Michigan

Investors Take Notice of Office Rebound in Detroit’s CBD and Suburbs

by Kristin Harlow May 10, 2018

Metro Detroit’s office recovery continues to steadily march forward. Local and national commercial real estate investors are showing a renewed appetite for buying and renovating existing buildings, and even developing new product. The City of Detroit has experienced the quickest recovery, going from near stagnant activity with a vacancy rate of 21.5 percent to a single-digit vacancy of 8 percent with multiple new developments in the past eight years, according to CoStar Group. Dan Gilbert, founder of Quicken Loans and Rock Ventures, invested in about 90 Detroit properties, totaling 15 million square feet, which kicked off Detroit’s rehabilitation. This prompted several other companies to stake an interest in Detroit’s Central Business District. The resurgence continues, and today numerous projects are in development that appeal to millennials and empty nesters alike. Most of these projects are situated on Woodward Avenue, which has been the center of the area’s rebirth. Within a few blocks of this avenue reside most of the renovated office buildings, the stadium district, new shops, restaurants, entertainment venues and cultural institutions like the Detroit Institute of Arts, Charles H. Wright Museum and The Detroit Opera House. Currently, there are several multifamily projects in downtown Detroit such as Midtown …

May 10, 2018

Features Heartland Feature Archive Michigan Midwest

It’s Not Too Late to Invest in Detroit, Say Entrepreneurs Dan Gilbert, Chris Ilitch

by Kristin Harlow May 8, 2018

DETROIT — At the conclusion of his speech at the Urban Land Institute (ULI) Spring Meeting in Detroit, billionaire businessman Dan Gilbert gave conference goers one piece of advice. “Get in on some of these investments in Detroit,” he said. “It’s not too late.” The event, held May 1-3 at the Cobo Center, drew 4,200 attendees from the real estate industry. It was the first ULI event in Detroit in 40 years. Gilbert, founder and chairman of Quicken Loans Inc., spoke at the opening panel along with Christopher Ilitch, president and CEO of Ilitch Holdings Inc. Robert Taubman, president and CEO of Taubman Centers Inc., moderated the session, entitled “Detroit’s Renaissance.” Subject matter ranged from Detroit’s past to present, including development highlights and the resilient DNA of its citizens. Gilbert’s real estate company, Bedrock, has acquired and developed more than 100 commercial properties totaling over 16 million square feet in the city’s urban core. The Ilitch family, made famous by Little Caesars Pizza, owns both the Detroit Red Wings and the Detroit Tigers and is responsible for a 50-block mixed-use project under development known as The District Detroit. For decades, the Motor City was a well-publicized story of economic decline …

May 8, 2018

Development Michigan Midwest Multifamily

Woda Completes $7.4M Conversion of Former School into Apartment Property in Portland, Michigan

by Kristin Harlow May 3, 2018

PORTLAND, MICH. — Woda Cooper Cos. Inc. has completed Portland School Apartments in Portland, about 25 miles northwest of Lansing. Formerly Portland School, which dates back to 1919, the property is now home to 29 apartment units. The units are affordable for those earning no more than 60 percent of the area median income. Amenities include an elevator, a large community room, fitness center, outdoor BBQ space and gazebo. The school closed in 1996. The property was temporarily used for housing, but has mostly sat vacant. Low-income housing tax credits allocated by Michigan State Housing Development Authority and historic credits from the National Park Service helped fund the $7.4 million project. PNC purchased the tax credits and provided the construction, bridge and permanent loans.

May 3, 2018

Industrial Loans Michigan Midwest

Alliant Provides $3.5M Refinancing for Industrial Property in Plymouth, Michigan

by Kristin Harlow May 3, 2018

PLYMOUTH, MICH. — Alliant Credit Union has provided a $3.5 million loan for the refinancing of a 41,400-square-foot industrial property in Plymouth, about 25 miles west of Detroit. The research and development property is located within Metro West Technology Park. The 10-year loan features a 25-year amortization schedule. Chris Charboneau of Walker & Dunlop arranged the loan. The borrower was not disclosed.

May 3, 2018

Leasing Activity Michigan Midwest Office

Site Design Firm PEA Opens New Office in Downtown Detroit

by Kristin Harlow May 3, 2018

DETROIT — PEA Inc. has opened a new 2,400-square-foot office in downtown Detroit. The site development design firm will occupy the space at the 45 West Grand River building, which is owned by Bedrock. Renovations were recently made to the office, which is now open. PEA, which specializes in civil engineering, land surveying and landscape architecture, operates four offices in southeast Michigan.

May 3, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Surging Demand for Apartments in Downtown Detroit Is Testament to the City

by Kristin Harlow May 3, 2018

At a time when downtown Detroit is in the midst of a civic renaissance, the state of the city’s multifamily real estate market is both a reflection of larger trends and a sign of what might be in store for the Motor City in the years ahead. To keep a pulse on the market, Broder & Sachse Real Estate compiles a market study twice a year to evaluate the rental and occupancy rates of all multifamily properties downtown. Through this research, the continued strength of Detroit’s multifamily market is abundantly clear, with an average occupancy rate of 95.6 percent across downtown in winter 2018. This occupancy rate indicates demand is high, especially coupled by the findings in the Downtown Detroit Partnership’s third Greater Downtown Residential Market Study released in 2017. The study estimated that an additional 10,000 units will be needed over the next five years. The need for these additional 10,000 units means supply — or a relative lack thereof — is also part of the equation. While the number of residential units in Detroit has increased by a great deal on a percentage basis, in relative terms the volume of quality residential product is still somewhat limited. Today, …

May 3, 2018

Development Michigan Midwest Mixed-Use

Olympia Development Unveils Six Projects in The District Detroit

by Kristin Harlow May 2, 2018

DETROIT — Olympia Development has unveiled six projects in The District Detroit, including the restoration of three vacant historic buildings and the construction of three new mixed-use buildings near Little Caesars Arena. These projects will launch Phase II of development in The District Detroit, a $1.4 billion project surrounding the arena. This investment of nearly $200 million will bring more office tenants, storefronts and density to the area, according to Olympia. The projects will encompass more than 400,000 square feet of office space and nearly 70,000 square feet of street-level retail space. Historic renovation projects include 2210 Park Ave.; 1922 Cass Ave.; and 2110 Park Ave. New construction projects include 2715 Woodward Ave.; 111 Henry St.; and 120 Henry St.

May 2, 2018

Leasing Activity Michigan Midwest Office

LinkedIn Signs 74,500 SF Office Lease in Detroit

by Kristin Harlow April 30, 2018

DETROIT — LinkedIn has signed a 74,500-square-foot office lease at the historic Sanders building in Detroit. The property, owned by Bedrock, is located at 1523 Woodward Ave. and dates back to the early 1900s. Renovations are underway and the job networking site plans to move into the new space within the next year. LinkedIn currently has 40 employees at its Detroit office.

April 30, 2018

Acquisitions Michigan Midwest Office

Colliers Brokers Sale of 21,338 SF Medical Office Building in Farmington, Michigan

by Kristin Harlow April 27, 2018

FARMINGTON, MICH. — Colliers International has brokered the sale of the Professional Pavilion in Farmington, a northern suburb of Detroit. The sales price was not disclosed. The 21,338-square-foot medical office building is located at 23133 Orchard Lake Road. The buyer, Healthcare Real Estate Services LLC, plans to do interior and exterior upgrades, including repaving the parking lot, lobby renovations and new landscaping plans. The company also plans to add an additional 14,600-square-foot building along the same road. Two tenants at the property include Beaumont Pediatrics and South Oakland Gastroenterology Associates. Gary Grochowski and Bryan Barnas of Colliers represented both the buyer and the seller, Ziegler-Michigan 5 LLC.

April 27, 2018

Acquisitions Industrial Michigan Midwest Retail

Signature Associates Negotiates Sale of 180,000 SF Retail Property in Flint, Michigan

by Kristin Harlow April 24, 2018

FLINT, MICH. — Signature Associates has negotiated the sale of a 180,000-square-foot retail property in Flint for an undisclosed price. The building is located at 4403 Clio Road. The sale is part of a federal court seizure. Grant Bruce of Signature Associates represented both the seller, Treasure Enterprise LLC, and the buyer, Rock Property Management LLC. The buyer is in the process of getting the property rezoned for industrial use.

April 24, 2018

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