Michigan

Lack of Quality Inventory Spurs New Round of Development in Traverse City

by Danielle Everson November 20, 2014

A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …

November 20, 2014

Michigan Midwest Multifamily

Princeton Enterprises Acquires Lansing Tower Apartments for $3.6M

by Danielle Everson November 18, 2014

LANSING, MICH. — Princeton Enterprises has purchased Lansing Tower Apartments in Lansing for $3.6 million. The apartment community, located at 610 W. Ottawa St., includes 140 studio, one-, two- and three-bedroom units. Cary Belovicz of Commercial Property Advisors brokered the deal on behalf of the private seller. The new owner plans to renovate the exterior of the building, make plumbing improvements and add a new swimming pool deck, fitness center, resident lounge and lobby with a new WiFi beverage café. The property was built in 1968.

November 18, 2014

Michigan Midwest Office

California Investor Acquires 33,000 SF Office Building Near Southfield, Mich.

by Danielle Everson November 18, 2014

BEVERLY HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 33,000-square-foot office building in Beverly Hills, five miles northeast of Southfield. The Berkshire Office Building is located at 31000 Lahser Road. California-based LSTC Michigan LLC purchased the building. The asking price for the property was $1.35 million, but the final selling price was undisclosed. Seven individual tenants occupy the building. Mason L. Capitani represented LSTC Michigan in the sale.

November 18, 2014

Industrial Michigan Midwest

LTC Roll & Engineering Buys 153,000 SF Industrial Facility in Marine City, Mich.

by John Nelson November 12, 2014

MARINE CITY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 153,000-square-foot industrial facility in Marine City. LTC Roll & Engineering purchased the property located at 7177 Marine City Highway for an undisclosed sales price. LTC Roll & Engineering is a manufacturer of metallic components and assemblies supplying the automotive, building products and alternative energy market segments. Jason Capitani and Joe DePonio of L. Mason Capitani represented LTC Roll & Engineering in the transaction.

November 12, 2014

Michigan Midwest Restaurant Retail

Howard Schwartz Arranges Lease for Buffalo Wild Wings in Royal Oak, Mich.

by Danielle Everson November 10, 2014

ROYAL OAK, MICH. — Howard Schwartz Commercial Real Estate LLC has arranged the lease of 9,144 square feet in Royal Oak. Buffalo Wild Wings will occupy space at the former Barnes & Noble bookstore located at 500 S. Main St. Diversified Restaurant Holdings Inc. leased the space and will complete $2.6 million in renovations for the restaurant. The new eatery is expected to open January 2015.

November 10, 2014

Michigan Midwest

Colliers Arranges Sale of 30-Unit Apartment Complex in Wayne, Mich.

by Danielle Everson November 6, 2014

WAYNE, MICH. — Colliers International has arranged the sale of a 30-unit apartment building in Wayne. The property is located at 3670 S. John Hix Road. The apartment building was fully occupied at the time of sale. Jack Williams of Colliers International represented the buyer, GHI Properties LLC, which purchased the property as a second part of a 1031 tax-deferred exchange.

November 6, 2014

Michigan Midwest Retail

Devonshire REIT Acquires Three Shopping Centers for $69.7M

by Danielle Everson November 3, 2014

KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.

November 3, 2014

Industrial Michigan Midwest

SL America Buys Industrial Building in Auburn Hills, Mich.

by Danielle Everson November 3, 2014

Auburn Hills, Mich. — L. Mason Capitani CORFAC International has arranged the sale of a 40,000-square-foot industrial facility in Auburn Hills. SL America Corp. purchased the facility located at 4375 Giddings Road from an undisclosed seller. The asking sale price for the property was $2.2 million. SL America, a subsidiary of South Korean-based SL Corp., has outgrown its North American Engineering Center in Sterling Heights and is expanding to this new location. The company is a supplier of exterior lighting, gear shifters, electronics, and pedal modules. Garry Rogers of L. Mason Capitani represented the buyer in the transaction.

November 3, 2014

Michigan Midwest

David Whitney Building in Detroit to Open as Mixed-Use Facility, Aloft Hotel

by Danielle Everson October 31, 2014

DETROIT — Detroit-based Kraemer Design Group PLC (KDG) is on track to complete the architecture, interior design and historic consulting of the celebrated David Whitney Building in downtown Detroit. The building will reopen as a mixed-use facility featuring the Aloft Detroit at the David Whitney hotel in December. The David Whitney Building, built in 1915 to the design of architectural firm Daniel Burnham & Co., was once regarded as one of the most iconic skyscrapers in the Midwest. The 19-story, Neo-Renaissance building has undergone a two-year, $94.5 million renovation restoring both interior and exterior architectural elements, including the four-story atrium. The 136-room boutique Aloft Detroit at the David Whitney hotel will occupy the lower floors and 105 residential apartments will occupy the upper floors. The building will also feature the Grand Cirque Brasserie — a restaurant, 6,670 square feet of meeting and banquet spaces and ground-level retail.

October 31, 2014

Michigan Midwest

Cargill Signs 12,000 SF Office Lease in New Haven, Mich.

by Danielle Everson October 31, 2014

NEW HAVEN, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 12,133-square-foot office building in New Haven. Cargill will occupy the space within a larger office & hi‐tech facility located at 31029 Comcast Drive. Cargill provides food, agriculture, financial and industrial products and services. The company employs more than 145,000 people in 67 countries. Jason Capitani and Joe DePonio of L. Mason Capitani represented the landlord in the transaction.

October 31, 2014

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