Michigan

Waramaug Purchases 256-Room Radisson Hotel in Lansing, Michigan

by Kristin Harlow November 10, 2021

LANSING, MICH. — Waramaug Hospitality, a privately held investment firm focused on select-service and full-service hotels, has purchased the Radisson Hotel Lansing at the Capitol for an undisclosed price. The 256-room hotel is the only full-service hotel in downtown Lansing, according to Waramaug. The property features an onsite restaurant and bar, fitness center, indoor pool and more than 10,000 square feet of meeting space. The second floor of the hotel connects to the Lansing Center, the 125,000-square-foot convention center owned by the city. Waramaug is planning a complete renovation of the property and will rebrand it as a Doubletree by Hilton upon completion. Terrapin Hospitality will manage the asset. Nate Sahn of CBRE brokered the sale. The seller was undisclosed.

November 10, 2021

Acquisitions Michigan Midwest Retail

Marcus & Millichap Negotiates $6.2M Sale of Walgreens-Occupied Property in Lansing, Michigan

by Kristin Harlow November 8, 2021

LANSING, MICH. — Marcus & Millichap has negotiated the sale of a 14,559-square-foot retail property net leased to Walgreens in Lansing for $6.2 million. Walgreens has over nine years remaining on its lease at the property, which is located at 6421 W. Saginaw Highway. James Ziegler, Keith Zelenika and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based private investor. A New York-based private investor completing a 1031 tax-deferred exchange was the buyer.

November 8, 2021

Acquisitions Indiana Michigan Midwest Retail

First Merchants Bank Agrees to Acquire Level One Bank for $323.5M

by Kristin Harlow November 4, 2021

MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.

November 4, 2021

Industrial Leasing Activity Michigan Midwest

Vintage King Audio Signs 17,220 SF Industrial Lease in Troy, Michigan

by Kristin Harlow November 3, 2021

TROY, MICH. — Vintage King Audio has signed a 17,220-square-foot industrial lease at 2032 Heide St. in Troy. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord in the seven-year lease. Sam McLean of Team Core represented the tenant, which is an audio-visual equipment supplier.

November 3, 2021

Industrial Leasing Activity Michigan Midwest

Cox Automotive Mobility Solutions Signs 75,751 SF Industrial Lease in Belleville, Michigan

by Kristin Harlow October 26, 2021

BELLEVILLE, MICH. — Cox Automotive Mobility Solutions has signed a 75,751-square-foot industrial lease at 39635 S. I-94 Service Drive in Belleville, a western suburb of Detroit. The tenant will use the 20-acre property to develop and launch its new global electric vehicle battery service network. Jim Chaconas and Jim Roberts of Colliers International Detroit represented the landlord, Service Drive Investments LLC.

October 26, 2021

Leasing Activity Michigan Midwest Retail

Burlington to Open at Winchester Center in Rochester Hills, Michigan

by Kristin Harlow October 20, 2021

ROCHESTER HILLS, MICH. — Burlington is opening a 31,059-square-foot store at the former Stein Mart location at Winchester Center in Rochester Hills, about 25 miles north of Detroit. RPT Realty owns the shopping center, which is located at the southwest corner of Rochester and Avon roads. Tjader Gerdom, Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented RPT in the lease transaction.

October 20, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $35.4M HUD-Insured Loan for Refinancing of Michigan Apartment Complex

by Kristin Harlow October 14, 2021

TROY, MICH. — Dwight Capital has provided a $35.4 million HUD-insured loan for the refinancing of The Gables of Troy, a 544-unit apartment complex in Troy. The property is comprised of 42 three-story buildings and a clubhouse. Amenities include a dog park, media room, fitness room, racquetball area and two outdoor pools. The 223(a)(7) loan benefits from a Green Mortgage Insurance Premium (MIP) set at 25 basis points because the property qualifies as green and energy efficient. Karnveer Bal of Dwight originated the loan.

October 14, 2021

Affordable Housing Development Michigan Midwest Multifamily

Annex Group to Develop 220-Unit Affordable Housing Community in Howell Township, Michigan

by Kristin Harlow October 12, 2021

HOWELL TOWNSHIP, MICH. — The Annex Group has unveiled plans to develop Union at Oak Grove, a 220-unit affordable housing community in Howell Township, about 60 miles northwest of Detroit. Located at 1850 Molly Lane, the project will feature one-, two- and three-bedroom units available to residents who earn up to 60 percent of the area median income. Amenities will include a community room, exercise room, playground, computer room and walking trails. Completion is slated for October 2023. Development partners include property manager Sterling Management and architect RQAW. Fraser Trebilcock served as the low-income housing tax credit consultant. National Development Council is providing nearly $14 million in equity; Citizens is providing a $10.5 million construction loan; and Michigan State Housing Development Authority is providing $28 million in permanent financing and issuing the bonds.

October 12, 2021

Acquisitions Michigan Midwest Retail

Continental Realty Corp. Acquires Two Retail Centers in Michigan for $34M

by Kristin Harlow October 7, 2021

TROY, MICH. — Continental Realty Corp. (CRC) has acquired Oakland Plaza and Oakland Square, two shopping centers totaling nearly 392,000 square feet in Troy. The combined purchase price was $34 million. Together, the properties were 87 percent leased at the time of acquisition. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness. Amy Sands and Clinton Mitchell of JLL represented the undisclosed seller. This was the first acquisition for CRC’s Opportunistic Retail Fund, a private equity fund formed this year to acquire value-add retail properties throughout the country. Completed in 1979 and renovated in 1994 and 2014, Oakland Plaza consists of three buildings and three outparcels comprising 171,518 square feet. It is 71 percent leased to 16 tenants. Delivered in 1986 with additional construction completed in 1997, the three-building Oakland Square spans 220,226 square feet. The asset is fully leased to seven tenants. Baltimore-based CRC now owns and manages more than 5 million square feet of commercial space across nine states.

October 7, 2021

Acquisitions Industrial Michigan Midwest

Lee Contracting Acquires 235,963 SF Former Printing Facility in Walker, Michigan

by Kristin Harlow October 6, 2021

WALKER, MICH. — Lee Contracting has acquired the former Grand Rapids Press printing plant campus at 3100 Walker Ridge Drive in Walker, a suburb of Grand Rapids. The industrial contractor plans to open a new satellite office at the facility. This will be Lee’s first location outside of Pontiac, where the company is headquartered. The Grand Rapids office will start by offering electrical and mechanical services, with rigging and machinery moving and concrete machine foundations to follow. The 235,963-square-foot warehouse includes a 40,000-square-foot office space. The facility closed last year after MLive Media Group announced it would transfer production of eight of its newspapers to Cleveland. Bob Horn of JLL represented Lee in the purchase. MLive sold the facility for $9.7 million, according to local media reports.

October 6, 2021

Newer Posts

Older Posts