Michigan

L. Mason Capitani CORFAC International Brokers Sale of Five-Building Industrial Portfolio in Canton, Michigan

by Kristin Harlow August 31, 2021

CANTON, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a five-building industrial portfolio in Canton, about 30 miles west of Detroit. The sales price and seller were undisclosed. Vail Holdings LLC purchased the properties, which are located within Haggerty II Corporate Park. The sale also included 10 acres of vacant land. Three of the buildings are leased, while two are vacant and currently being offered for lease. Together, the five buildings total 261,241 square feet. Joseph DePonio III and Jason Capitani of L. Mason Capitani brokered the sale. The duo is also overseeing the marketing of the vacant assets.

August 31, 2021

Leasing Activity Michigan Midwest Office

Awecomm Technologies Signs 5,112 SF Office Lease in Troy, Michigan

by Kristin Harlow August 31, 2021

TROY, MICH. — Awecomm Technologies LLC has signed a 5,112-square-foot office lease at PNC Center in Troy. The IT company is currently located at 165 Kirts Blvd. in Troy. Built in 1974 and renovated in 2002, PNC Center rises 25 stories and spans 535,000 square feet. Steve Eisenshtadt and Robert Gagniuk of Friedman Real Estate represented the undisclosed landlord in the lease transaction.

August 31, 2021

Industrial Market Reports Michigan Midwest Midwest Market Reports

Auto Innovation Continues to Drive Detroit Industrial Market

by Kristin Harlow August 26, 2021

By Anthony Pellegrino III, P.A. Commercial Detroit is the industrial, transnational logistics and auto powerhouse of the Midwest. Detroit has continued year after year to grow and transform its industrial sector in three prominent geographical locations. Each of these locations is anchored by auto innovation, creating a stable market for suppliers and transport: 1. The Mount Elliot Employment District: This is the home of General Motors’ $2.2 billion investment into its existing Hamtramck Assembly. GM is renaming it “GM Factory Zero” to represent its full dedication to electric vehicle production. 2. Southeast Detroit: Fiat Chrysler’s $2.5 billion expansion to Jefferson North includes a new 1.4 million-square-foot Mack Avenue Engine Complex. This is part of a total $4.5 billion earmarked for Michigan plants. 3. Southwest Corktown: Ford is conducting an ongoing investment of $1.45 billion into its autonomous vehicle campus in an area called Corktown. The multi-building transformation is near Detroit’s international bridge and tunnel. Each area contains various tax incentivized Opportunity Zones, New Market Tax Credits and qualified HUB Zones. According to Costar Group MLS, Greater Detroit has a healthy 4.6 percent vacancy rate while Detroit proper has a 9.45 percent vacancy rate for industrial buildings. Much of the 9.45 …

August 26, 2021

Development Hospitality Michigan Midwest Multifamily

Bedrock to Incorporate Roost Apartment Hotel Concept Within Book Tower Project

by Kristin Harlow August 25, 2021

DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space. The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program with La Colombe, bike share program, 24-hour concierge, fitness center, coworking space and onsite housekeeping and maintenance services. Philadelphia-based hospitality company Method Co. will operate the Roost at Book Tower. Method operates several Roost locations across the country, including an upcoming outpost in Cleveland. Method will also operate several dining options at Book Tower, including two restaurants, a lobby bar/lounge and a bakery. One-night rates for the units will start at $195, according to Crain’s Detroit Business. Bedrock acquired the 486,760-square-foot Book Tower property in 2015. Designed by Louis Kamper and completed in 1926, the 38-story office tower is currently vacant. Architecture firm ODA is leading the historic renovation and interior design. Morris Adjmi Architects, which has designed all prior Roost properties, is …

August 25, 2021

Life Sciences Loans Michigan Midwest Office

Mag Mile Capital Arranges $7M Loan for Refinancing of Flex Office Property in Ann Arbor

by Kristin Harlow August 24, 2021

ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.

August 24, 2021

Acquisitions Industrial Michigan Midwest

Colliers Brokers Sale of 80,000 SF Industrial Building in Flint, Michigan

by Kristin Harlow August 20, 2021

FLINT, MICH. — Colliers International Ann Arbor has brokered the sale of an 80,000-square-foot industrial building in Flint for an undisclosed price. The sale also includes nearly 13 acres of vacant land. Jim Chaconas and Joe Campbell of Colliers represented the seller, Fenton, Mo.-based Creative Foam Concepts. The buyer, Overhead Conveyor Co., specializes in custom manufacturing and installations of overhead conveyor systems.

August 20, 2021

Leasing Activity Michigan Midwest Restaurant Retail

New Brewery Opens at Chateau Centre in Wyoming, Michigan

by Kristin Harlow August 19, 2021

WYOMING, MICH. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.

August 19, 2021

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Why Multifamily Investors Are Revved Up for the Motor City

by Kristin Harlow August 19, 2021

By Jason Krug, Berkadia Sunbelt states are top of mind for multifamily investors these days, as COVID-19 has accelerated the trend of renters leaving major cities in search of more space and a better cost of living. Of course, the allure of sunshine and warm weather is hard to compete with, but cities across the Midwest are also seeing a spike in interest from renters and investors and chief among them is Detroit. There has been overwhelming interest in multifamily opportunities in and around the city, as investors looking for yield move beyond core and core-plus markets in search of real value deals, which Detroit has aplenty. So, what’s driving this interest, and why should more investors be paying attention to Detroit? There are a few key reasons. Solid fundamentals Limited supply of new units being delivered across the state will continue to drive organic rent growth. As is the case across the country, there is a shortage of housing throughout Detroit and the metro area. Although Detroit’s population growth is smaller compared to the South and Southeast, the region has a fraction of the units coming out of the ground as the South and Southeast, paving the way for …

August 19, 2021

Acquisitions Michigan Midwest Retail

SRS Brokers $2.5M Sale of Aldi Ground Lease in Clinton Township, Michigan

by Kristin Harlow August 17, 2021

CLINTON TOWNSHIP, MICH. — SRS Real Estate Partners has brokered the $2.5 million sale of an Aldi ground lease in Clinton Township, about 20 miles north of Detroit. The 19,744-square-foot, single-tenant building is located at 39827 S. Groesbeck Highway. Aldi has roughly 18 years remaining on its lease at the property, which was built in 2009. Frank Rogers and Michael Carter of SRS represented the seller, a Michigan-based private investor. SRS also represented the buyer, a Midwest-based private investor.

August 17, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $32.8M HUD-Insured Loan for Refinancing of Apartment Complex in Clarkston, Michigan

by Kristin Harlow August 12, 2021

CLARKSTON, MICH. — Dwight Capital has provided a $32.8 million HUD 223(f) loan for the refinancing of Legends of Fox Creek in Clarkston, about 40 miles northwest of Detroit. The garden-style apartment complex includes 339 units across 14 buildings. Amenities include a clubhouse, business center, fitness center, swimming pool, picnic area and dog park. Josh Sasouness of Dwight Capital originated the loan, which benefitted from a Green Mortgage Insurance Premium reduction since the property qualifies as energy-efficient housing.

August 12, 2021

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