WARREN, MICH. — Liquidation sales retailer Big Discount Lot has signed an 8,000-square-foot retail lease at Pickwick Plaza in Warren, a northern suburb of Detroit. The shopping center is located at the southeast corner of 12 Mile and Schoenherr roads. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.
MARSHALL, MICH. — Ford Motor Co. (NYSE: F) has unveiled plans for BlueOval Battery Park Michigan, a $3.5 billion lithium iron phosphate (LFP) electric vehicle battery plant in Marshall, a small city of about 7,000 residents located approximately 100 miles west of Detroit. The development will be the first automaker-backed LFP battery plant in the U.S., according to Ford, and will initially employ 2,500 workers upon completion in 2026. The site offers opportunity for further development, despite the fact that 245 acres of land along the Kalamazoo River will be placed into a conservation easement and protected against future industrial development. The plant will operate as a wholly owned subsidiary of Ford in partnership with global battery manufacturer Contemporary Amperex Technology Co. Limited (CATL). Under terms of the arrangement, Ford will manufacture its LFP battery cells utilizing services and knowledge from CATL. The company’s current roster of electric vehicles run on nickel cobalt manganese (NCM) batteries. By offering a second, lower-cost battery chemistry, the company will be able to expand its offering of electric vehicles with a variety of affordable new models. “Ford’s electric vehicle (EV) lineup has generated huge demand,” says Jim Farley, the company’s president and CEO. “To …
KANSAS, MISSOURI AND MICHIGAN — Maverick Commercial Mortgage has arranged a $6.9 million loan for the refinancing of three mobile home parks in the Midwest. The properties include Green Acres in Emporia, Kan.; Maplewoods in Odessa, Mo.; and Milwood MHC in Kalamazoo, Mich. Park Place Communities owns and manages the portfolio. All three properties are slated to undergo major capital improvement projects. A Midwest debt fund provided the loan.
DETROIT — Lument has provided a $7.7 million Fannie Mae loan for the acquisition of Central Park Apartments in Detroit. The garden-style apartment community includes 92 units. James Kelly of Lument originated the loan on behalf of the borrower, Greatwater Opportunity Capital, which owns nearly 2,000 apartment units across 40 properties. The seven-year loan features 12 months of interest-only payments, a 30-year amortization schedule and a fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs and several unit renovations.
GRAND HAVEN, MICH. — Northmarq has brokered the $3.1 million sale of a newly constructed, build-to-suit property occupied by Popeyes in Grand Haven, which is situated along Lake Michigan. The building at 320 N. Beacon Blvd. is located near Walgreens, Dollar Tree, Starbucks and The Home Depot. Isaiah Harf of Northmarq represented the Illinois-based seller. A New York-based private investor acquired the asset in a 1031 exchange. Nationally, there are more than 3,700 Popeyes locations.
By Andy Gutman, Farbman Group It’s no secret that the last few years have been a turbulent time for the office market nationally. While Detroit has fared somewhat better than some other cities across the Midwest, the same pandemic (and now post-pandemic) pressures have led to a higher-than-usual degree of uncertainty and volatility. Here in the early part of 2023, it’s a good time to take a step back and look at how the Detroit office landscape is changing, how it’s not changing and what might be in store throughout the rest of the year — and beyond. This is a unique time because there’s still a tremendous amount of uncertainty to factor into the commercial real estate market in general, and into office specifically. There are a lot of brands and businesses who either have not made up their mind about their office structure and needs going forward, or are still in an experimental post-pandemic period where they are trying to figure out the balance that works for them in terms of remote or hybrid work options and brick-and-mortar configurations. Until more of that uncertainty is resolved, a clear picture of the medium- and long-term prospects for the office …
OHIO, MICHIGAN AND TENNESSEE — Ultium Cells LLC, a joint venture between General Motors and LG Energy Solutions, has received a $2.5 billion loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The loan will help finance the construction of three new lithium-ion battery cell manufacturing facilities in Warren, Ohio; Lansing, Mich.; and Spring Hill, Tenn. JLL assisted the DOE in the credit risk evaluation of the project structure, including the allocation of risk, the strength of construction, supply and purchase contracts. JLL also negotiated the loan terms and conditions. The construction projects are expected to create more than 11,000 jobs. The three new facilities will manage battery cell production to respond to the growing U.S. consumer demand for electric vehicles. The transaction marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing program. In October, the federal government launched the American Battery Materials Initiative to grow the end-to-end battery supply chain alongside $2.8 billion in grants from the DOE.
DETROIT — Colliers has brokered the sale of the historic Grand Army of the Republic (GAR) building in Detroit for an undisclosed price. The 24,000-square-foot property is located at 1942 Grand River Ave. Newgar LLC sold the asset to Joe Barbat of Barbat Holdings. Benji Rosenzweig and Ben Hubert of Colliers represented both parties in the transaction. The building currently houses a restaurant, office and event space. The buyer intends to convert the property into strictly event space with a new steakhouse on the ground floor to replace the old Parks & Rec Diner and Republic Tavern restaurants. The GAR building opened in 1901 as a place for the city’s Civil War veterans to gather. The GAR is a nationwide organization founded in 1866.
By Evan Lyons, Encore Real Estate Investment Services Looking back on 2022, it could be said that Detroit’s economic performance last year mirrored that of the city’s tenacious Detroit Lions’ football season. Both were mired in doubt, plagued by volatility and sustained by grit, yet beyond all expectation, when the clock ran down, both proved the naysayers wrong. Just as the Lions surprised doubters by finishing their season at 9-8 and beating their divisional rivals, the Green Bay Packers, Detroit surpassed expectations by outpacing the national jobs growth rate of 5.8 percent at mid-year 2022 with a rate of 8.6 percent year-over-year. Gains in employment and wages are expected to continue over the next few years, according to a University of Michigan study. The city bolstered its “offensive line” with new store openings and new construction throughout the urban core. Stadiums and parks were filled again, fueled by crowd-pleasing events and programing, including Belle Isle parks’ notorious, over-waxed giant slide, which went viral and gained infamy last year for catapulting riders who dared venture a ride. Detroit also scored points in visits to leisure and hospitality establishments during the past 12 months. Visits increased by 50 percent from June …
NORTHVILLE, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million loan for the acquisition of a 28,780-square-foot retail property occupied by Fresh Thyme Market in Northville, a northwest suburb of Detroit. Constructed in 2015 as a build-to-suit for the grocery store, the building is located at 15480 Sheldon Road. Chad O’Connor of MMCC arranged the loan on behalf of the undisclosed borrower. The 10-year loan features a fixed interest rate of 5.37 percent, a 30-year amortization schedule and a 45 percent loan-to-value ratio.
