Michigan

Founder of Little Caesars Pizza, Owner of Detroit Tigers and Detroit Red Wings, Dies at Age 87

by Kristin Harlow February 13, 2017

DETROIT — Metro Detroiters are mourning the loss of a legend in the world of business and sports. Mike Ilitch, founder of Little Caesars Pizza, owner of the Detroit Tigers and Detroit Red Wings and chairman of Ilitch Holdings, died Friday, Feb. 10 at a local hospital. He was 87. Ilitch was not only known for his outstanding business acumen, but also his passion for all things Detroit. Thanks to a $40 million gift from he and his wife Marian, Wayne State University broke ground in July 2016 on the Mike Ilitch School of Business, a new academic building on the public university’s Detroit campus. It was the largest gift in the school’s history. “There is an initial desire to say that Mike Illitch’s greatest accomplishment has to surround real estate. He was a brilliant investor and ahead of his time in terms of his holdings. His greatest contribution to the City was his steadfast devotion to it. He invested when it seemed very few still did and his actions and that of his family and organization have served as a beacon of hope for the city. He worked tirelessly showing the world that Detroit belonged among the elite as a world-class city. The legacy …

February 13, 2017

Colliers Arranges Sale of 41.5-Acre Land Site in Rockwood, Michigan

by Kristin Harlow February 9, 2017

ROCKWOOD, MICH. — Colliers International has arranged the sale of 41.5 acres of land located at 21702 Huron River Drive in Rockwood, approximately 25 miles south of Detroit. At one time an industrial and manufacturing facility stood on the site. The facility closed in 2001 and remained vacant for several years before being demolished. Infinity Homes & Co., a construction company based out of Southeast Michigan, purchased the property and has plans to build residential homes on the site. Brent Beshears of Colliers International represented the seller, Henry Acquisitions Inc., in the transaction.

February 9, 2017

Michigan Midwest Office

Signature Associates Arranges Sale of 489,000 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow February 7, 2017

AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.

February 7, 2017

Michigan Midwest Office

Microsoft to Move Technology Center to Downtown Detroit

by Kristin Harlow February 6, 2017

DETROIT — Microsoft Corp. has unveiled plans to move its Michigan Microsoft Technology Center (MTC) from Southfield to downtown Detroit in early 2018. The company will occupy more than 40,000 square feet in Bedrock’s One Campus Martius building. There are more than 40 MTCs worldwide, which bring together resources to help clients explore their products. Bedrock is the real estate arm of Dan Gilbert’s business portfolio, specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to downtown Detroit.

February 6, 2017

Industrial Michigan Midwest

Anji Logistics Signs 154,377 SF Industrial Lease for North American Headquarters in Warren, Michigan

by Kristin Harlow February 2, 2017

WARREN, MICH. — Anji Logistics USA Inc. has signed a lease for 154,377 square feet of warehouse space in Warren, north of Detroit. The former OfficeMax warehouse and distribution center is located at 13301 Stephens Road. The facility will be Anji Logistics’ first location in the United States and serve as the company’s North American headquarters. Sister company Anji-CEVA Automotive Logistics Co. is the largest third-party logistics provider in China. Jason Capitani of L. Mason Capitani CORFAC International represented Anji Logistics in the transaction.

February 2, 2017

Michigan Midwest Mixed-Use

Third Coast Development, PK Development Group Break Ground on $42M Mixed-Use Project in Grand Rapids, Michigan

by Kristin Harlow January 30, 2017

GRAND RAPIDS, MICH. — Third Coast Development and PK Development Group have broken ground on the $42 million Diamond Place project in Grand Rapids. Diamond Place is a 2.8-acre development that sits on land formerly used by Proos Manufacturing at Michigan Street. The development will offer 165 apartments, consisting of one- and two-bedroom units. Approximately 100 of the units will be designated as income-restricted. Ground-floor retail spaces will also be available. The project is slated for completion in summer 2018. Pioneer Construction is the construction manager and Progressive AE is the architect. Other partners in the project include Michigan Good Food Fund, JPMorgan Chase Bank, Cinnaire, Mercantile Bank, Capital Impact Partners, Michigan Economic Development Corp., Michigan State Housing Development Authority, Opportunity Resource Fund and the City of Grand Rapids.

January 30, 2017

Industrial Michigan Midwest

Signature Associates Arranges Sale of 27,420 SF Industrial Building in Holly, Michigan

by Kristin Harlow January 30, 2017

HOLLY, MICH. — Signature Associates has arranged the sale of a 27,420-square-foot industrial building in Holly, south of Flint. The sales price was not disclosed. The building is located at 4101 E. Baldwin Road. Zito Construction, a local construction company, was the buyer. Paul Saad and Joe Banyai of Signature Associates represented the seller, LN Real Estate LLC.

January 30, 2017

Healthcare Michigan Midwest

Marcus & Millichap Brokers $43.5M Sale of Medical Office Building in Grand Rapids, Michigan

by Kristin Harlow January 27, 2017

GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the sale of the Women’s Health Center of West Michigan in Grand Rapids for $43.5 million. The four-story, 106,806-square-foot medical office building was built in 2008. The facility, which is 93 percent occupied, is anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health. The University of Michigan recently acquired Metro Health. Haron and Ashish Vakhariya of Marcus & Millichap represented the seller, Pinnacle Construction Group. The team also procured the buyer, a private real estate investment trust. The transaction was the largest sale by dollar value for a medical office property in Michigan since 2014.

January 27, 2017

Loans Michigan Midwest Office

Arriba Capital Negotiates $17.3M Bridge Loan for Refinancing of Office Property in Southfield, Michigan

by Kristin Harlow January 27, 2017

SOUTHFIELD, MICH. — Arriba Capital has negotiated a $17.3 million bridge loan for the refinancing of Metro Office Complex in Southfield. Built in the late 1980’s, the four-building, 565,000-square-foot office complex will undergo comprehensive capital improvements by the borrower, a Toronto-based real estate investor. Nick Barbaria of Arriba Capital negotiated the fixed-rate, bridge loan.

January 27, 2017

Michigan Midwest Office

Westwood Net Lease Advisors Brokers $92.6M Sale of Office Building in Midland, Michigan

by Kristin Harlow January 18, 2017

MIDLAND, MICH. — Westwood Net Lease Advisors has brokered the sale of an office building in Midland, about 27 miles east of Mt. Pleasant, for $92.6 million. The building serves as the headquarters for Dow Chemical Co., a manufacturer of plastics, chemicals and agricultural products. David Clary of Stan Johnson Co. represented the seller, Wells Fargo. Vince Vatterott and Jason Simon of Westwood Net Lease Advisors represented the buyer, a Northeast-based real estate investor. The transaction was completed as a 1031 exchange.

January 18, 2017

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