FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Woodcreek Office Center in Farmington Hills. Located at 31275 Northwestern Highway, the office building spans 60,200 square feet and rises two stories. Built in 1968, it was approximately 85 percent leased at the time of sale. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller and sales price were undisclosed.
SOUTHFIELD, MICH. — Advertising agency Doner has unveiled plans to open a new headquarters at 400 Galleria Officentre in Southfield. Doner plans to take occupancy of its new space in summer 2021. Designed by interior design firm Vocon, the 62,000-square-foot office will house roughly 375 employees. The office will include areas for in-person as well as virtual collaboration. The space will also include an advanced air filtration and purification system. Doner has been headquartered in Detroit area since 1937. Its current office is located at 25900 Northwestern Hwy in Southfield. Friedman Real Estate represented Doner in securing its new lease.
COLUMBUS, OHIO AND DETROIT — Huntington Bancshares Inc. (NASDAQ: HBAN) and TCF Financial Corp. (NASDAQ: TCF) have signed a definitive agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion. According to a release, the merger will create a top 10 U.S. regional bank with dual headquarters in Columbus, Ohio and Detroit. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington. The combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction, which is expected to occur in the second quarter of 2021. Stephen Steinour will remain the chairman, president and CEO. Gary Torgow will serve as chairman of the bank’s board of directors. “This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” says Steinour. “Huntington is focused on accelerating digital investments to further enhance our people-first, digitally powered customer experience.” At least 800 employees of the combined company will work in downtown Detroit at the headquarters of the commercial bank. Columbus will remain the headquarters …
DETROIT — NorthPoint Development and Michigan-based LoPatin & Co. have unveiled plans to redevelop the 44.8-acre former Cadillac stamping plant in Detroit. The project scope includes the demolition of an abandoned factory and the construction of a new 684,000-square-foot, Class A industrial building that will be geared toward automotive suppliers, advanced manufacturing and logistics users. The project is expected to generate a total private investment of $47.9 million and create 450 full-time jobs. The city and Michigan Strategic Fund are reimbursing $3.3 million for brownfield remediation work. The property has a history of manufacturing uses dating back to the early 1900s and requires extensive cleanup of the soil and asbestos removal in addition to high demolition costs, according to NorthPoint.
WEST BLOOMFIELD TOWNSHIP, MICH. — Henry Ford Health System and Acadia Healthcare Co. Inc. have formed a joint venture to build a behavioral health facility in West Bloomfield Township, about 30 miles northwest of Detroit. This week, the West Bloomfield Township Board approved the rezoning request for the parcel of land on which Henry Ford and Franklin, Tenn.-based Acadia intend to build the new hospital. Henry Ford already owns the land, which is adjacent to its Henry Ford West Bloomfield Hospital campus. The next step is to seek a Certificate of Need from the Michigan Department of Health and Human Services. Construction will begin once all regulatory approvals are met. Slated to open in late 2022, the hospital will be able to accommodate 192 beds with the potential to expand to meet future demand for inpatient services in the area. Comprehensive inpatient treatment will be provided for adults, seniors and adolescents who struggle with acute symptoms of mental health disorders such as anxiety, depression, bipolar disorder and posttraumatic stress disorder. The hospital will also serve as an academic site for the training of inpatient psychiatry residents, medical students, nurses and other healthcare professionals. As part of the agreement, Henry Ford …
FORT WAYNE, IND. AND FARMINGTON HILLS, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in 1987. Mid Eleven Center, built in 1980, was 97 percent leased at the time of sale. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a San Francisco-based private equity fund. An institutional buyer purchased the portfolio.
LANSING, MICH. — The Michigan Department of Health and Human Services (MDHHS) has extended its order restricting indoor social gatherings and group activities by 12 days through Dec. 20. The department says the extension will enable it to determine the full impact of the Thanksgiving holiday on the spread of COVID-19 across the state. Under the order, residents are urged to avoid indoor gatherings, with only two households gathering inside at any given time. Bars and restaurants must remain closed for dine-in service, but can remain open for outdoor dining, carryout and delivery. Gyms are open for individual exercise with mandatory masking, but casinos, movie theaters and group exercise classes remain closed. Professional and college sports meeting “extraordinary standards for risk mitigation” may continue without spectators. Colleges, universities and high schools will continue with remote learning. There will be no in-person classes. MDHHS will monitor the percentage of hospital beds with COVID-19 patients, the number of COVID-19 cases and the positivity rate when determining whether to reopen at the end of the 12 days. Last week, a federal judge in West Michigan refused to block the state health department’s ban on indoor dining in restaurants and bars. The Michigan Restaurant …
PORTAGE, MICH. — Meridian Design Build has completed construction of a 320,988-square-foot package sortation and distribution center in Portage within Southwest Michigan. Scannell Properties was the developer. The facility is a build-to-suit for an undisclosed provider of global shipping and information services. The building sits on 37.4 acres at 6701 Portage Road. The facility features 87 loading docks, eight drive-in doors and 10,441 square feet of office space. Precept LLC provided both architectural and structural design services while Paradigm Design handled the civil engineering work.
HIGHLAND PARK, MICH. — Berkadia has brokered the sale of the Palmer Park Portfolio, a four-property multifamily portfolio totaling 144 units in Highland Park, a suburb of Detroit. The sales price was undisclosed. The properties include Parkview Court East, Parkview Court West, Parkway Apartments and Whitmore Plaza. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan and Corey Krug of Berkadia’s Great Lakes team represented the seller, BSG Management Co., as well as the buyer, Urban Communities.
KALAMAZOO, MICH. — A new Hilton Garden Inn hotel has opened in downtown Kalamazoo. The hotel will operate at a reduced capacity of 54 rooms, with the remaining 60 rooms expected to open in February. The dual-branded development adjoins a 106-room Home2 Suites by Hilton hotel that is slated to open in May. PlazaCorp and Dora Hotel Co. partnered on the project, which is a restoration of the historic Mason Temple building. Designed by Spier & Rohns and dating back to 1915, the property is listed on the National Register of Historic Places. Amenities at the hotel include an indoor pool, onsite restaurant, outdoor courtyard, fitness center, lounge, business center and 2,100 square feet of banquet space.
