Michigan

Strong Demand, Limited Inventory Spur New Construction in West Michigan

by Christina Cannon April 15, 2016

The commercial real estate market in West Michigan was quite active in 2015 across all property sectors, including one massive data center deal that is expected to spur billions of dollars in investment. Both new development and transactions involving existing facilities drove deal volume in 2015. Consequently, vacancy rates dropped while leasing rates generally rose. We expect a high level of commercial real estate activity this year as well. A lack of inventory for existing product will continue to drive new development in 2016. Industrial Strength The industrial market, in particular, has experienced a shortage of quality product to satisfy the demands of distribution companies from across the area. The greater Grand Rapids industrial market consists of approximately 115 million square feet. At the end of 2015, the vacancy rate was 4.1 percent. This marks a significant improvement compared with the depths of the Great Recession when the vacancy rate approached 10 percent. For the first time in years, we are seeing speculative development across all sizes of industrial properties. Lease rates for these speculative buildings are significantly higher than what we have experienced in the recent past due to the relatively high cost of construction. The good news for …

April 15, 2016

Michigan Midwest Office

Sandler & Travis Signs 38,773 SF Office Lease in Southfield, Michigan

by Christina Cannon April 14, 2016

SOUTHFIELD, MICH. — Sandler & Travis Trade Advisory Services Inc. has signed a 38,773-square-foot lease at the Galleria Officentre in Southfield, approximately 17 miles northwest of Detroit. Sandler & Travis will occupy space on the first and fourth floors of the 350,000-square-foot building. The five-story, Class A office building was constructed in 1987. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the ownership in the transaction.

April 14, 2016

Michigan Midwest Retail

Kroger to Invest $180M in Michigan With Three New Marketplace Stores, Plus Six Fuel Centers

by Christina Cannon April 8, 2016

NOVI, MICH. — Novi-based The Kroger Co. of Michigan will invest $180 million in Michigan’s grocery sector during 2016 by adding three Kroger Marketplaces stores and six new fuel centers. The grocer will also increase its ClickList online shopping service to 22 locations and remodel 11 existing stores. The new stores will be located at 12 Mile Road and Stephenson Highway in Royal Oak, M-59 and Elizabeth Lake Road in White Lake Township and at 26 Mile Road and Van Dyke Avenue in Shelby Township. The Kroger Co. of Michigan includes 129 Kroger stores, 69 fuel centers and 103 pharmacies. Kroger Marketplace stores average 110,000 square feet and are multi-department stores that offer full-service grocery, pharmacy, outdoor living products, electronics, home goods and toys.

April 8, 2016

Loans Michigan Midwest Multifamily Seniors Housing

NorthPoint Arranges $7M Refinancing for 134-Unit Seniors Housing Community in Michigan

by Christina Cannon April 8, 2016

ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.

April 8, 2016

Loans Michigan Multifamily

Cohen Financial Arranges $4.5M Refinancing Loan for 64-Unit Apartment Community

by Christina Cannon April 5, 2016

YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.

April 5, 2016

Michigan Midwest Retail

NAI Wisinski Arranges Two Retail Leases Totaling 3,280 SF in Grand Rapids

by Christina Cannon April 5, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged two retail leases totaling 3,280 square feet in Grand Rapids. In the first deal, Jamaican Dave’s will be relocating to a 1,980-square-foot building at 530 S. Division Ave. The space is currently undergoing a renovation, and the restaurant is expected to open by late April. In the second transaction, Aureus Tree Financial Services is relocating from Leonard Street to a former Modern Nails store at 4057 Plainfield Ave. The 1,300-square-foot building is under renovation. Aureus Tree Financial Services has an anticipated move-in date of May 1. Bill Tyson of NAI Wisinski of West Michigan brokered both transactions.

April 5, 2016

Loans Michigan Midwest Multifamily Seniors Housing

Lancaster Pollard Provides $11M Refinancing for 88-Unit Assisted Living Community in Michigan

by Christina Cannon April 4, 2016

GRAND RAPIDS, MICH. — Lancaster Pollard has provided an $11 million, HUD-insured refinancing for Vista Springs Northview, an 88-unit assisted living community in Grand Rapids. The loan refinanced the first mortgage, which was a variable-rate loan, as well as other subordinate debt used to expand the facility in 2014. In addition to the refinancing, the loan will provide approximately $730,000 for facility repairs. Brendan Healy led the transaction for Lancaster Pollard.

April 4, 2016

Michigan Midwest Office

NAI Wisinski Negotiates Sale of 9,000 SF Office Building Near Grand Rapids

by Christina Cannon April 1, 2016

KENTWOOD, MICH. — NAI Wisinski of West Michigan has negotiated the sale of a 9,000-square-foot building in Kentwood, approximately 10 miles southeast of Grand Rapids, for an undisclosed price. Mattson Financial Services LLC purchased the property from Chulam Malin. Mattson Financial Services will be relocating from its current facility at 1507 Plainfield Ave. in Grand Rapids following the renovation of the building, to be completed this spring. Mattson Financial Services specializes in financial planning, investment management and tax planning. Cameron Timmer of NAI Wisinski represented Mattson Financial Services. Jason Makowski and Mary Anne Wisinski of NAI Wisinski represented the seller.

April 1, 2016

Michigan Midwest Retail

Mid-America Arranges Sale of 130,424 SF Retail Center in Metro Detroit

by Christina Cannon March 30, 2016

CLAWSON, MICH. — Mid-America Real Estate Corp. has arranged the sale of Clawson Center, a 130,424-square-foot grocery-anchored shopping center located in the northern Detroit suburb of Clawson, for an undisclosed price. Tenants at the center include Aldi, Dollar Tree, O’Reilly Auto Parts, Rite Aid and Staples. The shopping center was 80 percent occupied at the time of sale. Ben Wineman and Daniel Stern of Mid-America represented the seller, Kimco Realty, in the transaction. Viking Partners was the buyer.

March 30, 2016

Industrial Michigan Midwest

L. Mason Capitani Arranges 140,000 SF Industrial Lease in Port Huron

by Christina Cannon March 28, 2016

PORT HURON, MICH. — L. Mason Capitani CORFAC International has arranged a 140,000-square-foot industrial lease in Port Huron, approximately 60 miles northeast of Detroit. Rex Performance Products, a manufacturer of polyethylene foam, has leased the building at 2100 Dove St. Jason Capitani and Joe DePonio of L. Mason Capitani represented both parties in the transaction.

March 28, 2016

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