ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has brokered the sale of two grocery-anchored shopping centers in southeast Michigan. One center totals 73,253 square feet in Ortonville, while the other spans 67,248 square feet in Flushing. The seller, being involved in the grocery business for over 110 years, will continue to operate the grocery stores while selling the real estate. Robert Pliska of SPERRY represented the seller.
KENTWOOD, MICH. — Mercantile Bank has acquired a 31,500-square-foot office building in Kentwood near Grand Rapids. The two-story, fully remodeled building offers a mix of private offices, conference rooms, open workspaces, a large break room, training room and onsite parking. Significant capital improvements include renovations in 2017 and 2020 as well as upgraded HVAC systems and a refreshed parking lot. Kurt Kunst of NAI Wisinski of West Michigan represented Mercantile Bank, while Doug Taatjes and Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the undisclosed seller. Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion.
MUSKEGON, MICH. — Residential phases are underway and major infrastructure is in motion at Adelaide Pointe, a lakefront project in Muskegon, a western Michigan city located along Lake Michigan. Entrepreneur Ryan Leestma is spearheading the development. Backed by over $85 million in private capital and part of a broader $250 million master plan, Adelaide Pointe is located in a federally designated Opportunity Zone and anchored on a manmade peninsula surrounded by water. The project marks one of the largest waterfront developments in the state and Michigan’s largest Opportunity Zone project to date. The development will feature a 454-slip marina, luxury condominiums, a yacht club, boardwalk and commercial village.
PORT HURON, MICH. — Marcus & Millichap has brokered the $9.7 million sale of Port of Call Manufactured Housing Community in eastern Michigan’s Port Huron. Developed in 1995, the community is licensed for 146 homesites, 143 of which are occupied. Of the homes, 112 are community owned and 31 are tenant owned. All utilities are public and individually metered, and the property features off-street parking, community lighting and a basketball court. Chase Gilewski and Marcus & Millichap represented the seller and procured the buyer. Luke Lamoreaux of Marcus & Millichap Capital Corp. arranged $7.2 million in acquisition financing through a national housing lender that specializes in manufactured, modular and mobile homes.
DEARBORN, MICH. — District Capital has secured a $25.1 million first mortgage loan for a 622-bed student housing community at the University of Michigan – Dearborn. Mike Lemon of District Capital arranged the nonrecourse loan through a bank. The loan features a five-year term, fixed interest rate, one year of interest-only payments and a 30-year amortization.
OAKLAND TOWNSHIP, MICH. — Evexia Wellness Spa has signed a 3,603-square-foot retail lease to open its second location in Oakland Township, about 32 miles north of Detroit. Evexia will occupy space at the Kroger-anchored Country Creek Commons shopping center, which is located at the northwest corner of Adams and Silverbell roads. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the tenant, while Eric Banks of Dominion Real Estate Advisors represented the undisclosed landlord.
AUBURN HILLS, MICH. — Lakeshore Ear, Nose & Throat Center has signed an 89-month lease for 6,567 square feet of medical office space at 2251 N. Squirrel Road in Auburn Hills. James Mitchell and David McNabnay of Dominion Real Estate Advisors represented the landlord, Five Points Professional Office Building LLC. Michael Pulcini of M P Real Estate Consulting represented the tenant, which maintains six locations in metro Detroit.
SOUTHGATE, MICH. — A soul food restaurant has leased 7,198 square feet of retail space at Eureka Plaza in Southgate, a southwest suburb of Detroit. The lease brings the shopping center to full occupancy. There is still proposed outlot availability at the property, with up to 2,500 square feet with drive-thru capability. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.
DETROIT — Domino’s Pizza has signed a lease to open an 1,800-square-foot location at Chene Square in Detroit. The retail center is located on East Jefferson Avenue and Chene Street. Michael Murphy of Gerdom Realty & Investment represented the corporate tenant. Benji Rosenzweig of Colliers represented the undisclosed landlord.
MUSKEGON, MICH. — The Boulder Group has arranged the $3.5 million sale of a single-tenant, retail property net leased to Walgreens in Muskegon within western Michigan. The 15,567-square-foot building is located at 840 W. Sherman Blvd. There are more than 13 years remaining on the lease with 12 five-year renewal options. There are 5 percent rental escalations every five years in both the primary term and each option period. The lease is corporately guaranteed by Walgreens. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a full-service commercial real estate firm based in Florida. A Michigan-based commercial real estate company was the buyer.