Michigan

Flux City Development Breaks Ground on $8.2M Affordable Housing Community in Detroit

by Kristin Harlow June 23, 2023

DETROIT — Flux City Development has broken ground on The Ribbon, an $8.2 million affordable housing community located in Detroit’s East English Village neighborhood. Of the 18 total units, 14 will be reserved for those earning at or below 80 percent of the area median income (AMI), and four of the units will be designated for at or below 60 percent of AMI. Affordability of the apartments is guaranteed for the next 25 years. The project will also feature retail space to be occupied by local favorite Gajiza Dumplings, which will make The Ribbon its first permanent home. Demolition of a former bank building at the project site was recently completed. Completion of The Ribbon is slated for fall 2024. Project partners for The Ribbon include LISC Detroit, a local organization founded in 1990 within the Local Initiatives Support Corporation network, and Invest Detroit, a nonprofit lender, investor and partner. The project received $600,000 in loans from the Detroit Housing for the Future Fund (DHFF) as well as $338,199 in preferred equity from DHFF. The Strategic Neighborhood Fund provided a $1.4 million grant. The development also received $2.2 million from Capital Impact Partners (CIP), a CIP equitable development initiative grant …

June 23, 2023

Acquisitions Michigan Midwest Multifamily

Friedman Arranges $4M Sale of Multifamily Property in Marshall, Michigan

by Kristin Harlow June 19, 2023

MARSHALL, MICH. — Friedman Real Estate has arranged the $4 million sale of Village Green in Marshall, about 13 miles southeast of Battle Creek. The 54-unit multifamily property is located at 200 W. Drive North. The community was built in 1976, according to Apartments.com. Peter Jankowski of Friedman represented the buyer.

June 19, 2023

Michigan Midwest

Friedman Real Estate Launches New Commercial Mortgage Banking Firm, SF Capital

by Kristin Harlow June 15, 2023

FARMINGTON HILLS, MICH. — Full-service commercial real estate firm Friedman Real Estate has launched a new subsidiary for commercial mortgage banking called SF Capital. Veteran commercial mortgage professional Matt Shane has partnered with Friedman to launch the new firm, which specializes in debt and equity placement, loan servicing and advisory. SF Capital connects property owners with sources of capital, including life insurance companies, balance sheet lenders, CMBS lenders, bridge lenders, banks and credit unions. “By combining the expertise of the SF Capital team with the experienced team and resources at Friedman, we are able to add exceptional value for investors seeking sources of capital,” says Shane.

June 15, 2023

Leasing Activity Michigan Midwest Restaurant Retail

Knock Twice Speakeasy Opens in West Bloomfield Township, Michigan

by Kristin Harlow June 15, 2023

WEST BLOOMFIELD TOWNSHIP, MICH. — Knock Twice Speakeasy has opened in West Bloomfield Township, a northwest suburb of Detroit. Eric Banks and Rachele Downs of Dominion Real Estate Advisors represented the landlord, Hariram Properties Inc., in the five-year lease for 5,383 square feet. The space was formerly home to Lark restaurant and later Sizzle and Spice Indian Cuisine. Knock Twice has invested $250,000 in its space, which features an outdoor patio, cigar lounge and VIP area.

June 15, 2023

Healthcare Leasing Activity Michigan Midwest

Metro Infusion Center Signs 2,435 SF Medical Office Lease in Flint, Michigan

by Kristin Harlow June 9, 2023

FLINT, MICH. — Metro Infusion Center has signed a seven-year, 2,435-square-foot medical office lease at 1321 S. Linden Road in Flint. The tenant is an infusion and injection therapy provider with more than 160 locations nationwide. Jim Mitchell of Dominion Real Estate Advisors and Michele Rosenblum of Lee & Associates represented the landlord, LSPV Cornerstone, an affiliate of Versa Development Co.

June 9, 2023

Acquisitions Michigan Midwest Net Lease Office Top Stories

The Herrick Co. Acquires 21-Story Office Tower in Downtown Detroit for $150M

by Katie Sloan June 8, 2023

DETROIT — The Herrick Co. has acquired a 21-story office tower at 2025 Woodward Ave. in downtown Detroit for $150 million. Locally based architecture firm Neumann Smith designed the 421,481-square-foot building, which was delivered in fall 2022 and acts as a headquarters for Huntington National Bank’s (NASDAQ: HBAN) commercial division. The bank fully occupies the property on a triple-net-lease basis. The building features ground-floor retail space, including a Huntington Bank branch; 10 floors of structured parking; a cafe; and a rooftop terrace with space for movies or sporting events to be projected on the side of the tower. The deal is the largest building acquisition to close in Detroit since the start of the COVID-19 pandemic, according to Crain’s Detroit Business. The seller was not disclosed. Huntington acquired TCF Financial Corp. in 2020 for $22 billion. The combined company operates more than 1,000 branches in 11 states. The bank’s stock price closed at $11.42 per share on Wed. June 7, down from $13.10 one year ago. The Herrick Co. is a national real estate investment firm that has completed more than $6 billion in transactions. The company focuses on acquiring single-tenant buildings net leased to office, industrial and retail users, …

June 8, 2023

Development Industrial Michigan Midwest

GM to Invest $1B in Two Manufacturing Facilities in Flint, Michigan

by Kristin Harlow June 7, 2023

FLINT, MICH. — General Motors Co. (NYSE: GM) has unveiled plans to invest more than $1 billion in two of its manufacturing facilities in Flint — Flint Assembly and Flint Metal Center. The investments will be utilized to prepare the plants for the production of internal combustion engine (ICE) heavy-duty trucks. At Flint Assembly, GM will invest $788 million for a body shop building expansion, general assembly conveyor expansion and new tooling and equipment. At Flint Metal Center, GM will invest $233 million for new stamping dies as well as press refurbishments and new equipment. GM has announced more than $1.7 billion in investments for Flint-area operations in 2023.

June 7, 2023

Acquisitions Hospitality Michigan Midwest

Alpine Realty Capital Brokers Sale of 137-Room Comfort Inn & Suites Hotel in Mt. Pleasant, Michigan

by Kristin Harlow June 6, 2023

MT. PLEASANT, MICH. — Alpine Realty Capital LLC, a member of Hotel Brokers International, has brokered the sale of the Comfort Inn & Suites and Conference Center in Mt. Pleasant, a city in central Michigan. The sales price was undisclosed. The 137-room hotel includes an adjacent 10,000-square-foot conference center and is situated near the main campus of Central Michigan University (CMU). The property is located on a 10-acre site that is leased from CMU. Further details of the sale were not provided.

June 6, 2023

Acquisitions Healthcare Michigan Midwest

Friedman Brokers Sale of 35,858 SF Medical Office Building in Battle Creek, Michigan

by Kristin Harlow June 2, 2023

BATTLE CREEK, MICH. — Friedman Real Estate has brokered the sale of Health Park South, a 35,858-square-foot medical office building in Battle Creek, about 25 miles east of Kalamazoo. The sales price was undisclosed. Located at 2845 SW Capital Ave., the property is home to Ascension Borgess Hospital, Bronson Health Internal Medicine and Fresenius Kidney Care. Andrew Bower of Friedman represented the undisclosed buyer.

June 2, 2023

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $2.2M Sale of Starbucks-Occupied Property in Royal Oak, Michigan

by Kristin Harlow June 1, 2023

ROYAL OAK, MICH. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. The sales price equated to $1,208.79 per square foot. Starbucks exercised an early renewal option for the property.

June 1, 2023

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