LIVONIA, MICH. — Gerdom Realty & Investment has completed the lease-up of Century Plaza in Livonia. Marco’s Pizza leased the final 2,000 square feet remaining at the retail center, which is located at the northeast corner of Five Mile and Newburgh roads. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the landlord, Kimco Realty Corp. Gordon Denha of CBRE represented the tenant.
TROY, MICH. — DraftKings Inc. and Live! Hospitality & Entertainment are opening the country’s first Sports & Social DraftKings venue at Somerset Collection in Troy this fall. Sports & Social DraftKings will offer a live sports viewing and wagering experience with a 32-foot LED media wall and gameday watch parties. Guests will be able to access DraftKings’ mobile platforms to play fantasy sports and wager on sports, including football, basketball, baseball, golf, MMA, soccer and tennis. The venue will offer a menu with a variety of gameday foods and specialty drinks. The 10,400-square-foot space will be in the standalone building adjacent to Somerset Collection South. The venue will feature a private lounge, dog-friendly outdoor patio, live music and a variety of games. ICRAVE is the project architect. Additional locations are expected to be announced in the coming months. DraftKings is a digital sports entertainment and gaming company. Sports & Social is a dining and entertainment concept developed and operated by Live! Hospitality & Entertainment, a division of The Cordish Cos. Somerset Collection is a retail destination owned by The Forbes Co. and home to 180 stores and restaurants.
LIVONIA, MICH. — Marcus & Millichap has brokered the $2.9 million sale of Century Plaza in Livonia, just west of Detroit. The 19,584-square-foot retail center is located at 37300 Five Mile Road. Davita Dialysis anchors the fully leased property. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a REIT. The team also procured the all-cash buyer.
BRIGHTON, MICH. — Spencer’s and European Wax Center have signed leases to open new locations at Green Oak Village Place in Brighton, a western suburb of Detroit. Both retailers are slated to open by this fall. Spencer’s, which sells edgy T-shirts, jewelry and accessories, will occupy 2,528 square feet. The European Wax Center location will span 1,710 square feet. Green Oak Village Place is home to more than 50 retailers and restaurants. REDICO and Lormax Stern developed the 500,000-square-foot property.
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.
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.
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.
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.
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.
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.
