WARREN, MICH. — Joyful Tots Daycare has signed a 6,750-square-foot retail lease at Village Plaza in Warren, a northern suburb of Detroit. Located at the northwest corner of 13 Mile and Mound roads, the shopping center totals roughly 100,000 square feet. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group.
GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit apartment complex in Grand Rapids, for an undisclosed price. A private real estate investment firm purchased the Class A community. Completed in August 2022, The Grove features floor plans that average 1,200 square feet. Amenities include a resident social lounge, fitness center, heated pool and spa, grilling areas, pickleball courts, dog park and pet spa. Jason Krug of Berkadia brokered the sale on behalf of Thompson Thrift.
BINGHAM FARMS, MICH. AND NEW YORK CITY — Newmark has arranged $240 million in joint venture financing on behalf of Bingham Farms-based Burton-Katzman and New York City-based DRA Advisors for the recapitalization of 24 light industrial properties in the Midwest. The portfolio totals more than 2.2 million square feet and is 99 percent leased. With over 40 tenants on the rent roll, no tenant occupies more than 15 percent of the portfolio’s total square footage. The venture will target value-add returns by acquiring industrial assets across the Midwest where rents are below market. Jordan Roeschlaub, Dustin Stolly and Eden Abraham of Newmark arranged the venture and financing, while Daniel Canvasser of Newmark provided regional support. Roeschlaub, Stolly and colleague Chris Kramer arranged a $150 million acquisition loan. Burton-Katzman is a fully integrated real estate company with an emphasis on the industrial market. DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors.
FENTON, MICH. — Destruction Depot Rage Room has signed a 4,240-square-foot retail lease at Fenton Town Center in Fenton, a far northwest suburb of Detroit. The space was formerly occupied by a hydroponics store. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group. VG’s Grocery anchors the shopping center. Destruction Depot Rage Room is an entertainment concept where users wear safety gear and get to smash items such as computers, TVs, vases and dishes.
GRAND RAPIDS, MICH. — KPOT Korean BBQ & Hot Pot has signed a long-term lease for the 6,400-square-foot former Old Chicago restaurant space at 3333 28th St. SE in Grand Rapids. The restaurant anticipates opening this fall. Bob Lotzar of NAI Wisinski of West Michigan represented the undisclosed landlord. The lease marks the first West Michigan location for KPOT.
NILES, MICH. — Marcus & Millichap has brokered the $4.2 million sale of Village West in Niles, a city in Southwest Michigan. The 54-unit apartment building is located at 746 Colony Court. Renovations made to the property in 2020 and 2021 included a new roof, windows and gutters, as well as upgraded electrical and HVAC systems. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the seller, a limited liability company that plans on using proceeds from the sale and a 1031 exchange to buy another multifamily asset in Indiana or Florida. The Marcus & Millichap trio also represented the buyer, a limited liability company that secured agency financing with five years of interest-only payments.
OAKLAND TOWNSHIP, MICH. — Meadowbrook Animal Clinic has signed a 2,082-square-foot, five-year lease at Country Creek Commons shopping center in Oakland Township, a northern suburb of Detroit. The veterinary clinic is relocating from Rochester Hills. Barry Landau of Dominion Real Estate Advisors LLC represented both the tenant and landlord.
MADISON HEIGHTS, MICH. AND PITTSBURGH — Dick’s Sporting Goods has agreed to acquire outdoor retailer Moosejaw from Walmart. Founded in Michigan in 1992, Moosejaw operates brick-and-mortar locations in Arkansas, Colorado, Illinois, Kansas, Michigan and Missouri, in addition to its e-commerce platform. “We believe there’s potential to grow the Moosejaw business and provide compelling experiences and an expanded product assortment to its millions of loyal customers,” says Todd Spaletto, senior vice president of Pittsburgh-based Dick’s and president of the company’s specialty outdoor retailer, Public Lands. Moosejaw CEO Eoin Comerford will stay on following the acquisition, reporting to Spaletto. The deal is expected to close in March 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.
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 …