Michigan

Robust Multifamily Fundamentals Boost Market Appeal of Grand Rapids

by Kristin Harlow November 8, 2023

By Scott Nurski and Kevin O’Reilly, NAI Wisinski Great Lakes The Grand Rapids multifamily investment sales market has experienced reduced volume year-to-date, but the fundamentals remain strong. West Michigan, especially Grand Rapids, is affordable, with abundant high-paying employment opportunities and a high quality of life. In the words of author Malcolm Gladwell, “I love Grand Rapids. Why doesn’t everyone live in Grand Rapids?” Unlike many major markets, the construction pipeline here is slow and steady, with little risk of oversupply. While multifamily sales volume is down across the board, Grand Rapids remains a desirable location for owners and operators alike. Multifamily fundamentals Annualized rent growth continues to normalize from the wild parabolic rise seen nationwide due to the pandemic and associated market disruptions. It currently stands at 5.1 percent, according to third-quarter data from CoStar for Kent County (30 units and above). This figure is a solid uptick from the second-quarter 2023 figure of 3.2 percent. The market generally is returning to the 3 to 5 percent range typically seen during pre-pandemic norms. Occupancy improved slightly from 95.2 percent in the second quarter of 2023 to 95.4 percent in the third quarter of 2023. However, it has been gradually declining …

November 8, 2023

Acquisitions Michigan Midwest Multifamily Student Housing

Centurion Property Group, IDE Acquire 376-Bed Student Housing Community Near Michigan State University

by Kristin Harlow November 6, 2023

EAST LANSING, MICH. — A joint venture between Centurion Property Group and IDE has acquired The Rocks, a 376-bed student housing community located near Michigan State University in East Lansing. The purchase price was undisclosed. Built in 2015, the property features one, two-, three- and four-bedroom layouts, all with 100 percent bed-to-bath parity. Amenities include a fitness area, game room and study lounge. The community is fully occupied. Aaron Moll of Berkadia originated a Freddie Mac loan for the acquisition that features a fixed interest rate and interest-only payments for the full term. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate.

November 6, 2023

Loans Michigan Midwest Office

Bayview PACE Provides $2M in C-PACE Financing for Office Building Conversion Near Grand Rapids

by Kristin Harlow November 6, 2023

HOLLAND TOWNSHIP, MICH. — Bayview PACE has provided $2 million in C-PACE financing for a 132,000-square-foot office building in Holland Township near Grand Rapids that was converted into a church. Family Church, a West Michigan-based religious group with 2,400 current members, spearheaded the project. Located at 10717 Adams St., the three-story former bank headquarters was converted into a church facility with a large sanctuary, fellowship hall, café with commercial kitchen, new offices, classrooms, restrooms and other supporting spaces. The C-PACE funding supported upgrades of primary building systems, including HVAC, electrical and plumbing. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. The new location for Family Church serves as the largest of three campuses in the area.

November 6, 2023

Civic Development Michigan Midwest Retail

Detroit Music Hall Unveils Plans for $122M Expansion

by Kristin Harlow October 25, 2023

DETROIT — Detroit Music Hall has unveiled plans for a $122 million expansion project designed by Tod Williams Billie Tsien Architects. At seven stories and 100,000 square feet, the expansion is the culmination of an extensive 2023 feasibility study. The multipurpose music center will occupy the lot adjacent to the classic 1928 Music Hall, a landmarked facility in the heart of downtown Detroit at the corner of Brush and Madison streets. The new facility will feature a state-of-the-art 24,000-square-foot concert hall, 1,800-square-foot recital hall, recording and practice studios, leasable office space for industry professionals and a public welcome center offering box office access to arts and cultural programming across the city. The project is slated to open in fall 2026. Enclosed aerial walkways will bridge the gap between the historic Music Hall and the new Music Hall Center. The 4,000-square-foot alley between the two buildings will feature outdoor seating, areas for public performances and art installations, and spaces for the community to gather. The new Music Hall Center will house a music academy for students as well as a rooftop restaurant. Funding for the project is built on a base of $80 million in tax-exempt 501(c)3 bonds, issued by the …

October 25, 2023

Healthcare Leasing Activity Michigan Midwest

Radiant Smiles Opens 2,489 SF Dental Office in Grand Rapids

by Kristin Harlow October 23, 2023

GRAND RAPIDS, MICH. — Radiant Smiles has opened a 2,489-square-foot dental office at 4650 Plainfield Ave. in Grand Rapids. Hillary Taatjes Woznick and Doug Taatjes of NAI Wisinski of West Michigan represented the landlord, Comprehensive Engineering, in the lease. Ryan Gillespie of CARR Realty represented the tenant. Comprehensive Engineering purchased the building in 2021 and also occupies space within it.

October 23, 2023

Acquisitions Michigan Midwest Office

Friedman Brokers Sale of 62,752 SF Office Building in Southfield, Michigan

by Kristin Harlow October 20, 2023

SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of a 62,752-square-foot office building in Southfield for an undisclosed price. The property is located at 16500 W. 12 Mile Road. Robert Moon of Friedman represented the seller, Atlas Holding Corp. The buyer, Kensington Community Church, will occupy the building.

October 20, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Begins Construction of 90-Unit Breton Grove Affordable Housing Community in Grand Rapids

by Kristin Harlow October 19, 2023

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has begun construction on Breton Grove, a 90-unit affordable housing community to be built in two phases in Grand Rapids. The groundbreaking event featured an announcement about the new statewide Contractor Assistance Program (CAP), which is spearheaded by the Michigan State Housing Development Authority. CAP is aimed at increasing the number of those who are newly trained and employed in the construction workforce and to help contractors and emerging developers increase their capacity for larger contracts and projects. Woda Cooper is working with trained apprentices from the program on the construction of Breton Grove over the next two years. Both phases of the project will be designated for residents who earn 30 to 80 percent of the area median income, with 33 integrated Permanent Supported Housing units for residents facing homelessness. The project will consist of two buildings, each with one- and two-bedroom units. Each building will include a community room with kitchenette and onsite management and supportive service offices. Community Rebuilders, a Grand Rapids-based nonprofit, will coordinate the supportive services. Several units will be adapted for those with mobility challenges and/or sight and hearing disabilities. The City of Grand Rapids approved …

October 19, 2023

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $30M Loan for Refinancing of Industrial Property in Livonia, Michigan

by Kristin Harlow October 13, 2023

LIVONIA, MICH. — Bernard Financial Group (BFG) has arranged a $30 million loan for the refinancing of a 364,000-square-foot industrial property in Livonia, a northwest suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Securian Life Insurance Co. The borrower was an entity doing business as Livonia West Commerce Center 2 LLC.

October 13, 2023

Leasing Activity Michigan Midwest Office

Interior Environments Inks 6,117 SF Office Lease in Detroit

by Kristin Harlow October 10, 2023

DETROIT — Interior Environments has inked a 6,117-square-foot office lease at the Burns & Wilcox building, which is located at 119 State St. in Detroit. Steve Eisenshtadt, Andrew Bower and Jordan Friedman of Friedman Real Estate represented the undisclosed landlord. The tenant has launched the nation’s first minority-owned office furniture dealership, according to Friedman.

October 10, 2023

Acquisitions Michigan Midwest Retail

KJ Commercial Brokers $10.8M Sale of Goddard Square Shopping Center in Taylor, Michigan

by Kristin Harlow October 5, 2023

TAYLOR, MICH. — KJ Commercial has brokered the $10.8 million sale of the Goddard Square shopping center in Taylor, just east of the Detroit Metropolitan Wayne County Airport. The property comprises a 77,340-square-foot shopping center, a 6,624-square-foot retail outlot building and an adjoining five-acre land parcel. Some of the tenants include Planet Fitness, Dunham’s Sports, Cattleman’s Grocery and Del Taco. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial represented the buyer in the transaction, which closed in 75 days. Buyer and seller information was not provided.

October 5, 2023

Newer Posts

Older Posts