Michigan

Three New Tenants Open at Green Oak Village Place in Brighton, Michigan

by Kristin Harlow December 1, 2023

BRIGHTON, MICH. — Dollar Tree, X-Golf and Patient Centered Family Medicine & OMT have joined the tenant lineup at Green Oak Village Place, a retail lifestyle center in Brighton, which is located about midway between Detroit and Lansing. Dollar Tree and X-Golf, an indoor golf simulator, opened at the property on Saturday, Nov. 25. Patient Centered Family Medicine & OMT is slated to open before the end of the year. Dollar Tree occupies 9,853 square feet, X-Golf occupies 7,230 square feet and Patient Centered Family Medicine & OMT leases 1,349 square feet. REDICO owns the property.

December 1, 2023

Development Michigan Midwest Multifamily Student Housing Top Stories

American Campus Communities Underway on $631M Student Housing Project at University of Michigan

by Kristin Harlow November 29, 2023

ANN ARBOR, MICH. — American Campus Communities (ACC) is underway on the development of a $631 million student housing project at the University of Michigan in Ann Arbor. Plans call for a new residential community with five residence halls totaling 2,300 beds and a 900-seat dining facility, the largest of its kind among academic institutions, according to ACC. The university engaged ACC in a public-private partnership to lead the development of the project, which is situated on Central Campus between East Hoover Avenue and Hill Street. RAMSA is serving as the architect of record and Elkus Manfredi Architects is the interior architect. According to ACC, the development signifies the first Central Campus residence halls built specifically for first-year students since 1963 and will significantly alleviate a decades-long shortage of on-campus housing. “This important new student residential community allows all first-year students who want to live on the University of Michigan Central Campus to do so,” says Graham Wyatt, partner at RAMSA. “It will provide affordable and uniquely appropriate residential communities and amenities for the first- and second-year students who live there, and it will create a crucial link between Central Campus and the Athletic Campus.” To make way for the …

November 29, 2023

Leasing Activity Michigan Midwest Retail

LaundroLab Opens 4,000 SF Laundromat in Pontiac, Michigan

by Kristin Harlow November 27, 2023

PONTIAC, MICH. — LaundroLab has opened a 4,000-square-foot laundromat within Oakland Pointe Plaza in Pontiac, a northern suburb of Detroit. Founded by local franchisees Leslie and Water Czarnecki, the Pontiac LaundroLab features high-tech washers and dryers, 24-7 attendant service, a child playroom and vending machine. The facility accepts both coin payments and digital payments through a mobile app. The Pontiac facility is one of five planned franchise locations by the Czarneckis. Carrie Weiss of NAI Farbman represented the tenant.

November 27, 2023

Development Michigan Midwest Multifamily Student Housing

Brinkmann Constructors Breaks Ground on 729-Bed Student Housing Community in Ann Arbor

by Kristin Harlow November 14, 2023

ANN ARBOR, MICH. — Brinkmann Constructors has broken ground on VERVE Ann Arbor, a 729-bed student housing community near the University of Michigan in Ann Arbor. St. Louis-based Subtext is developing the 13-story, 350,000-square-foot project. Amenities at the 217-unit development will include a fitness center, terrace, rooftop pool and coworking spaces. WDG Architecture is the project architect. A timeline for completion was not provided.

November 14, 2023

Acquisitions Michigan Midwest Multifamily

Friedman Brokers $25.7M Sale of Multifamily Property in Brownstown, Michigan

by Kristin Harlow November 14, 2023

BROWNSTOWN, MICH. — Friedman Real Estate has brokered the $25.7 million sale of a 180-unit multifamily property in Brownstown, a southwest suburb of Detroit. The community is located at 21901 Stratford Place Blvd. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller and the buyer, Four Corners Development Group.

November 14, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Completes $10.5M Affordable Housing Community in Mount Clemens, Michigan

by Kristin Harlow November 13, 2023

MOUNT CLEMENS, MICH. — Woda Cooper Cos. Inc. has completed Edison Crossing, a $10.5 million affordable housing community in Mount Clemens, a northern suburb of Detroit. The 30-unit property features 11 units that are designated as Permanent Supportive Housing units with a preference for veterans. The entire development is restricted for residents who earn up to 80 percent of the area median income. The four-story building features amenities such as a multipurpose room, playground, picnic tables, onsite management center and additional space for coordination of supportive services by Macomb Community Action. Financing for the project was supported by the allocation of Low-Income Housing Tax Credits by the Michigan State Housing Development Authority. R4 Capital invested in the tax credits to provide equity financing. Comerica Bank provided a construction loan, and RiverHills Bank provided a permanent mortgage. Additionally, the city approved a Payment in Lieu of Taxes. Hooker DeJong Inc. was the project architect, and Greentech Engineering Inc. was the civil engineer. Woda Construction Inc. served as general contractor. Woda Management & Real Estate is handling leasing and property management.

November 13, 2023

Leasing Activity Michigan Midwest Office

Hatzel & Buehler Signs 16,288 SF Office Lease in Southfield, Michigan

by Kristin Harlow November 10, 2023

SOUTHFIELD, MICH. — Electrical contractor Hatzel & Buehler has signed a 16,288-square-foot office lease at 2 Corporate Drive in Southfield. The tenant is moving its Michigan location from Livonia. Gary Grochowski and Bryan Barnas of Colliers Detroit represented the landlord, S&N Southfield LLC. Colliers Detroit previously occupied the space for over 20 years.

November 10, 2023

Industrial Market Reports Michigan Midwest Midwest Market Reports

Grand Rapids Industrial Market Fundamentals Remain Strong

by Kristin Harlow November 9, 2023

By Drew Miller, CBRE Despite some level of macroeconomic uncertainty, the fundamentals of the industrial real estate market in West Michigan remain solid. While the overall number of tenants in the market has recently declined slightly, the demand for space from local companies and tenants new to the market is still outpacing supply. Nationally, the overall industrial vacancy rate finished the second quarter of 2023 at 3.7 percent, 30 basis points higher than the previous quarter but 100 basis points lower than the 10-year average. Comparatively, the West Michigan industrial market, of approximately 170 million square feet, ended the second quarter with an availability rate of less than 3 percent. The combination of a diverse economy, robust infrastructure and a conservative approach to development all factor into the continued strength of the region. Grand Rapids, the second-largest city in Michigan, and West Michigan at large are blessed with a well-balanced and diverse economy led by office furniture, automotive suppliers, aerospace, food processing, e-commerce and advanced manufacturing companies. The area is home to many of the leading office furniture and related design companies, including MillerKnoll, Haworth and Steelcase, all headquartered in West Michigan, with many of their manufacturing and suppliers …

November 9, 2023

Market Reports Michigan Midwest Midwest Market Reports Multifamily

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

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