SHELBY TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of a 0.78-acre retail development site located at 56166 Van Dyke Road in Shelby Township for an undisclosed price. Andrew Boncore of Dominion represented the seller. Steven Murphy of Century 21 Campbell Realty represented the buyer, a local business owner who plans on redeveloping the site into a retail center to expand his existing business.
By Andy Gutman, Farbman Group Until recently, the post-pandemic headlines and trend lines have been clear: the office market is struggling. Lower volumes and businesses closely evaluating their operational models and space needs in the wake of a COVID-altered world have prompted concerned conversations about what’s next for an evolving office sector. Here’s the good news, however: the Detroit office landscape reflects a changing narrative around not only the commercial climate, but the entire city of Detroit. To be clear, the office resurgence in Detroit has been modest, and is clearly still in its early stages. Whether you are entering a recession or starting a recovery, there is always a transitional period where sector activity is starting to change before the shift becomes impossible to deny. Motown momentum While the understandable indecision and uncertainty of the last few years has led to some stagnation in the office space, many of the COVID-era lease expirations seem to have resolved and activity has been gradually, but steadily, picking up in the last six to 12 months. Decisions are being made and lease volume is trending up — but deals and leases are moving slower, are taking longer to get done and we …
DETROIT — The Community Builders has broken ground on Phase I of Preserve on Ash, which will consist of a 69-unit mixed-income housing development in Detroit. The new development marks the first groundbreaking for what will ultimately comprise nearly 600 new and preserved units of affordable housing in the greater Corktown area made possible thanks to a $30 million Choice Neighborhoods grant that the U.S. Department of Housing & Urban Development awarded to the city in 2021. The city had sought the grant anticipating the rising rents that would be coming to Corktown as a result of Ford’s revitalization of Michigan Central Station. Preserve on Ash Phase I will include five buildings and more than 5,800 square feet of retail space. Of the 69 units, 48 will be reserved for those who earn up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin construction next year.
ANN ARBOR, MICH. — Bernard Financial Group (BFG) has arranged a $7.9 million loan for the refinancing of a 100,007-square-foot flex office property in Ann Arbor. Dennis Bernard and Adam Ferguson of BFG arranged the loan on behalf of the borrower, an entity doing business as 2725/2805 Associates LLC. Genworth Life Insurance Co. provided the loan.
NOVI, MICH. — Novi-based cold storage REIT Lineage Inc. has launched its initial public offering (IPO) of 47 million shares of its common stock, valuing the company at around $19 billion. In addition, the underwriters of the offering will have a 30-day option to purchase from the company up to 7 million additional shares of its common stock at the IPO price, which is expected to be between $70 and $82 per share. The company expects its stock to be listed on the Nasdaq under the ticker symbol “LINE.” Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. Lineage claims to be the world’s largest global temperature-controlled warehouse REIT with a network of more than 480 facilities totaling over 84 million square feet and 3 billion cubic feet of capacity across North America, Europe and Asia-Pacific.
LIVONIA, MICH. — Penske Automotive Group Inc. has acquired the Bill Brown Ford dealership in Livonia within southeast Michigan. The asset is the world’s largest Ford dealership by sales volume, according to Crain’s Detroit Business. Penske estimates the acquisition will add $550 million in annualized revenue. As part of the acquisition, Penske will acquire more than 200,000 square feet of existing facilities across 29 acres, including a main dealership premises, a pre-owned facility, fleet maintenance center and collision center. Year to date in 2024, Penske has completed acquisitions representing nearly $2 billion in estimated annualized revenue.
DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.
Metro Detroit’s retail market is characterized by strong tenant demand and investors’ eagerness to acquire and backfill vacant properties. In the downtown area, the revitalization efforts and adaptive reuse developments that started well before the pandemic continue. In fact, this year marked Detroit’s 100th commercial demolition, accelerated by $95 million in American Rescue Plan Act funding. Over the past five years, the City of Detroit has invested $1 billion in preserving or developing more than 4,600 affordable housing units. The hard work is paying off. Between July 2022 and July 2023, Detroit experienced population growth for the first time since 1957, according to the U.S. Census Bureau. A major highlight this year was the reopening of the long-abandoned train station, Michigan Central Station. Ford Motor Co. redeveloped the property in the city’s Corktown neighborhood into a 30-acre technology and cultural hub. Until Aug. 31, the first floor will be open for “Summer at The Station,” where visitors can take self-guided tours and enjoy food and beverages outside. This fall, the first commercial spaces will begin opening to the public. Meanwhile, developer Bedrock topped off construction of its Hudson’s project, the redevelopment of the former J.L. Hudson’s department store site. General …
BRIGHTON, MICH. — Two new retail tenants are opening at Green Oak Village Place in Brighton, about 50 miles northwest of Detroit. Michigan Makers Marketplace offers a space for local craftsmen and artists to sell their work along with scheduled craft shows. The tenant opened a 4,920-square-foot store in June. StretchLab is a national tenant with nearly 400 studios in North America and 900 licensed locations globally that provides customized one-on-one stretching services. StretchLab is opening a 2,259-square-foot space later this summer. Green Oak Village Place, a retail lifestyle center, features more than 50 shopping and dining tenants.
TROY AND ROCHESTER HILLS, MICH. — JLL Capital Markets has arranged the sale of Anthology of Troy and Anthology of Rochester Hills, two seniors housing communities totaling 184 units in metro Detroit. The sales price was undisclosed. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the seller and procured the buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both properties. Anthology of Troy now operates as American House Somerset. The 93-unit community was built in 2017. Anthology of Rochester Hills now operates as American House Hampton Village. The 91-unit property was completed in 2018.