Michigan

Hardships Met With Innovation for Detroit’s Retail Market

by Kristin Harlow March 4, 2021

By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It endured population decline in the ’50s, rioting in the ’60s, the collapse of the auto industry in the late ’70s and ’80s, and in 2013, the largest municipal bankruptcy in U.S. history, yet somehow emerged as a hot spot for high rollers and hipsters alike. As 2019 winded down, Detroit and the surrounding Southeast Michigan area boasted a healthy economy. The automotive industry, a key driver of the region, posted better than expected sales of cars and trucks in the fourth quarter of 2019, beating projections. Employment was on the uptick both in the city and across the state. Southeast Michigan appeared positioned for growth in 2020. The same held true for …

March 4, 2021

Michigan Midwest Restaurant Retail

Global Retail Sales for Domino’s Increased 12 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its global retail sales increased 12 percent in the fourth quarter and 10.4 percent in fiscal 2020. U.S. same-store sales grew 11.2 percent during the quarter and 11.5 percent for the year. However, the Ann Arbor-based pizza chain missed Wall Street’s estimates for its fourth-quarter earnings and revenue, according to CNBC. Pandemic costs weighed on profits and U.S. same-store sales growth slowed compared with prior quarters. Domino’s stock price closed at $364.59 per share on Wednesday, Feb. 24, down slightly from $368.66 per share one year ago. There are more than 17,600 stores in 90 markets worldwide. It is the largest pizza company in the world based on retail stores, according to the company.

February 25, 2021

Acquisitions Florida Georgia Illinois Indiana Louisiana Michigan Midwest Multifamily North Carolina Ohio South Carolina Southeast Texas Top Stories

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Development Michigan Midwest

Rich & Associates Completes Design of Bagley Parking Hub for Ford Motor Co.

by Kristin Harlow February 23, 2021

DETROIT — Rich & Associates has completed the design for Ford Motor Co.’s new Bagley Parking Hub in Detroit. Rich led the design team for the parking garage structure and is providing ongoing parking engineering consultation throughout the construction process. Construction of the so-called mobility hub is scheduled to begin soon with completion slated for 2022. Situated in Detroit’s Corktown neighborhood, the Bagley Parking Hub will offer space for e-bikes and scooters in addition to 1,250 cars. The structure will feature electric vehicle charging stations, automated payment technologies and exterior artwork as well as public plazas and green space. The Bagley Parking Hub will be part of the 30-acre mobility innovation district being built by Ford Motor Co. around Michigan Central Station. Rich worked with Rossetti, Strategic Energy Solutions and Giffels Webster. Rich is a firm dedicated solely to parking design, planning and management.

February 23, 2021

Loans Michigan Midwest Office

Bernard Financial Group Arranges $24.3M CMBS Loan for Refinancing of Two Office Buildings in Southfield, Michigan

by Kristin Harlow February 23, 2021

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $24.3 million CMBS loan for the refinancing of two Class A office buildings in Southfield. The buildings total 315,839 square feet. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Oakland Commons Acquisition Owner LLC. Loan terms were not disclosed.

February 23, 2021

Acquisitions Michigan Midwest Retail

Magoo’s Pet Outlet to Open 10th Location in Michigan

by Kristin Harlow February 22, 2021

MOUNT PLEASANT, MICH. — Magoo’s Pet Outlet will open a new store in Mount Pleasant. This is the 10th location in the state of Michigan for the pet retailer, which has purchased the 5,800-square-foot, former Redbird Feed & Supply building located on East Pickard Street. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Magoo’s in the transaction. The seller and sales price were undisclosed.

February 22, 2021

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Arranges Sale of 764-Unit Self-Storage Facility Near Grand Rapids

by Kristin Harlow February 17, 2021

COMSTOCK PARK, MICH. — Marcus & Millichap has arranged the sale of a CubeSmart self-storage property in Comstock Park, about six miles north of Grand Rapids. The facility spans 79,420 square feet with 764 climate-controlled units. The property, which opened in January 2020, sits on 3.2 acres at 4150 Alpine Ave. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, Pogoda Cos. The sales price was undisclosed.

February 17, 2021

Leasing Activity Michigan Midwest Retail

Pet Supplies Plus to Open New Store in Ypsilanti, Michigan

by Kristin Harlow February 17, 2021

YPSILANTI, MICH. — Pet Supplies Plus has signed a lease for 6,800 square feet at Paint Creek Plaza, a Kroger-anchored shopping center in Ypsilanti. The retailer plans to open the new store later this year. Tjader Gerdom & Larry Siedell of Gerdom Realty & Investment represented Pet Supplies Plus in the lease transaction. Grenadier Properties owns and manages Paint Creek Plaza, which is located on Whittaker Road.

February 17, 2021

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $23.5M Construction Loan for Industrial Building Near Detroit

by Kristin Harlow February 8, 2021

PLYMOUTH, MICH. — Bernard Financial Group has arranged a $23.5 million construction-to-permanent loan for a 477,165-square-foot industrial building in Plymouth, about 25 miles west of Detroit. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan with Aegon Life Insurance Co. Loan terms were undisclosed.

February 8, 2021

Development Hospitality Michigan Midwest Multifamily

Barbat Holdings Completes Transformation of Former Archdiocese Building in Detroit, Leases to Sonder

by Kristin Harlow February 4, 2021

DETROIT — Barbat Holdings LLC, a West Bloomfield-based development firm, has completed the transformation and revitalization of 305 Michigan Ave. in Detroit. Now known as Gabriel Houze, the 100,000-square-foot, 10-story property is located in the city’s central business district across from the Westin Book Cadillac. Built in 1915 and formerly known as the Gabriel Richard Building, the property housed the Archdiocese of Detroit for over 50 years. Furniture store Weil & Co. first occupied the property upon its opening. CIBC financed the project in partnership with Invest Detroit. Sonder USA Inc., a residential hospitality concept that offers short-term rentals, has leased the entire building except for 8,000 square feet of retail space on the ground floor. Sonder will offer 125 units for lease. The Houze Living brand is a subsidiary of Barbat Holdings. The developer expects to complete Montgomery Houze in Ann Arbor and Birmingham Houze in Birmingham this summer.

February 4, 2021

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