CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.
ROCHESTER HILLS, MICH. — Fitness concept Crossfit Maven has signed a 17,123-square-foot retail lease at Winchester Center in Rochester Hills. Michael Murphy, Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. John Salsberry of Colliers represented the tenant. Winchester Center, anchored by Dick’s Sporting Goods, Marshall’s and Burlington, is located on Rochester Road just south of Avon Road.
DETROIT — Related Cos. and Olympia Development of Michigan have proposed a $1.5 billion mixed-use project at The District Detroit, a sports and entertainment development spanning 50 blocks in downtown Detroit. The companies have begun a Community Benefits Ordinance (CBO) process with the City of Detroit, marking the next phase of plans to build new office, retail, residential with affordable housing, hotel and public space across 10 properties. The first meeting for residents in the areas surrounding the development will take place Tuesday, Nov. 29. The proposed development includes the construction of six new buildings and the renovation and adaptive reuse of four historic buildings. The type of development reflects initial feedback from the community, including more than 250 community engagement meetings to date, which will continue through the city-led CBO process. The new projects would include 695 mixed-income residential units, 20 percent of which would be reserved for those who earn up to 50 percent of the area median income, as well as 1.2 million square feet of office space, 100,000 square feet of retail space and 467 hotel rooms.
DETROIT — Real estate owner and developer Bedrock has partnered with Raeden, a digital infrastructure platform provider, to open the first carrier hotel in downtown Detroit later this month. Carrier hotels are buildings that house networks and cloud services in the center of a downtown area. Raeden specializes in enabling technology deployments across real estate portfolios. The carrier hotel, which will be located within Bedrock’s 615 West Lafayette property, will centralize internet connectivity and technology services while making efficient use of existing fiber assets. Instead of each building within Bedrock’s portfolio requiring individual internet and technology installations, centralization at 615 West Lafayette decrease deployment timelines and lower costs, according to Bedrock. The result will enable Bedrock tenants the ability to access faster services, while enabling expanded internet access throughout Detroit. Over the next 12 months, Bedrock and Raeden will continue to collaborate on additional technological investments, including activating existing data center assets.
BAY CITY, MICH. — North Shore Health Services has signed an 11,600-square-foot office lease in Bay City, which is located near the base of the Saginaw Bay on Lake Huron. The property is located at 1426 Straits Drive. The tenant provides behavior analysis therapy for children and families, particularly those diagnosed with autism. North Shore plans to open in December. Colliers Lansing represented the landlord, Cats Holding Co. LLC. North Shore opened its first location in Auburn in 2017 and has since opened locations in Ithaca and Lansing.
ANN ARBOR, MICH. — Greystone has provided a $14.9 million bridge loan for the acquisition of Lynden Parke Apartments in Ann Arbor. The 154-unit, garden-style multifamily property was constructed in 2002. Reuben Dolny and Jason Yuen of Greystone structured the loan on behalf of the borrower, Cape Sierra Capital. The loan features a two-year term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent agency financing as part of its bridge-to-agency platform.
TAYLOR AND STERLING HEIGHTS, MICH. — Advance Auto Parts has signed leases to open two new locations in Michigan. The auto parts retailer inked a lease for 20,250 square feet in the Taylor Commons shopping center in Taylor as well as 20,226 square feet at the Clinton Valley shopping center in Sterling Heights. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment represented the tenant. Eric Unatin of Mid-America Real Estate Group represented the landlord in the Sterling Heights lease.
By Jeff Karger, JLL There’s no doubt that the office market today is much different than what it was five years ago. Employers across the nation have had to adjust their work models, time and time again, to meet the needs of their employees — and those in Grand Rapids are no exception. As landlords, employers and employees adapt to these changes, it’s important to understand the direction of the office market. Below, check out five factors that are defining it. 1. A flight to quality Like many other cities across the nation, Grand Rapids is experiencing a resounding flight to quality. Employers are seeking Class A and trophy spaces to appeal to their employees and offer them an experience, rather than just a cubicle to work in. Some of these office features can include free fitness centers, onsite cafés, coffee shops and restaurants, outdoor terraces and more. Plus, according to JLL research, 59 percent of employees expect to work at a company that supports their health and well-being. Interestingly enough, employees prioritize this over salary — a key reason why companies and landlords alike are investing in amenitized spaces with up-to-date HVAC systems, exercise classes and healthy food options. …
DETROIT — Throwbacks Home, a subsidiary of Detroit-based furniture manufacturer Woodward Throwbacks, will open a 1,500-square-foot furniture showroom in downtown Detroit. With a focus on sustainable design, the showroom will feature furniture made in Detroit from reclaimed and recycled materials. The store will also carry a selection of designer homewares and furnishings. Throwbacks Home expects to open this month in its space at 35 W. Grand River Ave., which is owned by Bedrock. The location will be the only furniture showroom in downtown Detroit, according to Bedrock. Woodward Throwbacks maintains a warehouse in Hamtramck.
SHELBY TOWNSHIP, MICH. — Greystone has provided a $22.6 million HUD-insured 223(f) loan for the refinancing of Aria of Shelby in Michigan. The 96-unit multifamily property is located in Shelby Township, a northern suburb of Detroit. The newly built townhome community features two- and three-bedroom floor units across 18 buildings. Lisa Fischman of Greystone originated the loan on behalf of the borrower, an entity doing business as Aria of Shelby LLC. The fixed-rate loan features a 35-year term and a 35-year amortization. The borrower was also able to secure green certification through the National Green Building Standard, leading to a heavily reduced mortgage insurance premium. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.
