REBusinessOnline

Stan Johnson Co. Brokers Sales of Walmart-Occupied Properties in Michigan, Ohio for $31.6M

HOWELL, MICH. AND CHILLICOTHE, OHIO — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson …

Can America’s Comeback City Get off the Mat Again? Yes — But Uncertainty Reigns

By Garrett Keais In my 25 years in commercial real estate, I’ve never seen the economy — and our industry — come to a standstill the way it did this spring after the coronavirus hit. With so much uncertainty in the market, Detroit’s office sales and leasing activity slowed considerably. But as the last decade has shown us, if ever there was a city that could take a punch and get back up swinging, it’s Detroit. Comeback before the virus[caption id="attachment_269488" …

Woda Cooper Completes $3.2M Rehabilitation of Apartment Property in Cadillac, Michigan

CADILLAC, MICH. — Woda Cooper Cos. Inc. has completed a $3.2 million rehabilitation of the 24-unit Maple Hill Apartments in Cadillac in northwest Michigan. The project scope included new kitchens, baths, flooring, windows, doors, plumbing, insulation, roofs, energy-efficient HVAC systems and landscaping. Woda Cooper received federal low-income housing tax credits allocated by the Michigan State Housing Development Authority as well as loans from Bellwether Enterprise to finance the …

Quicken Loans Parent, Rocket Cos., Announces Pricing of IPO, Raises $1.8B

DETROIT — Detroit-based Rocket Cos. Inc. has begun trading today on the New York Stock Exchange. Rocket, which operates billionaire businessman Dan Gilbert’s Quicken Loans Inc. and Rocket Mortgage, is offering 100 million shares at $18 each for a valuation of $1.8 billion. The company has downsized its initial public offering (IPO) from an earlier filing that announced shares would be priced between $20 and $22. Investors viewed the business as more of a consumer finance company than a …

Beyond Juicery + Eatery to Open at Troy Marketplace in Metro Detroit

TROY, MICH. — Beyond Juicery + Eatery has signed a 1,104-square-foot lease at Troy Marketplace. The juicer will occupy space that formerly housed Menchie’s Frozen Yogurt. The retail center is located at the intersection of Big Beaver and Rochester roads in Troy, about 20 miles north of Detroit. Tjader Gerdom, Michael Murphy and Larry Siedell of Gerdom Realty & Investment represented the landlord, RPT Realty, in the lease negotiations. William Gershenson of Gershenson Group represented …

Detroit Casinos to Reopen at 15 Percent Capacity Starting August 5

MICHIGAN — With a new executive order, Michigan Gov. Gretchen Whitmer has enabled Detroit casinos to reopen on Wednesday, Aug. 5 at 15 percent capacity. Casinos must also conduct a daily entry screening protocol for customers and employees. Patrons must wear a face covering except while eating and drinking. The governor has also limited statewide indoor gatherings to 10 people, citing a “resurgence in cases connected to social gatherings across the state.” Bars across the state are closed …

Despite Costs, Developers Pursue Rehab Opportunities for Detroit’s Historic Buildings

By Steven Phillip Siegel Mies van der Rohe. Yamasaki. Kamper. Kahn. Portman. Gyllis. Some of the biggest architects in the world have a presence in Detroit. Motown’s exceptional confluence of architects and designers earned the city a UNESCO City of Design designation, the only city in the United States to receive the UN’s award for design excellence. However, beginning in the early 1970s, many of the city’s finest architectural works slowly sank under a weakening market amid tenant (and …

Quicken Loans Plans to Net Nearly $3.8B in IPO

DETROIT — Detroit-based Quicken Loans is expected to net almost $3.8 billion in its initial public offering (IPO). The company, known for its personal finance and consumer services brands such as Rocket Mortgage, filed its IPO paperwork earlier this month under the name Rocket Cos. Inc. A document filed with the Securities & Exchange Commission today outlines a proposed offering price of $22 per share for 172.5 million shares. A date for the IPO has not yet been set. Billionaire …

Industrial Partners USA Buys 55 Acres in Battle Creek, Michigan, Plans Spec Project

BATTLE CREEK, MICH. — Industrial Partners USA has purchased 55 acres in Battle Creek with plans to develop a 270,000-square-foot speculative industrial building. Battle Creek Unlimited (BCU) sold the land for an undisclosed price. Project plans call for 7,000 square feet of office space, 16 truck docks and 130 car parking spaces. Industrial Partners USA is a joint venture between Clark Logic and Great Lakes Capital. The developers expect to break ground later this summer with completion …

Greystone Bel Arranges $2M Sale of Apartment Community in Detroit

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of Manning Manor in Detroit for $2 million. The 78-unit apartment community was originally built in 1926. It is located at 2258 W. Grand Blvd. A large majority of the units are one-bedroom floor plans. Buyer and seller information was not disclosed, but the property has received many recent capital improvements, according to Greystone

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