Michigan

Gerdom Realty Brokers Sale of 94,455 SF Grocery-Anchored Center in SE Michigan

by Jonathan Mehall July 20, 2015

FENTON, MICH. — Gerdom Realty & Investment has brokered the sale of a 94,455-square-foot grocery-anchored shopping center north of downtown Fenton in Southeast Michigan. Located on Leroy Street, the property is anchored by VG’s Food Center. Other tenants on the 9.5-acre site include Rent-A-Center and BoRics. Gerdom Realty has been retained to lease the remaining two vacancies in the center, which is currently 83 percent occupied. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the seller and procured the buyer, a private investment group.

July 20, 2015

Michigan Midwest Multifamily

Cocke Finkelstein Acquires Ramblewood Apartments for $100.4 Million

by Jonathan Mehall July 17, 2015

GRAND RAPIDS, MICH. — Cocke Finkelstein has acquired Ramblewood Apartments in Grand Rapids for $100.4 million. The 1,170-unit complex was built in phases from 1972 to 1985 and sits on two campuses that stretch across 188 tree-covered acres. The property offers wooded grounds and a pond, a community center with year-round indoor pool, a business office center, a 55,000-square-foot tennis and health club facility, and a number of other amenities. The property was 98 percent occupied upon acquisition. CFLane, the apartment management subsidiary of CFI, will manage the community. Berkadia arranged the transaction for the undisclosed seller.

July 17, 2015

Michigan Midwest Retail

Third Coast Development Breaks Ground on Mixed-Use Project in West Michigan

by Jonathan Mehall July 16, 2015

GRAND RAPIDS, MICH. — Third Coast Development has broken ground on a two-building mixed-use project in downtown Grand Rapids that will offer a total of 26 apartments, plus two commercial spaces. The project is taking shape near the site of a Hampton Inn & Suites currently under construction in downtown Grand Rapids. The two buildings are located at 555 Michigan St. and 601 Michigan St. Third Coast Purple at 555 Michigan St. will be a three-story, 12,000-square-foot building featuring eight total apartments and one commercial space on the first floor. Third Coast Orange at 601 Michigan St. will be a four-story, 25,000-square-foot building that will include 18 total apartments and one commercial space on the main floor. The total cost for the two buildings is estimated at $7.4 million, and the project is expected to create at least 15 permanent retail jobs. Last December, the Michigan Community Revitalization Program awarded the project a $1 million grant. The City of Grand Rapids’ Brownfield Redevelopment Authority also provided $475,000 in local property tax breaks.

July 16, 2015

Michigan Midwest

University of Michigan Receives $60 Million Gift From Zell Family Foundation

by Jonathan Mehall July 13, 2015

ANN ARBOR, MICH. — The University of Michigan’s Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies at the Stephen M. Ross School of Business has received a pledge of $60 million from the Zell Family Foundation. The funds will provide endowed support to the institute for the continued delivery and development of entrepreneurship programs for students and alumni. This includes $10 million dedicated to a new fund that will invest in new student business ventures. “Our goal is to accelerate the learning curve and the opportunities for budding entrepreneurs, as well as to build a powerful alumni network,” says Sam Zell, chairman of Equity Group Investments and a University of Michigan alumnus who graduated with a bachelor’s degree in 1963 and a law degree in 1966 from the Big Ten school. “Entrepreneurs have always been a primary driver of growth for this country. I believe that fostering entrepreneurial education is an investment in the future.” The Zell Lurie Institute is consistently ranked among the top graduate programs in entrepreneurship education by The Princeton Review and Entrepreneur Magazine, and has remained in the top three national programs for three consecutive years. According to Forbes magazine, Zell had an estimated …

July 13, 2015

Michigan Midwest Office Retail

Friedman to Auction Off Office Building, Retail Power Center July 20-22

by Jonathan Mehall July 10, 2015

STERLING HEIGHTS and SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions will be auctioning off two properties on July 20-22. The properties are Forum at Gateways in Sterling Heights, and Nine Mile Crossing in Southfield. Barry Swatsenbarg and Rich Deputa will represent Friedman at the auction. Bidding starts at $1.4 million with a $10,000 bid deposit. The Forum at Gateways is located at 44575-44833 and totals 258,105 square feet on approximately 55 acres. The power center is currently 77 percent occupied and is anchored by a Walmart and LA Fitness. Nine Mile Crossing is a 142,295-square-foot, Class B office building located at 17515 West Nine Mile Road. The 12-story building was constructed in 1969 and renovated in 2012. For auction-related questions, contact Jeff Book at jbook@auction.com.

July 10, 2015

Michigan Midwest Retail

Tanger Outlets Grand Rapids Will Host Grand Opening July 31 in Michigan

by Jeff Shaw July 8, 2015

GRAND RAPIDS, MICH. — The grand opening of Tanger Outlets Grand Rapids will take place Friday, July 31. This is the third Tanger Outlets retail center to open in the Great Lakes State. The 350,000-square-foot outlet center will contain 80 stores, including J. Crew Factory, Brooks Brothers Factory Store, Nike Factory Store and Cole Haan. The $77 million project has already had a positive economic impact, according to Tanger, including the creation of over 300 construction jobs and 1,000 part-time and full-time retail management and sales positions. The retail center is located approximately 11 miles south of downtown Grand Rapids at the southwest quadrant of US-131 and 84th Street in Byron Township.

July 8, 2015

Loans Michigan Midwest Restaurant Retail

Bernard Financial Group Arranges $2.2 Million Refinancing Loan

by Jeff Shaw July 8, 2015

NORTHVILLE, MICH. — Bernard Financial Group has arranged a $2.2 million refinancing loan for the Haggerty Road Retail complex in Northville, a western suburb of Detroit. The property consists of 8,400 square feet of retail and restaurant space and is leased through 2019. The retail and restaurant tenants include Verizon, Qdoba Mexican Grill and Reitz Enterprises. Dave Dismondy of Bernard Financial originated the loan for the borrower, Haggerty Eight LLC. The lender is Genworth, which has a correspondent relationship with Bernard Financial.

July 8, 2015

California Massachusetts Michigan Northeast Retail

Phillips Edison Grocery Center REIT II Buys Three Grocery-Anchored Retail Centers

by Amy Works July 7, 2015

EASTON, MASS., ANN ARBOR, MICH., AND MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has acquired three grocery-anchored shopping centers in Massachusetts, Michigan and California. The REIT acquired Highlands Plaza, a 112,869-square-foot Hannaford-anchored shopping center in Easton. Additional tenants include TJ Maxx, Liberty Mutual and Supercuts. The company also acquired Crossroads Towne Center, a 102,275-square-foot Kroger-anchored center in Ann Arbor, and Central Valley Marketplace, an 81,897-square-foot PAQ Food 4 Less-anchored center in Modesto. The acquisition price and name of the seller were not released.

July 7, 2015

Michigan Midwest Multifamily

The Solomon Organization Acquires Apartment Complex in Troy, Mich.

by Amy Works July 7, 2015

TROY, MICH. — The Solomon Organization has acquired Somerset Park, a 2,226-unit apartment community in Troy. Developed in the mid-1970s and located off Big Beaver Road, the property, which features a nine-hole golf course, is adjacent to the Somerset Collection, a luxury regional shopping mall, as well as the Somerset Hotel, Whole Foods Market and office buildings. Solomon plans to renovate the apartment interiors and upgrade commons areas, including recreational facilities. The Solomon Organization has acquired more than $500 million of residential property in the last 24 months, including 5,391 apartment units. The company now owns more than 12,700 apartment units in five states. The name of the seller and acquisition price were not released.

July 7, 2015

Trowbridge-Village-Retail-East-Lansing-MI

Loans Michigan Midwest Retail

Cohen Financial Secures $7.7M Loan for Grocery-Anchored Retail Property

by Amy Works July 2, 2015

EAST LANSING, MICH. — Cohen Financial has secured a $7.7 million CMBS loan on behalf of River Caddis Development for Trowbridge Village Retail Center in East Lansing. Located adjacent to Michigan State University, the 48,600-square-foot shopping center is anchored by Fresh Thyme Farmers Market, a Midwest-based natural foods grocery store. Cathy Bronkema of Cohen Financial secured the financing with a CMBS lender.

July 2, 2015

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