Michigan

Joint Venture Plans $439M Inpatient Rehabilitation Hospital, Research Facility in Detroit

by Katie Sloan September 7, 2023

DETROIT — The Gilbert Family Foundation, Henry Ford Health and Shirley Ryan AbilityLab have announced plans for the development of a $439 million inpatient rehabilitation hospital and research facility in Detroit. The project will be an expansion of the existing Henry Ford Health and Michigan State University Health Sciences campus. Plans for the project include a 125,000-square-foot inpatient tower, which will be constructed at the corner of West Grand Boulevard and John C. Lodge Freeway. The facility will offer 72 beds, with three floors of the building occupied by rehabilitation care provider Shirley Ryan AbilityLab. The rehabilitation floors will provide inpatient care for those recovering from strokes, traumatic brain injuries, spinal cord injuries and other conditions. The Gilbert Family Foundation has provided $10 million fund to increase access to rehabilitation care for low-income residents in Detroit. The building is scheduled for completion in 2029. The development will also include a new research building on Henry Ford Health’s East Campus. The project will house the Nick Gilbert Neurofibromatosis Research Institute, a facility dedicated to finding a cure for neurofibromatosis. The property is scheduled for completion in 2027. The building will be the first brick-and-mortar development to be solely dedicated to neurofibromatosis …

September 7, 2023

Leasing Activity Michigan Midwest Office

CBRE Relocates Grand Rapids Office, Expands Footprint

by Kristin Harlow September 5, 2023

GRAND RAPIDS, MICH. — CBRE has relocated its Grand Rapids office from 634 Front Ave. to 200 Ottawa Ave. The brokerage has expanded its footprint from 1,444 square feet to 4,350 square feet. The new space in the central business district features conference rooms and free-address seating — where no employee has a dedicated desk or private office.

September 5, 2023

Acquisitions Michigan Midwest Retail

SRS Brokers $7.8M Sale of CVS-Occupied Property in Ann Arbor

by Kristin Harlow August 25, 2023

ANN ARBOR, MICH. — SRS Real Estate Partners has brokered the sale of a 13,040-square-foot retail property occupied by CVS Pharmacy in Ann Arbor for $7.8 million. Originally constructed in 1930, the building is located at 209 S. State St. adjacent to the University of Michigan. John Redfield of SRS represented the seller, a northern California-based private investor. Michael Carter and Frank Rogers of SRS represented the buyer, a Michigan-based investment company completing a 1031 exchange. CVS has more than 14 years remaining on its triple net lease.

August 25, 2023

Development Michigan Midwest Retail

Bedrock to Restore Historic National Theatre in Detroit

by Kristin Harlow August 23, 2023

DETROIT — As part of its Development at Cadillac Square, Bedrock plans to restore and re-introduce the National Theatre as a music and performance venue. Plans call for the preservation and relocation of the Theatre’s historic façade. The venue originally opened in 1911, but has fallen into disrepair since its closure in 1975. Bedrock is working to restore the National Theatre in consultation with tvg Hospitality, a venue operator based in both the U.S. and U.K. In partnership with locally based promoters, tvg will operate the venue. Development at Cadillac Square is a 1.5 million-square-foot mixed-use project adjacent to Campus Martius Park and Cadillac Square. Construction of Phase I is slated to begin following the 2024 NFL Draft.

August 23, 2023

Affordable Housing Development Illinois Iowa Michigan Midwest Multifamily

Woda Cooper Receives LIHTC Financing for Five New Affordable Housing Communities

by Kristin Harlow August 22, 2023

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. Inc. has received Low-Income Housing Tax Credit (LIHTC) financing for the development of five new affordable housing communities in North Carolina, Michigan, Iowa, Virginia and Illinois. The North Carolina Housing Finance Agency allocated $1.2 million for Pender Crossing, a 48-unit community to be built in Wilson, N.C. Plans call for three walkup buildings with amenities such as a fitness center, computer room, playground and covered pavilion. Raleigh-based TightLines Designs is the architect. In Marquette, Mich., Woda Cooper will partner with the Keweenaw Bay Indian Community to develop Black Rock Crossing, a 50-unit general occupancy multifamily development. The Michigan State Housing Development Authority allocated $1.4 million in tax credits for the project. Grand Rapids-based PCI Design Group is the architect. Construction is expected to begin in April. The Iowa Finance Authority awarded $1.1 million in LIHTC financing for Alley Landing, a 40-unit project in Des Moines. The community will include eight Permanent Supportive Housing homes for veteran households experiencing homelessness. Hooker DeJong is the architect. Virginia Housing allocated $1.4 million in tax credits for Bains Pointe, a 50-unit development in Portsmouth, Va., named after Eliza Bains who was instrumental in helping slaves gain freedom …

August 22, 2023

Development Michigan Midwest Multifamily

Marquette Cos. Reopens The Maxwell Apartments in Romulus, Michigan, Following $8M Renovation

by Kristin Harlow August 21, 2023

ROMULUS, MICH. — Marquette Cos. has reopened The Maxwell, a 312-unit apartment community in Romulus. The firm completed an $8 million revitalization project to address previously deferred maintenance issues as well as property updates. Exterior upgrades include new and repaired hardscaping, restoration of the pool and deck with new furnishings, repaired and upgraded building exteriors, replacement windows and the addition of a dog park. The community clubhouse now features a renovated fitness center, updated finishes in the resident lounge, a new catering kitchen and a new leasing office. Renovations to the units include new cabinetry and countertops in the kitchens with black appliances, along with new flooring and paint. Hallways and common areas throughout the community’s 26 buildings were also renovated. Marquette worked closely with city officials prior to acquiring the property and throughout the renovation, and used local vendors for the construction work. Built in 1972 as Morgan Manor, the property was a popular home for pilots and flight attendants due to its proximity to the Detroit Metropolitan Wayne County Airport. The community offers studio, one- and two-bedroom floor plans ranging from 650 to 850 square feet. Monthly rents start at $885. Marquette partnered with DRA Advisors on the …

August 21, 2023

Acquisitions Michigan Midwest Multifamily

Marcus & Millichap Arranges Sale of 50-Unit Manufactured Home Community in Big Rapids, Michigan

by Kristin Harlow August 7, 2023

BIG RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a 50-unit manufactured home community in Big Rapids, about 55 miles north of Grand Rapids. The sales price was undisclosed. Known as Circle Drive Mobile Home Park, the 30-acre property is located at 12380 185th Ave. Ryan Engle, Andrean Angelov and Brad Kreppel of Marcus & Millichap represented the buyer and seller, both of which were private investors.

August 7, 2023

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Brokers Sale of 496-Unit Self-Storage Facility in Zeeland, Michigan

by Kristin Harlow August 1, 2023

ZEELAND, MICH. — Marcus & Millichap has brokered the sale of Access Mini Storage, a self-storage facility totaling 96,715 rentable square feet in Zeeland, a city in western Michigan. The property at 3440 88th Ave. features 496 non-climate-controlled units and 38 outdoor parking spaces. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

August 1, 2023

Industrial Leasing Activity Michigan Midwest

DTE Inks New 528,340 SF Industrial Lease in Redford, Michigan

by Kristin Harlow July 28, 2023

REDFORD, MICH. — DTE Energy has inked a new industrial lease for 528,340 square feet at Pinnacle Logistics Park in Redford, a northwest suburb of Detroit. The property is located at 24400 Glendale Road. Jared Friedman of Friedman Real Estate represented the undisclosed landlord. CBRE represented Detroit-based DTE, which will use the facility to store equipment.

July 28, 2023

Leasing Activity Michigan Midwest Retail

New 48,700 SF Ashley Furniture Store to Open in Shelby Township, Michigan

by Kristin Harlow July 27, 2023

SHELBY TOWNSHIP, MICH. — The Dufresne Spencer Group LLC dba Ashley HomeStore has signed a lease for 48,700 square feet of retail space in Shelby Township, a northern suburb of Detroit. Dufresne Spencer Group is the largest Ashley Furniture licensee globally, owning and operating more than 163 Ashley retail stores, 29 distribution centers and three corporate offices. The Shelby Township store is slated to open in the fourth quarter. Brian Whitfield of Colliers Detroit represented the tenant in the lease.

July 27, 2023

Newer Posts

Older Posts