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DevelopmentMichiganMidwestRetail

Poag Invests $1.3M in Improvements at RiverTown Crossings Shopping Mall Near Grand Rapids

by Kristin Harlow

GRANDVILLE, MICH. — Poag Development Group has invested more than $1.3 million into property improvements at its recently acquired RiverTown Crossings, a 1.3 million-square-foot regional mall in Grandville near Grand Rapids. The two-story enclosed mall features five anchors — Macy’s, Kohl’s, JC Penney, Celebration Cinemas and Dick’s Sporting Goods. Poag purchased the property in September. The improvements included cleaning up and installing new landscaping, fixing the merry-go-round and significant repairs to the parking lot. Poag aims to redevelop the mall into a mixed-use lifestyle center with restaurants, entertainment and potential residential and hotel uses. The Memphis-based developer is working with JLL as its leasing partner to maximize the potential of the property.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $22M Loan for Refinancing of Michigan Apartment Property

by Kristin Harlow

NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments in New Baltimore, a city in eastern Michigan. The apartment property features 776 units. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.

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AcquisitionsMichiganMidwestRetail

Continental Realty Corp. Sells Oakland Plaza Shopping Center in Troy, Michigan for $25.6M

by Kristin Harlow

TROY, MICH. — Continental Realty Corp. (CRC) has sold Oakland Plaza, a nearly 167,000-square-foot shopping center in Troy, for $25.6 million. Atlanta-based RCG Ventures LLC was the buyer. CRC acquired the asset as part of a two-property portfolio in 2021, signaling its entry into the Michigan real estate market and its first acquisition on behalf of Continental Realty Opportunistic Retail Fund I LP. Ben Wineman, Daniel Stern and Patrick Corrigan of Mid-America Real Estate Corp. represented CRC in the disposition. During its hold period, CRC improved occupancy of the center from 71 percent to 97 percent. New leases with DSW, Kids Empire, Rally House, Paris Banh Mi, Mochinut and Witch Topokki total 53,000 square feet. CRC also repainted the entire center, resurfaced columns, repaved the surface parking lot and replaced common area light fixtures. Completed in 1979 and renovated by the previous ownership group in 1994 and 2014, Oakland Plaza consists of two buildings anchored by TJ Maxx, Michaels and Planet Fitness. The asset is across the street from the 1.5 million-square-foot Oakland Mall.

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AcquisitionsHealthcareMichiganMidwest

Walz Kraft Buys 11,010 SF Medical Office Building in East Lansing, Michigan

by Kristin Harlow

EAST LANSING, MICH. — Walz Kraft Capital Partners has purchased an 11,010-square-foot medical office building in East Lansing for an undisclosed price. The two-story property is fully occupied by Michigan Gastroenterology Institute, which was recently acquired by Pinnacle Gastroenterology Partners. The asset has operated as a gastroenterology clinic since it was constructed in 1998. The current tenant is affiliated with Michigan State University. Seth Haron of Marcus & Millichap represented the seller, while Walz Kraft was self-represented. The transaction marks Walz Kraft’s first acquisition in Michigan and its 18th in the United States.

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DevelopmentMichiganMidwestMultifamilyStudent HousingTop Stories

LV Collective, Harrison Street to Build 1,009-Bed Luxury Student Housing Project in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — LV Collective has partnered with Harrison Street to build Rambler, a 1,009-bed luxury student housing development across the street from the University of Michigan campus in Ann Arbor. The 484,587-square-foot project will feature 273 units across a variety of floor plans ranging from studios to six-bedroom residences. The ground floor of Rambler Ann Arbor will include a lobby with an integrated café named Daydreamer. The study mezzanine will offer spaces for coworking and private study rooms. Residents will also enjoy outdoor terraces, a clubroom and gameday lounge, rooftop pool, hot tub, fitness facility, yoga studio, flex studio, red light sauna and resident lounge. Site work began in October, and completion is slated for fall 2027. The project is pursuing LEED Gold certification and will also include a payment of $7.2 million to the city’s affordable housing fund. Kennedy Wilson and Forum Investment Group provided construction financing. “With the University of Michigan’s rising enrollment and Ann Arbor’s status as a premier college town, creating high-quality living spaces that match this growth and enhance students’ overall experience is essential,” says Thomas Whitesell, head of the debt investment group at Kennedy Wilson. The development team includes Turner Construction Co., …

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AcquisitionsIndustrialMichiganMidwest

DWG Capital Partners Acquires 84,612 SF Industrial Facility in Southeast Michigan Via Sale-Leaseback

by Kristin Harlow

HUDSON, MICH. — DWG Capital Partners, in partnership with MAG Capital Partners, has acquired an 84,612-square-foot industrial facility in southeast Michigan’s Hudson. The purchase price for the sale-leaseback transaction was undisclosed. Kecy Metal Technologies, a precision metal stamping company within ARC Group Worldwide’s portfolio, occupies the property at 4111 Munson Highway. Built in 1988, the facility features a 20-foot ceiling height. Doug Passon and Robert Bender of Fortis Net Lease represented the seller, while Aaron Eichenberg of Pantheon Commercial represented DWG. The transaction marks the first purchase in Michigan for DWG.

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DevelopmentMichiganMidwestMixed-UseOfficeTop Stories

Bedrock, GM Unveil Redevelopment Proposal for Renaissance Center in Downtown Detroit

by Kristin Harlow

DETROIT — Developer Bedrock and General Motors Co. (NYSE: GM) have unveiled a conceptual plan to redevelop the Renaissance Center (RenCen) and 27 acres along the Detroit riverfront. According to the companies, the plan preserves the essence of Detroit’s skyline, right-sizes the RenCen’s footprint and connects the site to the heart of downtown. A surrounding entertainment district would feature restaurants, hospitality, residential and market space and complement Detroit’s Riverwalk, which draws more than 3.5 million annual visitors to the city. The project has an estimated price tag of $1.6 billion, according to Crain’s Detroit Business. First opened in 1976, RenCen is widely considered Michigan’s most iconic and recognizable property and serves as the headquarters of GM. The automaker purchased the asset in 1996 and has invested more than $1 billion in improvements to date. Earlier this year, GM unveiled its plans to leave RenCen for Hudson’s Detroit, the redevelopment of the former J.L. Hudson’s department store currently underway by Bedrock. GM plans to take occupancy in 2025. GM and Bedrock established a partnership earlier this year to study redevelopment opportunities for the RenCen site along with the City of Detroit and Wayne County. A team of urban planners, architects and …

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LoansMichiganMidwestRetail

PREIT Receives $80M Loan for Refinancing of Woodland Mall in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — PREIT has received an $80 million loan for the refinancing of Woodland Mall in Grand Rapids. JLL arranged the loan through a national CMBS lender. The five-year loan features a fixed interest rate of 7.35 percent. PREIT says the refinancing will save the company approximately $5 million in interest expense over the life of the loan. The redevelopment of Woodland Mall included new tenants such as Von Maur, The Cheesecake Factory, Sephora and Urban Outfitters.

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Leasing ActivityMichiganMidwestRetail

Three New Retail Tenants to Open at Sakura Novi Mixed-Use Development in Michigan

by Kristin Harlow

NOVI, MICH. — Three new retail tenants are joining the tenant line-up at Sakura Novi, an Asian-themed mixed-use development in Novi. Teso Life is a Japanese-themed department store specializing in snacks, cosmetics, homeware, kitchenware, stationery and toy collectibles. The company has 15 stores in New York, Texas, Arizona and Georgia with 15 more in development in several states. The 12,000-square-foot store at Sakura Novi will mark the brand’s first Michigan location. Paris Baguette is a Korean-owned bakery specializing in French and Asian pastries and baked goods, cakes, sandwiches, coffee and drinks. Paris Baguette’s 3,000-square-foot store at Sakura Novi will be the third location in Michigan. The company has 3,785 stores in South Korea, China, Malaysia, Vietnam and Indonesia, and 105 stores in the U.S. and Canada. Klawsome! will be the first standalone claw machine arcade in Michigan. This type of arcade features the opportunity to win kawaii-style stuffies from claw machines. The stuffies can be traded in for larger or more rare stuffed animals and anime figurines. This form of entertainment is popular in Japan and other Asian countries, as well as U.S. cities with large Asian populations. The three stores will join previously announced restaurants, including Mikiya Wagyu Shabu …

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DevelopmentMichiganMidwestMultifamily

Partnership to Open 200-Unit Forum Flats Luxury Apartment Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — A partnership between Douglas Capital Partners, Cypress Partners and Village Green is set to open Forum Flats in Troy on Thursday, Nov. 14. The luxury apartment complex consists of three buildings with 200 units. Amenities include a clubroom, pool, fitness center, pet spa and dog park. The first of the three buildings took over the former 100,000-square-foot office space previously utilized by Kelly Services and now features 90 units. The other two buildings were constructed from the ground up and each total 55 units. Monthly rents start at $1,675 for studios.

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