Harlow

MICHIGAN AND INDIANA — NAI Wisinski of West Michigan has brokered the sale of four shopping centers anchored by Kroger in Michigan and Indiana for $28.5 million. The properties in Michigan include Owosso East Shopping Center in Owosso and Sturgis Plaza in Sturgis. The Indiana properties include Plymouth Plaza in Plymouth and Auburn Plaza in Auburn. Cameron Timmer and Russ Bono of NAI Wisinski brokered the sale with assistance from NAI Farbman. Neither the buyer nor the seller was disclosed.

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LoansMichiganMidwestMultifamily

Greystone Provides $17M HUD Loan for Development of Apartment Community in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — Greystone has provided a $17 million HUD-insured loan for the development of Metro Place Apartments in Lansing. The developer, Y SITE LLC, expects to complete construction of the 145-unit apartment community by the end of 2019. Located at 301 W. Lenawee St., the property will include a mix of studios, one- and two-bedroom units as well as 6,925 square feet of street-level retail space. Lisa Fischman of Greystone originated the loan under the 221(d)(4) construction program. The fixed-rate loan, which is fully amortized over 40 years, provided 80 percent of the project cost and is interest-only during construction. The loan will convert to permanent FHA financing upon completion of the project. Construction is expected to begin this month with the demolition of an existing six-story YMCA building, which has sat vacant since 2003.

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MichiganMidwest

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

by Kristin Harlow

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 …

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LoansMichiganMidwestOffice

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

by Kristin Harlow

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.

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Leasing ActivityMichiganMidwestRetail

Crunch Fitness to Open Fourth Location in Michigan

by Kristin Harlow

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.

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AcquisitionsMichiganMidwestRetailTop Stories

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

by Camren Skelton

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 …

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