FLINT, MICH. — Bernard Financial Group (BFG) has arranged a $23 million loan for the refinancing of a 328,770-square-foot industrial facility in Flint. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Flint Commerce Center 1 LLC. A life insurance company provided the loan.
ANN ARBOR, MICH. — Landmark Properties and Cerca Trova LLC have opened The Legacy at Ann Arbor, a 521-bed student housing community at 616 E. Washington St. in Ann Arbor. Designed by ESG Architecture & Design, the project consists of two interconnected buildings — a 19-story high-rise and a mid-rise structure attached to the historic Michigan Theater. Landmark Construction was the general contractor. The development is fully leased ahead of the 2025-2026 school year. The Legacy at Ann Arbor offers a mix of studios to five-bedroom apartments across 253 units. Apartments come fully furnished and wired for high-speed internet and cable. The development features more than 9,700 square feet of amenities, including a rooftop pool deck and resident clubroom, academic lounge, fitness center and bike storage. The project also includes 4,150 square feet of ground-floor retail space and onsite gated parking. The building is immediately adjacent to the University of Michigan campus. With the opening of The Legacy at Ann Arbor, Athens, Ga.-based Landmark currently operates and manages more than 2,400 beds across six properties in Michigan.
FLAT ROCK, MICH. — Okika Hawaiian BBQ has signed a 1,420-square-foot retail lease to open in Flat Rock, a southern suburb of Detroit. The Dunkin’-anchored property is located at the southwest corner of Telegraph and Vreeland roads. Michael Murphy of Gerdom Realty & Investment represented the landlord, Shango Properties. Norman Abro of Keystone Commercial Real Estate represented the tenant.
DEARBORN, MICH. — Mid-America Real Estate Corp. has brokered the sale of Fairlane North, a 151,121-square-foot shopping center in Dearborn. Dabaja Brothers Development Group, a metro Detroit-based company, was the buyer. The asset will be rebranded as Dabaja Fairlane North Properties. The center is fully leased to Value City Furniture, Crunch Fitness, Forman Mills, Happy’s Outlet and Verizon. Shadow anchors include Walmart, The Home Depot and Launch Family Entertainment. Ben Wineman, Eric Geskermann, Daniel Stern and Tony Schmitt of Mid-America represented the seller, a private investment group. Ali Charara of Century 21 Curran & Oberski represented the buyer. The transaction represents the final component in the disposition of Fairlane North, as Mid-America previously represented the seller in the sales of the Launch and Home Depot parcels.
By Ashish Vakhariya, Marcus & Millichap Detroit’s retail market continues to show pockets of strength amid broader economic and retail sector headwinds. More affluent northern suburbs and the revitalizing urban core have demonstrated greater resilience, while limited construction activity should support the backfilling of existing space. Detroit’s position among the highest-yielding metros in the country will likely remain a key draw for investors, with capital focusing on well-located, necessity-based and service-oriented retail assets. Big-box downsizing and rising cost pressures create a cautious leasing environment: Detroit’s retail landscape recorded more than 1 million square feet of negative net absorption over the nine months that ended in March, with preliminary second-quarter figures indicating continued space relinquishment. Strained consumer demand and structurally challenged retail formats have contributed to a wave of bankruptcies and consolidations among major tenants, including Party City, Big Lots, Macy’s and Walgreens. Trade policy uncertainty has further heightened tenant caution, as elevated input costs are expected to weigh on leasing activity. A recent Michigan Retailers Association survey found that more than 60 percent of businesses statewide rely on imported goods. With consumers more price-sensitive, many retailers may struggle to pass on higher costs; however, tenants reliant on locally sourced inventory …
WEST BLOOMFIELD TOWNSHIP, MICH. — Beem Light Sauna has signed a 2,025-square-foot lease to open at The Boardwalk shopping center in West Bloomfield Township, a northwest suburb of Detroit. Michael Murphy of Gerdom Realty & Investment represented the landlord, Beztak Properties. Jacob Farber of Morow Hill represented the tenant, which is a light therapy wellness studio. The lease marks the tenant’s second location in Michigan.
NOVI, MICH. — Spark GHC has acquired the Residence Inn Detroit Novi hotel, a 107-room property in Novi. The extended-stay hotel features a fitness center, business center and indoor pool. Spencer Davidson of Hunter Hotel Advisors brokered the transaction, terms of which were undisclosed.
CASCADE TOWNSHIP, MICH. — Old National Bank has purchased a development site at 2851 Charlevoix Drive SE in Cascade Township near Grand Rapids. The 1.2-acre parcel is situated directly across from a Walmart Supercenter and offers convenient access to I-96. Old National Bank plans to build a 3,470-square-foot retail branch, which is slated to open later this year. Bob Lotzar of NAI Wisinski of West Michigan represented the buyer in the transaction.
BATTLE CREEK, MICH. — The Ferrero Group has entered a definitive agreement to acquire Battle Creek-based WK Kellogg Co. (NYSE: KLG) for $23 per share in cash, or $3.1 billion. The acquisition includes the manufacturing, marketing and distribution facilities of WK Kellogg’s portfolio of breakfast cereals across the United States, Canada and the Caribbean. In North America, Ferrero and its affiliated companies currently count for more than 14,000 employees across 22 plants and 11 offices. The North America portfolio includes Nutella, Kinder, Tic Tac and Ferrero Rocher as well as American brands such as Butterfinger, Keebler and Famous Amos. After the transaction closes, Battle Creek will serve as Ferrero’s headquarters for North America cereal. Additionally, shares of WK Kellogg’s common stock will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero. The transaction, which has been unanimously approved by the board of directors of WK Kellogg, is subject to approval by WK Kellogg shareholders, regulatory approvals and other customary closing conditions. The deal is expected to close in the second half of 2025. Lazard is lead financial advisor to Ferrero, with BofA Securities acting as co-adviser and Davis Polk …
ANN ARBOR AND ROCHESTER HILLS, MICH. — SweatHouz has signed retail leases to open new locations in Ann Arbor and Rochester Hills. SweatHouz is a chain of studios that offers infrared saunas, cold plunges and other wellness services. Jason and Amy Hanley are the area developers for SweatHouz in Michigan and have signed on to open 17 locations across the state. SweatHouz currently has 50 locations open and operating across the country and another 50 in permitting or construction phases. The Ann Arbor facility will total 2,628 square feet at 3143 Ann Arbor Saline Road, and the Rochester Hills location will span 2,130 square feet at 1495 N. Rochester Road. Both will serve as outparcels to Meijer stores. The tenant group also owns six Orange Theory locations in Michigan. Norman Abro of Keystone Commercial Real Estate brokered the leases.