Michigan

NAI Wisinski of West Michigan Brokers Sale of Two Office Buildings in Grand Rapids

by Christina Cannon August 18, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Brenton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transaction.

August 18, 2016

Healthcare Michigan Midwest

Skanska, Closner Construction to Build 243-Bed Hospital in Michigan for $206M

by Christina Cannon August 17, 2016

MARQUETTE, MICH. — A joint venture between Skanska and Closner Construction will build a new hospital for Duke LifePoint Healthcare for $206 million. The facility will serve as a replacement hospital for UP Health System – Marquette, also known as Marquette General Hospital. The 164,000-square-foot, 243-bed replacement facility includes approximately 46,000 square feet of diagnostic and therapeutic services and 56,000 square feet of patient care services. Additionally, the project will include an adjoining medical office building and a parking structure. The project is slated for completion in October 2018. The city of Marquette is located in Michigan’s Upper Peninsula. With a population of 21,335, it is the UP’s largest community, according to the city’s website.

August 17, 2016

Michigan Midwest Restaurant Retail

Wahlburgers Opens New Location in Detroit’s Greektown Neighborhood

by Christina Cannon August 16, 2016

DETROIT — Wahlburgers has opened a new restaurant at 569 Monroe St. in Detroit’s Greektown neighborhood. The two-story, 4,200-square-foot burger joint includes a full bar and will serve lunch and dinner daily. This is the chain’s first location in Michigan, but there are plans for six more. Wahlburgers also has locations in Florida, Massachusetts, Nevada, New York, Pennsylvania and Canada. Wahlburgers was founded by chef Paul Wahlburg, brother of celebrities Mark and Donnie Wahlburg, who are actors and singers. The trio star in the A&E reality TV show “Wahlburgers”.

August 16, 2016

Michigan Midwest Retail

Colliers International Brokers Sale of 6,230 SF Retail Property Near Ann Arbor

by Christina Cannon August 15, 2016

YPSILANTI, MICH. — Colliers International has brokered the sale of a 6,230-square-foot retail building in Ypsilanti, approximately 10 miles southeast of Ann Arbor, for an undisclosed price. Norman and June MacArthur sold the property, which is located at 4864 Washtenaw Ave., to Majik Properties LLC. University Office Technologies currently occupies the building, and Majik Properties will lease the space once the company moves out this September. Jim Chaconas and Richard Timmons of Colliers International represented both the buyer and seller in the transaction.

August 15, 2016

Market Reports Michigan Midwest Midwest Market Reports Retail

Michigan Retailers Are Expanding, Rents Are Growing, Investors Are Capitalizing

by Christina Cannon August 11, 2016

Chances are you have read the stories in the news lately about the challenges facing Michigan, the City of Detroit, or more recently the state’s seventh largest city, Flint. Between the chronicles of a once ailing automotive industry, the Chapter 9 bankruptcy filing by the City of Detroit in 2013 — the largest municipal bankruptcy in history — and most recently lead-tainted city water in Flint, there have been dozens of national headlines, sharp sound bites, and a litany of negative press coverage over the past few years. In short, over the past decade we have witnessed a roller coaster of economic events that have created a rather palpable investor stigma for Detroit and the State of Michigan as a whole. Despite the negative tone surrounding investment opportunities in Michigan, the state’s strong commercial real estate market is creating value for investors acquiring retail assets. Historically, Michigan shopping centers have traded at cap rates 50 to 100 basis below their national peers. Is this discount still warranted? Tide turns in Great Lakes As a brokerage firm dedicated to the sale of investment properties and retail tenant representation, Landmark Investment Sales and its parent company, Landmark Commercial Real Estate Services Inc., …

August 11, 2016

Michigan Midwest Multifamily Student Housing

EdR Begins Construction on Living-Learning Community at Northern Michigan University

by Christina Cannon August 10, 2016

MARQUETTE, MICH. — EdR has broken ground on a multiple-building living-learning community at Northern Michigan University (NMU) in Marquette. More than 1,200 beds will be delivered in multiple phases during the second half of 2017 and 2018. The community will feature classrooms, study rooms, TV lounges and laundry facilities with Internet and Wi-Fi throughout. The property will also include a large patio and lobbies designed to accommodate art shows, student events, university functions and various types of entertainment. EdR was chosen by NMU to develop, finance, construct and manage the property through its ONE Plan, which uses the company’s equity and financial stability to fund projects on university land. Upon completion, EdR will operate the residence halls under a 75-year lease with NMU and will manage the facility, while NMU will provide residence life services.

August 10, 2016

Affordable Housing Michigan Midwest Multifamily

UnitedHealthcare Invests $16.9M in Affordable Housing Projects in Michigan

by Christina Cannon August 9, 2016

YPSILANTI AND HOLT, MICH. — UnitedHealthcare has invested $16.9 million in two new affordable multifamily projects in Michigan. The $17.2 million New Parkridge will offer 86 affordable apartment units, as well as on-site support services to help improve residents’ access to healthcare, education, job training and childcare. UnitedHealthcare is investing $8 million in the project, which is located in Ypsilanti, approximately 10 miles southeast of Ann Arbor. Ypsilanti Housing Commission and Chesapeake Community Advisors are the project developers. UnitedHealthcare is also investing $8.9 million in Prestwick Village, a 66-unit affordable housing project with support services in Holt, approximately 10 miles south of Lansing. Construction is currently underway on the $10.7 million project, which is slated to be complete by the end of the year. T.R. Hovey Construction LLC is the general contractor for Prestwick Village, and Gryphon Group is the developer.

August 9, 2016

Industrial Michigan Midwest

Colliers Brokers Sale of 107,780 SF Industrial Facility Near Ann Arbor

by Christina Cannon August 9, 2016

SALINE, MICH. — Colliers International has brokered the sale of a 107,780-square-foot industrial building in Saline, approximately 10 miles south of Ann Arbor, for an undisclosed price. PICC Properties LLC sold the facility to American Soy Products, which will use the location as its new headquarters. The warehouse was formerly occupied by Associated Spring. The buyer plans to move into the space during the first quarter of 2017 after the building undergoes renovations. Peter E. Kepic and Peter J. Kepic of Colliers International represented the seller in the transaction. The property is located at 1445 Barnes Court.

August 9, 2016

Michigan Midwest

HOK, TowerPinkster Design $20.1M Family Justice Center in Kalamazoo

by Christina Cannon August 5, 2016

KALAMAZOO, MICH. — HOK and TowerPinkster have designed a $20.1 million justice facility in Kalamazoo. The Gull Road Family Justice Complex is a three-story, 81,200-square-foot building that consolidates all family court functions for the county including juvenile functions, domestic relations, probate, prosecuting attorneys, clerks and family support services. Situated on 7.3 acres, the facility features six hearing rooms, four courtrooms, a jury deliberation area, an attorney’s office, holding areas and more.

August 5, 2016

Michigan Midwest

Marcus & Millichap Arranges $11.3M Sale of 900-Unit Self-Storage Facility in Metro Detroit

by Christina Cannon August 5, 2016

WALLED LAKE, MICH. — Marcus & Millichap has arranged the sale of a 900-unit self-storage property in Walled Lake, approximately 35 miles northwest of Detroit, for $11.3 million. Mini Storage Depot includes 15 buildings totaling 111,050 square feet. The property, built in 2004, was 95 percent leased at the time of sale. Mini Storage Depot, located at 46550 Pontiac Trail, features 259 climate-controlled units, 641 non-climate-controlled units, 108 outdoor parking spaces for boat and recreational vehicle storage, an on-site management office, 24-hour video surveillance and 24-hour gate access. Brett Hatcher of Marcus & Millichap represented the seller and procured the buyer, both limited liability companies, in the transaction.

August 5, 2016

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