SAGINAW AND MUSKEGON, MICH. — CBL & Associates Properties Inc. has sold two shopping malls in Michigan for $66.5 million. The private buyer was undisclosed. The properties include the 901,181-square-foot Fashion Square Mall in Saginaw and the 645,677-square-foot The Lakes in Muskegon. The sale price included the assumption of a $38.2 million loan secured by the Fashion Square Mall. CBL & Associates is an owner and developer of malls and shopping centers throughout the United States.
HOLLAND, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 2.5-acre plot of land in Holland, approximately 30 miles southwest of Grand Rapids, which will be home to a new hotel. The Home 2 Suites by Hilton will be located on West Shore Drive. The extended-stay hotel will be pet friendly and feature full kitchens. Doug Taatjes of NAI Wisinski of West Michigan represented the seller, West Shore Investors LLC. Berkshire Hathaway’s Cheri Renfeld represented the buyer, IMDC Acquisitions LLC.
STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a seven-year office lease in Sterling Heights, approximately 25 miles north of Detroit, for CoreSource, a third-party administrator of employee benefits programs. CoreSource will occupy space at the 24,700-square-foot Liberty Professional Center, located at 35601 Mound Road. Al Iafrate of L. Mason Capitani represented the landlord in the transaction.
NOVI, MICH. — Children’s clothing retailer Hanna Andersson and American Girl are set to open new locations at Twelve Oaks Mall, a 550,000-square-foot center located in the Detroit suburb of Novi. Both retailers are slated to open in early August on the mall’s upper level near Nordstrom. The American Girl store will be the retailer’s first in Michigan, and will be a temporary boutique, according to reports by Crain’s Detroit Business.
DETROIT — Wayne State University will break ground this Wednesday, July 20 on the Mike Ilitch School of Business, a new academic building on the public university’s Detroit campus. The new school is named for Mike Ilitch, the founder of Little Caesars Pizza and owner of the Detroit Red Wings professional hockey team. The project will be largely funded by a $40 million gift from Ilitch and his wife, the largest donation in Wayne State’s history. The project in total will cost $50 million, according to Crain’s Detroit Business. The Mike Ilitch School of Business will be located on the southwest corner of Woodward Avenue and Temple Street in The District Detroit, a massive redevelopment surrounding the Red Wings’ new arena currently under construction. The school is scheduled for completion in 2018.
MADISON HEIGHTS AND HOWELL, MICH. — Signature Associates has arranged three industrial leases totaling just shy of 110,000 square feet in Southeast Michigan. In the first transaction, Signature negotiated the lease of 52,045 square feet at 1044 Durant Drive in Howell. Jim Montgomery of Signature Associates represented the landlord, North Star Ranch, and the tenant, Hatch Stamping. In the second transaction, Signature negotiated the lease of 38,776 square feet at 900 E. Whitcomb Ave. in Madison Heights to Martin Fluid Power Co. Paul Hoge of Signature Associates represented the landlord, Aventura Properties. In the third transaction, Signature negotiated the lease of 18,800 square feet of industrial space located at 31201 Mally Drive in Madison Heights. Paul Hoge of Southfield, Mich.-based Signature Associates represented the landlord, Mallco Co. and the tenant, Superior Cam Inc.
To get a sense of what is happening in Southeast Michigan retail these days, the place to start looking is the past. It’s interesting and important to recognize that the seeds of many of the retail trends manifesting themselves today were planted years ago. Fortunately, the overall retail marketplace in Southeast Michigan remains generally strong. The marketplace may change over time, but one constant that remains unaltered is that quality rises to the top. Thoughtfully designed and developed retail projects in favorable locations have always done well — and that has remained the case through recessionary ups and downs and the whims of a consumer base that can be quick to change. Rethinking e-commerce Today, one of the most discussed topics of conversation for any retailer is the competitive pressure of the online and mobile marketplace. The convenience of virtual transactions, the rise of Internet powers like Amazon, and an increasingly tech-savvy population of shoppers who are comfortable and confident shopping online for a wider variety of goods and services has prompted the vast majority of brick-and-mortar retailers to work hard to carve out their own space in the digital marketplace. Online and mobile growth has had less of a …
SAGINAW, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 141,231-square-foot retail building in Saginaw for an undisclosed price. LNR Partners LLC sold the single-tenant building, located at 3828 Bay Road, to A.T. Frank Floor Covering via Ten-X. The store was formerly occupied by Value City and is situated on a 17.2-acre site. A.T. Frank Floor Covering will occupy the building, which will serve as the company’s seventh location. Rich Deptula of Friedman represented both parties in the transaction.
THREE RIVERS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 91,264-square-foot shopping center in Three Rivers, approximately 30 miles south of Kalamazoo. Carson Equities LLC sold the building to Stockbridge Northridge LLC for an undisclosed price. The Three Rivers Shopping Center, located at 1320 W. Broadway St., is situated on 11.7 acres and is 81 percent occupied. Tenants at the center include Peebles, Dunham’s Sports and Family Farm & Home. The property is shadow anchored by Home Depot and Meijer. Rich Deptula of Friedman represented both parties in the transaction.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged an 8,746-square-foot lease for The Steinberg Law Firm, which will occupy space in the Onyx office building in Southfield, approximately 15 miles northwest of Detroit. The space will serve as the firm’s new headquarters, which was formerly located in Farmington Hills. Located at 29777 Telegraph Road, Onyx is a four-story building situated on 11.9 acres. The recently renovated building features amenities such as a sundry shop, café, conference facility and on-site management. Other new tenants to the building include Fras-le North America, Bogdahn Consulting, Dynamic Wealth Solutions and Szura-Delonis. David Friedman, Jordan Friedman and Greggory Kent of Friedman represented the landlord in the transaction.
