Tuesday, November 11, 2025
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AcquisitionsIndustrialMichiganMidwest

MAG Capital Partners Buys Industrial Facility in Michigan’s Thumb Region in Sale-Leaseback Transaction

by Kristin Harlow

LEXINGTON, MICH. — In a sale-leaseback transaction, MAG Capital Partners LLC has purchased a 196,000-square-foot industrial manufacturing facility in Lexington, part of Michigan’s Thumb region. The purchase price was undisclosed. Situated on 27.5 acres along Lake Huron and located approximately 80 miles northeast of Detroit, the facility provides direct access to Route 25. Built in 1960 and fully renovated in 2017, the property features nine dock doors, 10 drive-in doors and ceiling heights ranging from 18 to 26 feet. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Newmark’s JC Ascensio, Tyrell McGee, Andrew Sandquist and Briggs Goldberg represented the seller, an undisclosed manufacturing company. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.

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AcquisitionsMichiganMidwestOffice

L. Mason Capitani Brokers Sale of 110,000 SF Office Building in Bloomfield Hills, Michigan

by Kristin Harlow

BLOOMFIELD HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Stoneridge II, an office building located at 40950 Woodward Ave. in Bloomfield Hills. The sales price and seller were undisclosed. The 110,000-square-foot property was recently renovated and was fully leased at the time of sale. Mason L. Capitani of the brokerage firm represented the buyer, LREH Michigan LLC.

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Leasing ActivityMichiganMidwestOffice

Turbo Mortgage Funding Signs 2,800 SF Office Lease in Troy, Michigan

by Kristin Harlow

TROY, MICH. — Turbo Mortgage Funding 2 LLC has signed a 2,800-square-foot office lease at North Troy Corporate Park in Troy. Jordan Friedman of Friedman Real Estate represented the tenant in the lease transaction. Robert Gagniuk and Marc Hames of Friedman represented the undisclosed landlord. Turbo Mortgage Funding is a Farmington Hills, Mich.-based mortgage broker.

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AcquisitionsMichiganMidwestMinnesota

Fabcon Precast Acquires Michigan’s Kerkstra Precast

by Kristin Harlow

MINNEAPOLIS — Minneapolis-based Fabcon Precast, a provider of structural precast wall panels, has acquired Kerkstra Precast for an undisclosed price. Kerkstra is a producer of high-quality precast and prestressed concrete products in Michigan. From its two manufacturing facilities in Grand Rapids and Detroit, Kerkstra serves the industrial, commercial, residential and infrastructure markets across the Midwest. Its comprehensive product offering includes structural and architectural wall panels, hollowcore planks, beams, columns, double tees, stairs and other specialty products. With the addition of Kerkstra, Fabcon will offer an expanded portfolio of products and operate out of seven total manufacturing locations throughout Minnesota, Michigan, Kansas, Ohio, Pennsylvania and New York. Fabcon provides end-to-end integrated capabilities, from engineering and design to production, project management and construction.

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DevelopmentIndustrialMichiganMidwest

Meridian Design Build Nears Completion of Two Spec Industrial Buildings in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — Meridian Design Build is nearing completion of two speculative industrial buildings at Ecorse Commons Industrial Park in Romulus. NorthPoint Development is the developer. The scope of the projects involved the redevelopment of a 69.5-acre parcel that was previously home to a General Motors engine test facility. Building 1 spans 409,158 square feet with a clear height of 36 feet, four drive-in doors, 213 auto parking spaces and 107 trailer parking stalls. Building 2 spans 245,390 square with a clear height of 32 feet, 195 auto parking spaces and 68 trailer parking stalls. Eugene Agnone III and Lauren Scarpace of CBRE marketed the buildings, which have been fully leased. Studio North Architecture and Hennessey Engineers made up the project team.

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AcquisitionsMichiganMidwestMultifamily

Time Equities Acquires Apartment Complex in Grand Rapids for $68.2M

by Kristin Harlow

GRAND RAPIDS, MICH. — Time Equities Inc. (TEI) has acquired The Brix in Grand Rapids for $68.2 million. Located at 414 Benson Ave. and built in 2018, the two-building apartment complex offers one- to three-bedroom floor plans. It is currently 93 percent occupied. Amenities include a heated swimming pool, two-story fitness center, tenant lounge, golf simulator, covered parking and pet park. Brad Gordon and Robert Cohan of TEI managed the acquisition on an internal basis and will also manage the property. Evan Riggle of Triad RE Partneres represented the undisclosed seller. The purchase marks TEI’s 13th acquisition in the state of Michigan and its third multifamily property in Grand Rapids.

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AcquisitionsIndustrialMichiganMidwest

Colliers Brokers Sale of 222,965 SF Industrial Flex Building in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Colliers International Detroit has brokered the sale of a 222,965-square-foot industrial flex building in Farmington Hills for an undisclosed price. The property, located along Haggerty Road, is known as Tech Park. Barry Swatsenbarg, Gary Grochowski and Bryan Banas of Colliers represented the seller, Promanas. ICAP was the buyer. Colliers has also been hired as property manager on behalf of the new owner.

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MichiganMidwest

Dan Gilbert to Invest $500M in Detroit, Relieve Property Tax Debt

by Kristin Harlow

DETROIT — The Gilbert Family Foundation (GFF) and Rocket Community Fund will make a $500 million philanthropic investment in Detroit over the next 10 years to assist with the property tax debt of low-income homeowners. GFF will contribute $350 million, and the Rocket Community Fund will invest $150 million. Quicken Loans founder and billionaire businessman Dan Gilbert, along with his wife Jennifer, are the founders of GFF. An initial $15 million investment from GFF will completely eliminate the property tax debt owed by an anticipated 20,000 low-income homeowners in the city of Detroit, according to a news release. GFF says this effort will assist in preserving an estimated $400 million wealth and home equity in Detroit. This investment will establish the Detroit Tax Relief Fund, which will be administered by Detroit nonprofit Wayne Metro Community Action Agency. Upon confirmation of eligibility, Wayne Metro will pay the remaining delinquent tax burden on behalf of residents. With its $150 million investment, Rocket Community Fund will continue to focus on issues of housing, employment and public life. Gilbert’s real estate arm, Bedrock, is a full-service real estate firm with more than 100 properties in its portfolio totaling roughly 18 million square feet in …

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AcquisitionsMichiganMidwestRetail

Kohan Acquires 706,925 SF Lansing Mall in Michigan

by Kristin Harlow

LANSING, MICH. — Kohan Retail Investment Group has acquired Lansing Mall in Michigan for an undisclosed price. The 706,925-square-foot regional mall is located at 5330 W. Saginaw Highway in Lansing. Tenants include JC Penney, Regal Cinemas, Best Buy, Barnes & Noble, TJ Maxx and Shoe Carnival. CBRE’s National Retail Partners Midwest team represented the seller, Brookfield Properties Group.

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Market ReportsMichiganMidwestMidwest Market ReportsOffice

Metro Detroit’s Office Market Outlook Varies for Different Submarkets

by Kristin Harlow

By Steve Eisenshtadt, Friedman Real Estate 2020 was a challenging year for the office market. The pandemic caused record-high unemployment earlier in the year. Offices were forced to close, and employees quickly learned to work remotely since March. The office market in metropolitan Detroit ended 2020 with an 18.4 percent direct vacancy rate and 19.5 percent when adding in available sublease spaces, which increased to over 1 million square feet throughout the metropolitan area. In 2021, we expect to see a continued increase in direct and sublease availability, as the pandemic will keep offices closed for at least the first half of this year. Post-pandemic, many office users will integrate remote work practices, better social distancing and healthy building environments into their office plans. On a positive note, office tenants that have shelved their plans for relocations or expansions are now finally in the market forging ahead with some of their decisions. While their ultimate office space configuration may look different than what was planned pre-pandemic, it’s encouraging to see more tenants active in the market taking steps to figuring out their game plans. Let’s take a closer look at four major office submarkets in metropolitan Detroit. Downtown Detroit (CBD …

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