Michigan

Copper Coin Tattoo Shop Opens in Grand Rapids

by Kristin Harlow February 23, 2023

GRAND RAPIDS, MICH. — Copper Coin, a custom tattoo shop, has opened a 2,340-square-foot space in the West Grand neighborhood of Grand Rapids. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted Copper Coin in securing the space at 436 Leonard St. NW. CityWide Real Estate Services acquired the residential and commercial building in August 2020. Additional tenants at the property include Alt City NA Bottles, Trinity Chiropractic, FURN on Leonard and Captain Bizzaro’s Treasure World.

February 23, 2023

Affordable Housing Development Michigan Midwest Mixed-Use Multifamily Office Retail Top Stories

Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw February 23, 2023

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

February 23, 2023

Leasing Activity Michigan Midwest Retail

Torch Tobacco Signs 1,250 SF Retail Lease in Wixom, Michigan

by Kristin Harlow February 21, 2023

WIXOM, MICH. — Torch Tobacco has signed a 1,250-square-foot retail lease at Wixom Charms Plaza in Wixom, a northwest suburb of Detroit. CVS anchors the shopping center, which still has spaces available for lease. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Jonathan Semma of 365 Realty represented the tenant.

February 21, 2023

Development Leasing Activity Michigan Midwest Mixed-Use

Dancing Pine Korean Steakhouse Joins Tenant Lineup at Sakura Novi Mixed-Use Project in Michigan

by Kristin Harlow February 16, 2023

NOVI, MICH. — The Dancing Pine Korean Steakhouse has signed a lease to join the tenant lineup at Sakura Novi, an Asian-themed mixed-use development in Novi. Sakura Novi will feature a collection of Asian-themed restaurants, high-end retail shops, 117 townhome apartments as well as a Japanese-themed garden path, pond and public plaza. The Dancing Pine is a steakhouse brought to market by Seven York Inc., the owner behind many restaurants across metro Detroit such as Kimchi Box, Dae Jang Keum, Tomo Sushi, The Seoul, Blue Fish Asian Cuisine and Mama Satto. Cindy Ciura of CC Consulting assisted in bringing The Dancing Pine to the development. Sakura Novi LLC, an affiliate of Robert B. Aikens & Associates LLC, specializes in culturally themed real estate development, the creation of restaurant collections and mixed-use real estate development. Sakura Novi LLC has executed a joint venture agreement with Robertson Brothers Homes to construct the project’s rental townhome community. The units will feature private entrances, one- and two-car attached garages, first-floor offices and two- or three-bedroom layouts. The demolition of the buildings on the project site took place last fall. Prior to then, the project had been caught up in the pre-development process for multiple …

February 16, 2023

Leasing Activity Michigan Midwest Retail

Warehouse Pilates Signs 1,600 SF Retail Lease at Brookdale Square in South Lyon, Michigan

by Kristin Harlow February 16, 2023

SOUTH LYON, MICH. — Fitness concept Warehouse Pilates has signed a 1,600-square-foot retail lease at Brookdale Square in South Lyon, about 40 miles northwest of Detroit. The shopping center is located near the intersection of 9 Mile Road and Pontiac Trail. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties. Rob and Reece Hughes of RH Commercial Realty represented the tenant.

February 16, 2023

Industrial Loans Michigan Midwest

Schelin Uldricks & Co. Arranges $11.8M Acquisition Loan for Industrial Building in Lansing

by Kristin Harlow February 14, 2023

LANSING, MICH. — Schelin Uldricks & Co. has arranged an $11.8 million senior loan to finance the acquisition of a 147,258-square-foot industrial building in Lansing. The property is leased to a national credit tenant. Schelin Uldricks & Co. arranged the CMBS loan on behalf of the borrower, a national real estate investment manager. Loan terms were not provided.

February 14, 2023

Leasing Activity Michigan Midwest Retail

Big Discount Lot Signs 8,000 SF Retail Lease in Warren, Michigan

by Kristin Harlow February 14, 2023

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.

February 14, 2023

Development Industrial Michigan Midwest Top Stories

Ford to Break Ground on $3.5B Electric Vehicle Battery Plant in Marshall, Michigan

by Katie Sloan February 14, 2023

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 …

February 14, 2023

Kansas Loans Michigan Midwest Missouri Multifamily

Maverick Commercial Mortgage Arranges $6.9M Loan for Refinancing of Three Midwest Mobile Home Parks

by Kristin Harlow February 10, 2023

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.

February 10, 2023

Loans Lument Michigan Midwest Multifamily

Lument Provides $7.7M Acquisition Loan for Detroit Apartment Community

by Kristin Harlow February 9, 2023

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.

February 9, 2023

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