NOVI, MICH. — Lineage Inc. (NASDAQ: LINE), a Novi-based cold storage REIT, has entered into a definitive agreement to acquire four cold storage warehouses from Tyson Foods Inc. for $247 million. At or prior to closing the acquisition agreement, Lineage will enter into an additional, multi-year agreement under which it will design, build and operate two next-generation, fully automated cold storage warehouses in major U.S. distribution markets that Tyson will occupy as an anchor tenant. Under the same agreement, Tyson will begin storing product at Lineage’s newly developed property in Hazelton, Pa., which utilizes LinOS, Lineage’s proprietary warehouse execution technology. Lineage says it expects to deploy approximately $1 billion of capital over the coming years on the acquisitions and the new greenfield developments. The existing Tyson warehouses that sold in the transaction total roughly 49 million cubic feet and are located in Pottsville, Pa., Olathe, Kan., Rochelle, Ill. and Tolleson, Ariz. Following the acquisition, Lineage plans to onboard over 1,000 Tyson employees. Over time, the acquired warehouses will be transitioned to public warehouses as part of Lineage’s global footprint. The transaction is subject to customary closing conditions and is expected to close in the second quarter. Lineage expects to deploy …
PITTSFIELD TOWNSHIP, MICH. — Gibbs Planning Group has proposed Sutherland Square, a neighborhood multifamily development in Pittsfield Township, just south of Ann Arbor. The walkable community will feature cottages, loft and townhomes, apartments, duplexes and larger family homes with varying price points and amenities as well as shops and offices clustered around a town square. Many of the homes will be designed for the “missing middle,” which refers to affordable housing options for renters and buyers. The proposed community is fully engineered and shovel ready. The neighborhood will be the Ann Arbor area’s first new urban community and one of only 10 built in Michigan in the post-World War II era, according to Gibbs. Sutherland Square is based on the concepts of New Urbanism, a planning movement co-founded by Robert Gibbs to promote traditional neighborhoods as an alternative to suburban sprawl. Traditional neighborhoods offer a variety of housing options all located in a walkable village setting. Sutherland Square will be located along State Road, four miles south of downtown Ann Arbor and nearby to the University of Michigan and Google office. Housing choices will include options for young, first-time renters, families, empty nesters and retired seniors. Sutherland Square will provide …
CLARKSTON, MICH. — The Back Nine, a golf simulator tenant, has signed a 3,215-square-foot retail lease at White Lake Commons in Clarkston, a northern suburb of Detroit. Anchored by Neiman’s Market, White Lake Commons is located at the southeast corner of Dixie Highway and White Lake Road. Michael Murphy of Gerdom Realty & Investment negotiated the lease.
DETROIT — Friedman Real Estate has brokered the $9.2 million auction sale of the 600 Tower of the Renaissance Center in Detroit. The 21-story office building totals 334,000 square feet. Friedman utilized auction partner Ten-X. The buyer was Dr. Mahmoud Al-Hadidi, an internal medicine specialist that also runs a real estate investment firm, according to Crain’s Detroit Business. The news outlet reports that the 600 Tower had been owned by a joint venture between F&F Capital Group and Friedman Real Estate. The building is one of the shorter RenCen towers and is not owned by General Motors Co., which is working on a redevelopment plan for the five towers it owns.
MONROE, MICH. — Bernard Financial Group (BFG) has arranged a $2.2 million loan for the refinancing of a 13,541-square-foot retail property in Monroe, about 23 miles north of Toledo, Ohio. Joshua Bernard of BFG arranged the loan through a life insurance company. An entity doing business as BSLM Frenchtown LLC was the borrower.
CLINTON TOWNSHIP, MICH. — Bernard Financial Group (BFG) has arranged a $3.5 million loan for an office building in Clinton Township, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan through a banking institution. The borrower was River Ridge Office Building II LLC.
OWOSSO, MICH. — Magoo’s Pet Outlet has signed a 6,900-square-foot retail lease at the Riverwood Crossing shopping center in Owosso, about 32 miles northeast of Lansing. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the tenant, while Harry Lancz of Professional Property Advisors represented the undisclosed landlord. Riverwood Crossing is anchored by Tractor Supply.
CLINTON TOWNSHIP, MICH. — Dr. Joseph Allamat, an oral surgeon who operates his business under the company name Oral Surgery Partners, has signed an 11-year lease for 4,930 square feet at 15870 19 Mile Road in Clinton Township. The lease marks the doctor’s second oral surgery center in Macomb County. Andrew Boncore Sr. of Dominion Real Estate Advisors LLC represented the undisclosed landlord. Emil Cherkasov of Forward Commercial represented the tenant.
EAST LANSING, MICH. — The Michigan State University Board of Trustees has authorized the university to move forward with the construction of the Spartan Gateway District, a public-private campus community development project on the west side of campus along Harrison Road in East Lansing. The university has selected G&G Project Sparta LLC, a joint venture between Lansing, Mich.-based Gillespie Group and Omaha, Neb.-based Goldenrod Cos., as the developer. The project’s price tag is $150 million, according to Crain’s Detroit Business. The Spartan Gateway District encompasses a new hotel and retail space as well as an athletics arena. The Olympics Sports Arena will support volleyball, wrestling, gymnastics, locker rooms and coaching office space in addition to a number of university classrooms. The hotel and retail space would be part of the public-private partnership between the university and the developer. The Spartan Gateway District will be developed in multiple phases. The first phase will include the arena, which is slated to be operational by late 2027. Additional phases featuring a variety of commercial uses including a hotel, housing, office and retail spaces will follow. The timeline for the final phase, which will expand the university’s use of the facilities, is yet to …
SOUTHGATE, MICH. — CrownPoint Partners has brokered the sale of a newly constructed retail property occupied by Range USA in Southgate for an undisclosed price. The single-tenant, net-leased asset totals 14,933 square feet and is situated on 2.2 acres at 12780 Reeck Road just off I-75. Julius Swolsky and Shannon Bona of CrownPoint represented the seller, CA Commercial Development, and the buyer, FrontView REIT. Founded in 2012, Range USA operates indoor shooting ranges. The Southgate location, which opened in January 2023, features 20 shooting lanes.