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Leasing ActivityMichiganMidwestOffice

BrainWise Psychotherapy Expands at One Crosstown Plaza in Kalamazoo, Michigan

by Kristin Harlow

KALAMAZOO, MICH. — BrainWise Psychotherapy has expanded its practice at One Crosstown Plaza in Kalamazoo. The practice opened its newly expanded space on March 1. After initially opening in a 1,250-square-foot space in 2024, BrainWise now occupies 4,353 square feet on the fourth floor of 555 Crosstown Parkway. The expansion enables the practice to onboard more therapists. BrainWise offers both in-person and online sessions for mental health support. Kara Schroer of NAI Wisinski of West Michigan represented the landlord in the lease with BrainWise.

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IndustrialMarket ReportsMichiganMidwestMidwest Market Reports

Detroit’s Industrial Market Remains Resilient Despite Potential Concerns

by Kristin Harlow

By Jason Capitani, L. Mason Capitani/CORFAC International The automotive industry and business as a whole have always operated in cycles. Looking back at 2009, when Southeast Michigan faced significant challenges, the region’s recovery in the years that followed shows how resilient the local economy can be. Yet, as we navigate today’s post-COVID landscape, some still hope for a more gradual and stable recovery. Though questions remain about whether Detroit should have seen a market correction years ago, or if electric vehicle programs have artificially propped up the economy, only time will tell. Michigan’s jobless rate hovers around 4 percent, lower than the national average of over 7 percent, marking the lowest level since before the pandemic. The state has added over 450,000 jobs since 2020. While the automotive sector remains dominant, other thriving industries include advanced manufacturing, defense, IT, medical devices, food processing and logistics. 2025 outlook: early weakness with potential for shift Demand for industrial space in late 2024 and early 2025 has been weaker, with net absorption at its lowest since 2021. This dip might signal a shift in the auto industry, with some speculating a return to hybrid or combustion engine production, though these decisions take time …

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AcquisitionsMichiganMidwestOffice

Colliers Negotiates Sale of 56,920 SF Flex Office Building in Northville, Michigan

by Kristin Harlow

NORTHVILLE, MICH. — Colliers has negotiated the sale of a 56,920-square-foot flex office building in Northville for an undisclosed price. The property is located at 22300 Haggerty Road. Metro Engineering Solutions, an engineering company, is moving into the space in April. The company maintains several other locations in Michigan. John Fricke and Jonathan Loos of Colliers represented the buyer.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Spring Arbor, Michigan

by Kristin Harlow

SPRING ARBOR, MICH. — Marcus & Millichap has brokered the $5.5 million sale of Village Crossing, a 17-suite retail center in Spring Arbor, about 46 miles west of Ann Arbor. The multi-tenant property totals 53,900 square feet and is situated on Spring Arbor Road. The asset consists of two buildings that are 94.4 percent leased. The anchor tenant is Henry Ford Health, which recently extended its lease for five years with annual rent increases. Darin Gross, Seth Haron and Ashish Vakhariya of Marcus & Millichap represented the seller and procured the buyer. The deal closed at 97.3 percent of the asking price.

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LoansMichiganMidwestMultifamily

Dwight Mortgage Trust Provides $88.5M Bridge Loan for Multifamily Property in Belleville, Michigan

by Kristin Harlow

BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, a western suburb of Detroit. Spanning 99 acres along the shores of Belleville Lake, the garden-style multifamily property features 1,046 units. The waterfront community offers residents exclusive access to a boat launch and 42 private boat slips in addition to a newly renovated clubhouse, fitness center, barbecue grills, firepits, a pool and picnic areas. The asset also features over two miles of walking trails and dedicated dog parks. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan.

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AcquisitionsHealthcareMichiganMidwest

Dominion Arranges Sale of 15,000 SF Medical Office Building in Warren, Michigan

by Kristin Harlow

WARREN, MICH. — Dominion Real Estate Advisors LLC has arranged the sale of a 15,000-square-foot medical office building in Warren, an inner-ring suburb of Detroit. The multi-tenant property is located at 29431 Ryan Road. Andrew Boncore Sr. of Dominion represented the seller, Summit Ryan Development LLC. Ayman Alamat of Community Choice Realty represented the buyer, Natcoc LLC, an investment firm based out of California.

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AcquisitionsMichiganMidwestOffice

L. Mason Capitani/CORFAC International Negotiates Sale of 70,000 SF Office Building in Troy, Michigan

by Kristin Harlow

TROY, MICH. — L. Mason Capitani/CORFAC International has negotiated the sale of a 70,000-square-foot office building in Troy for an undisclosed price. The three-story property is located at 950 Stephenson Highway with convenient access to I-75. Amenities include ample parking, onsite property management, day porter service, shared conference rooms, a shared common area kitchen and an auditorium on the first floor. Robert Gojcaj of L. Mason Capitani represented the buyer, which plans to undertake cosmetic improvements.

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LoansMichiganMidwestMultifamily

MMCC Arranges $3.3M Loan for Refinancing of Michigan Multifamily Portfolio

by Kristin Harlow

SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a multifamily portfolio comprised of 112 units across four properties in Michigan’s “Thumb Region.” Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization. The portfolio features a mix of studio to three-bedroom units and is located near the Lake Huron shoreline.

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Market ReportsMichiganMidwestMidwest Market ReportsOffice

Detroit Office Market Balances History, Opportunity

by Kristin Harlow

By Andy Gutman, Farbman Group Detroit’s office market, like many other large cities across the Midwest, has experienced many shifts — specifically in the office sector. Despite the challenges Detroit has seen over the past few years, the city has also shown great resilience. As companies continue to reconsider and revise their office needs, and workspaces evolve, Detroit is well positioned to capitalize on office occupancy in 2025 thanks to its historical assets, as well as opportunities in the city that are ripe for redevelopment. Tech, transportation and tenacity One of the city’s strengths in the office sector is its potential to rebound faster than many other Midwest cities. Unlike other markets that are overbuilt with more pain coming in the form of downsizing, such as Chicago, Detroit has avoided oversupply and isn’t overburdened with soaring vacancy rates. The city’s office market vacancy rate has slowly declined over the last several quarters — a positive sign for the local market. Detroit has also benefitted from steady and incremental growth, particularly by incubation, innovation and technology-focused tenants. It’s these types of tenants who have assisted in revitalizing the city’s urban core. The market is also characterized by a higher proportion of …

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AcquisitionsHealthcareMichiganMidwest

Dominion Arranges Sale of Medical Office Condo in Flint Township, Michigan

by Kristin Harlow

FLINT TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has arranged the sale of a 1,632-square-foot medical office condominium in Flint Township for an undisclosed price. The property at 1128 S. Linden Road is situated near Flint’s “Medical Mile,” which is home to major hospitals such as Hurley Medical Center and McLaren Hospital. James Mitchell of Dominion represented the seller, Imperial Holdings LLC also known as Imperial Wellness Center LLC. Jack Fox of Piper Realty Co. represented the buyer, Peace of Mind Counseling LLC, which will use the premises for counseling services.

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