Michigan

Motown Museum to Undergo $50M Expansion in Detroit

by Amy Works October 18, 2016

DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.

October 18, 2016

Industrial Michigan Midwest

Signature Associates Facilitates Sale of 39,262 SF High-Tech Space in Wixom, Michigan

by Amy Works October 17, 2016

WIXOM, MICH. — Signature Associates has negotiated the investment sale of a high-tech space located at 51229 Century Court in Wixom, a northwest suburb of Detroit. Synergy Investments acquired the 39,262-square-foot space from CRS for an undisclosed sum. Jim Montgomery and John Fricke of Signature Associates represented the seller, while Montgomery also represented the buyer in the deal.

October 17, 2016

Michigan Midwest Multifamily

Colliers Brokers Sale of 14-Unit Multifamily Property in Pinckney, Michigan

by Amy Works October 17, 2016

PINCKNEY, MICH. — Colliers International has arranged the sale of a multifamily property located at 10592 Whitewood Drive in Pinckney. Whitewood Duplex LLC sold the 14-unit property to an undisclosed buyer. Situated on 8.7 acres, the 10,896-square-foot complex features seven duplexes. Jim Chaconas of Colliers represented the seller in the transaction. The acquisition price was not released.

October 17, 2016

Hospitality Loans Michigan Midwest

Vista Capital Closes $16M in Refinancing for Homewood Suites in Troy, Michigan

by Amy Works October 14, 2016

TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.

October 14, 2016

Michigan Midwest Retail

Colliers Brokers Sale of 27,816 SF Retail Center in Ypsilanti, Michigan

by Amy Works October 14, 2016

YPSILANTI, MICH. — Colliers International has arranged the sale of Arbor Square Plaza, a retail center located at 4003 Carpenter Road in Ypsilanti. Arbor Square Plaza LLC sold the 27,816-square-foot property to VDG Arbor Square LLC for an undisclosed sum. The property is occupied by Subway, Sprint, The Bread Basket, UPS and State Farm. Jim Chaconas of Colliers represented the seller.

October 14, 2016

Loans Michigan Midwest Multifamily Office

Pillar Originates $11.8M Loan for 12-Story Mixed-Use Property in Downtown Detroit

by Amy Works October 14, 2016

DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.

October 14, 2016

Michigan Midwest Retail

Mid-America Negotiates $20.6M Sale of 157,225 SF Retail Center in Suburban Detroit

by Amy Works October 13, 2016

DEARBORN, MICH. — Mid-America Real Estate Corp.’s investment sales team has arranged the sale of Fairlane Meadows, a retail center located at the corner of Ford Road and Mercury Drive in Dearborn. Times Equities acquired the property from Ramco-Gerhenson Properties Trust for $20.6 million. The 157,225-square-foot center is occupied by Best Buy, Citi Trends, David’s Bridal, Five Below and Dollar Tree. Ben Wineman and Daniel Stern of Mid-America represented the seller in the deal.

October 13, 2016

Features Heartland Feature Archive Michigan Midwest Office

With Office Leasing Activity Accelerating in Detroit, New Construction is Imminent

by Jeff Shaw October 13, 2016

It is a fascinating time for the Detroit office market. Downtown neighborhoods and suburban markets alike are being transformed thanks to years of positive economic trends marked by healthy job growth and the desire of several companies to locate in the city. Landlords, tenants and investors are looking to consolidate gains and position themselves for success in an evolving marketplace. On the leasing front, we are still seeing activity in Detroit proper with small to mid-sized firms, punctuated by a handful of larger deals that have taken place. The higher profile moves include Detroit-based auto lender and bank holding company Ally Financial taking approximately 320,0000 square feet on 13 floors at One Detroit Center, now known as the Ally Detroit Center. A number of law firms have inked leasing deals. For example, longtime Detroit tenant Miller, Canfield, Paddock and Stone PLC renewed its lease at 150 W. Jefferson, a 25-story skyscraper formerly known as the Madden Building, where the law firm occupies approximately 97,000 square feet. Southfield, Mich.-based Redico LLC recently acquired the 500,000-square-foot tower, built in 1989, from Piedmont Office Realty Trust for $81.5 million. While leasing activity is strong in the central business district (CBD) — driven in …

October 13, 2016

Michigan Midwest Office

Friedman Undertakes Major Renovation of Galleria Officentre in Southfield, Michigan

by Amy Works October 12, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions is renovating Galleria Officentre, a multi-building office park in Southfield. Friedman began managing, leasing and implementing a renovation program at the 1 million-square-foot property, located at 100-400 Galleria, in February. Major interior improvements include a state-of-the-art conference center, video surveillance system, an automated door locking system and two new full-service cafeterias, as well as a renovation of the lobby. Exterior upgrades include modifications to the sidewalks, driveways, tree-lined common areas and courtyards and a redesigned exterior space with a park, including seating, music and gathering areas. The property offers space for lease ranging from 900 square feet to 100,000 square feet.

October 12, 2016

Industrial Michigan Midwest

Bader USA Acquires 12,000 SF Industrial Building in Rochester Hills, Michigan

by Amy Works October 11, 2016

ROCHESTER HILLS, MICH. — Bader USA has acquired an industrial building located at 2944 Waterview Drive in Rochester Hills. Bader will use the 12,000-square-foot high-tech facility to house its North American sales, technical support and research and development operations. Garry Rogers and Al Iafrate of L. Mason Capitani CORFAC International represented the buyer in the deal. The name of the seller and the sales price were not released.

October 11, 2016

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