BIG RAPIDS, MICH. — Agree Realty Corp. has sold Ferris Commons, a shopping center located in Big Rapids, about 60 miles north of Grand Rapids. The 173,557-square-foot center sold for $5.8 million to an undisclosed buyer. Agree Realty Corp. originally developed the property, which was 99.5 percent occupied, in 1990. The company has increased its 2015 disposition guidance to a range of $40 million to $50 million, with anticipated dispositions of both non-core shopping centers as well as select net-lease assets. Including this sale, Agree Realty has disposed of approximately $15 million year-to-date.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a former urgent care facility, located at 5378 Plainfield Ave. in Grand Rapids. Dr. Russ Curtis acquired the 5,000-square-foot facility from Spectrum Health for an undisclosed price. A portion of the facility has been renovated to serve as Northview Eye Care, while the remainder is available for lease. Doug Taatjes and Hillary Taatjes-Woznick represented the seller and buyer in the transaction.
LANSING, MICH. — CBRE|Martin has negotiated the sale of an office building located at 7050 W. Saginaw in Lansing for an undisclosed price. 7050 Building LLC sold the 18,584-square-foot property to Bergmann Associates, an architectural and engineering design firm. Bergmann is currently leasing 10,000 square feet in East Lansing and plans to move its 50 Michigan-based employees to the new location this fall. Eric Rosekrans and Thomas Jamieson of CBRE|Martin represented both parties in the transaction.
STERLING HEIGHTS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of The Forum at Gateways, located at 44575-44833 Mound Road in Sterling Heights. The property sold on Auction.com for more than $20 million. The 258,105-square-foot property is ideally located in a highly developed and densely populated residential and commercial area along M-59. Barry Swatsenbarg and Rich Deptula of Friedman represented the undisclosed seller in the transaction.
NOVI, SOUTHFIELD AND FERNDALE, MICH. — Cushman & Wakefield|Signature Associates has brokered three industrial transactions, totaling 111,020 square feet, in Michigan. In Novi, Jim Montgomery of Cushman & Wakefield|Signature Associates represented Radius in the purchase of 26,390 square feet of high-tech space located at 40230 Grand River Ave. from an undisclosed seller. In Southfield, 25900 W 8 Mile LLC acquired 35,000 square feet of industrial space at 25900 Eight Mile Road. Montgomery Associates represented the seller, Volvo, in the transaction. In Ferndale, Joe Hamway of Signature Associates represented E&J Properties LLC in the sale of a 49,630-square-foot industrial space, located at 1551 Academy St. John Boyd, also of Signature, represented the buyer, J&J 1551 LLC, in the transaction. The transaction prices were not released for the deals.
PLYMOUTH, MICH. — Building demolition work is underway at the future site of the 128,000-square-foot Starkweather Lofts in Plymouth, a western Detroit suburb, according to Crain’s Detroit Business. The $21 million apartment property, which is slated for completion in November 2016, will be comprised of two, four-story buildings and a mix of 93 one-and two-bedroom luxury units. The units will range from 800 to 1,330 square feet and offer amenities such as wood flooring, granite countertops, stainless steel appliances, in-unit washer and dryer and outdoor patios or balconies. In addition, Starkweather Lofts will be within walking distance of downtown Plymouth. The project includes the demolition of a 20,000-square-foot building on the site. DevMar Development LLC, based in Bingham Farms, Mich., is the project developer.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a student housing property for $12.5 million, or $192,000 per unit, located at 5 Lyon St. NW in Grand Rapids. The Lofts @ 5 Lyon, a former office building converted into a student housing property, features a mix of 65 studio, one-, two-, three-, and four-bedroom units, along with first-floor office space and retail component. The building is within walking distance of several learning institutions and is adjacent to a number of museums, bus stops and restaurants. Michael Cagen of Marcus & Millichap’s Grand Rapids office represented the undisclosed seller and procured the buyer.
Associated Bank Provides $3.8M Construction Loan for Manufactured Housing Community in Linden, Mich.
LINDEN, MICH. — Associated Bank has provided a $3.8 million construction loan to Chicago-based Zeman Homes for the construction of Pine Ridge Manufactured Housing Community in Linden. The 195-site manufactured housing community, located at 9348 Silver Lake Road, about 17 miles south of Flint, Mich., features a clubhouse and children’s playground. Jerry Rotunnno of Associated Bank originated the loan.
ANN ARBOR, MICH. — Armada Real Estate Services has brokered the $12 million sale of an 84,000-square-foot office complex located at 3027 Miller Road in Ann Arbor. Constructed in 2000, Forest Cove is 100 percent occupied with 17 tenants, including ETAS Inc., Enlighten and Perficient Inc. Darryl and Bruce Goodwin of Armada Real Estate Services represented both the buyer, Oxford Co., and the undisclosed seller.
Detroit is in a state of transition. It’s a process that has been simmering for some time, but really began in earnest about five years ago. This article discusses some of the property types, developments and neighborhoods that continue to reshape downtown Detroit and offers some insight into what the city might look like in five to 10 years. Fueled by a strengthening economy, there is an air of excitement in the Motor City, and the development climate is increasingly vibrant. The nexus of development and redevelopment activity is occurring in the same places — Downtown, Midtown, New Center — that were at the core of the city’s renaissance a century ago. In some respects, today’s Detroit is reinventing itself in the same way. Residential leads the way The foundation of Detroit’s development resurgence is residential growth. People are continuing to move to Detroit to work and to live — a trend that has accelerated dramatically in the last few years with downtown apartment buildings reporting upwards of 98 percent occupancy. It’s a phenomenon that shows no real sign of slowing down. It’s also an important and natural first phase. With residential comes the corresponding demand for dining, retail and …