Michigan

Landmark Properties Breaks Ground on Two-Building Student Housing Community Near University of Michigan

by Kristin Harlow August 19, 2022

ANN ARBOR, MICH. — Landmark Properties, in a joint venture with Cerca Trova, has broken ground on The Legacy at Ann Arbor, a two-building student housing community located adjacent to the historic Michigan Theater in Ann Arbor. The property will feature a 19-story high-rise building — soon to be the second tallest building in Ann Arbor, according to Landmark — and a mid-rise building located within walking distance of the University of Michigan campus. The community will offer 521 beds across 253 apartments, including 19 affordable housing units, in studio through five-bedroom configurations. Shared amenities will include 4,150 of ground floor retail space, outdoor terraces, study rooms for office work and group learning and a rooftop deck. The project is scheduled for completion in fall 2024.

August 19, 2022

Acquisitions Michigan Midwest Retail

Mid-America Brokers Sale of 91,266 SF Shopping Center in Suburban Detroit

by Kristin Harlow August 15, 2022

CLAWSON, MICH. — Mid-America Real Estate Corp. has brokered the sale of Clawson Center in the northern Detroit suburb of Clawson for an undisclosed price. The fully leased shopping center spans 91,266 square feet. Tenants include Staples, Dollar Tree, Billings Lawn Equipment, Burn Fitness, Cosmoprof, H&R Block, Joe’s Army/Navy, Play It Again Sports and Salon Suites. Ben Wineman and Daniel Stern of Mid-America represented the seller, a Dallas-based family office. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a metro Detroit-based private investment group.

August 15, 2022

Hospitality Loans Michigan Midwest Northmarq

Northmarq Arranges $12.2M Loan for Refinancing of Staybridge Suites Hotel Portfolio in Michigan

by Kristin Harlow August 15, 2022

KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.

August 15, 2022

Acquisitions Michigan Midwest Retail

DRA, Pine Tree Acquire Shops at CenterPoint in Grand Rapids for $63.5M

by Kristin Harlow August 12, 2022

GRAND RAPIDS, MICH. — A fund managed by DRA Advisors in partnership with Pine Tree has acquired The Shops at CenterPoint in Grand Rapids for $63.5 million. The 537,948-square-foot regional shopping center is home to TJ Maxx, HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta, Five Below, Jo-Ann Fabrics, Planet Fitness and Dunham Sports. Previously an enclosed mall, the property underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. CBRE represented the undisclosed seller in the off-market transaction.

August 12, 2022

Acquisitions Michigan Midwest Retail

JLL Brokers $45M Sale of Tel Twelve Shopping Center in Southfield, Michigan

by Kristin Harlow August 12, 2022

SOUTHFIELD, MICH. — JLL Capital Markets has brokered the sale of Tel Twelve shopping center in Southfield for $45 million. The 193,850-square-foot, open-air property was built in 1968 and renovated in 2005. Tel Twelve is nearly 98 percent leased to tenants such as Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. The property is situated at the intersection of Telegraph and 12 Mile roads. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs LLC.

August 12, 2022

Acquisitions Civic Michigan Midwest

Dominion Negotiates Sale of Former Law School Campus in Auburn Hills, Michigan

by Kristin Harlow August 10, 2022

AUBURN HILLS, MICH. — Dominion Real Estate Advisors has negotiated the sale of the former Western Michigan University/Thomas M. Cooley Law School campus in Auburn Hills for an undisclosed price. The 132,745-square-foot property is located at 2630 Featherstone Road. Eric Banks, Jim Mitchell, Andrew Boncore and David Depodesta of Dominion brokered the transaction. The buyer, FANUC Robotics, plans to expand the campus and spend $86 million to build a new 655,000-square-foot manufacturing facility. FANUC will utilize the existing building for its administrative, engineering, and research and design departments. The university’s current law school is located at 300 S. Capitol Ave. in Lansing.

August 10, 2022

Industrial Leasing Activity Michigan Midwest

Hello Fresh Signs 28,800 SF Industrial Lease in Madison Heights, Michigan

by Kristin Harlow August 5, 2022

MADISON HEIGHTS, MICH. — Meal kit company Hello Fresh has signed a 28,800-square-foot industrial lease at 32701 Edward Ave. in Madison Heights, a northern suburb of Detroit. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord. Colin McCausland of JLL represented the tenant in the five-year lease.

August 5, 2022

Industrial Leasing Activity Michigan Midwest

Hello Fresh Signs 28,800 SF Industrial Lease in Madison Heights, Michigan

by Kristin Harlow August 5, 2022

August 5, 2022

Industrial Loans Michigan Midwest

BEB Lending Provides $6.9M Loan for Acquisition of Detroit Industrial Property

by Kristin Harlow July 28, 2022

DETROIT — BEB Lending has provided a $6.9 million bridge loan for the acquisition of a 365,000-square-foot industrial property in Detroit’s Brightmoor neighborhood. Built in 1931, the property at 12640 Burt Road was renovated in 2012 and is located within 20 miles of both the Detroit City Airport and the Detroit Metropolitan Airport. The Class B, multi-tenant building is 89 percent leased. The loan features a two-year term and marks BEB’s first financing transaction in Michigan. The borrower was 1029 SFG Equities LLC.

July 28, 2022

Market Reports Michigan Midwest Midwest Market Reports Office

Office Activity Picks Up in Metro Detroit as Tenants Make Workplace Decisions

by Kristin Harlow July 28, 2022

By Ryan Nierman, Ph.D. and Bradley Meloche, Colliers The tumultuous events of the last two years have brought uncertainty into many aspects of Detroit’s office market. Even as companies emphasize their eagerness to return to the office, many questions remain regarding space designs, required square footage and buildout requirements. Tenant selectivity With increasing vacancy rates and negative net absorption throughout the metro Detroit office market, real estate experts are witnessing tenants becoming more selective in property occupancy. The result has been a slowing demand for Class B and C office product. Tenants have begun targeting Class A assets with improved visibility, signage, modernized color schemes, numerous amenities and flexible floorplan designs. As the need for larger office footprints goes down in reaction to post-COVID considerations, tenants have become willing to pay increased per-square-foot rents, for at or below preexisting rental budgets, due to decreased size requirements. The need for tenants to target Class A facilities has been compounded by the so-called “Great Resignation,” as employees are willing to demand more from their employers. As a result, employers know that a failure to invest in a more modern and amenitized workspace may result in poor employee retention and future talent recruitment. …

July 28, 2022

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