Michigan

ACRE Provides $78.5M Bridge Loan for Final-Phase Construction of Detroit City Club Apartments

by Kristin Harlow November 25, 2020

DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district. Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased. “Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination. The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion. Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210. Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. …

November 25, 2020

Acquisitions Industrial Michigan Midwest

Newmark Arranges 52,939 SF Sale-Leaseback of Manufacturing Facility in Michigan

by Kristin Harlow November 19, 2020

MANISTEE, MICH. — Newmark has arranged the sale-leaseback of a 52,939-square-foot manufacturing and distribution facility located at 201 Glocheski Drive in Manistee along Lake Michigan. The sales price was undisclosed. Andrew Sandquist, JC Asensio, Briggs Goldberg and Fred Liesveld of Newmark represented the seller and tenant, Amptech Inc. Agracel was the buyer. Agracel will assist Amptech in a potential expansion of the facility to support future growth objectives. Amptech specializes in the design, manufacturing and distribution of automotive lighting assemblies and industrial valves. Newmark’s Tyrell McGee provided data analysis for the sale.

November 19, 2020

Development Michigan Midwest Top Stories

Ford Unveils Plans for 30-Acre Redevelopment of Michigan Central Station in Detroit

by Alex Tostado November 19, 2020

DETROIT — Ford Motor Co. has unveiled its plans for Michigan Central Station, a 30-acre redevelopment in Detroit’s Corktown neighborhood. The project will entail four buildings — Michigan Central Station, the Book Depository, Building West and The Factory — which are slated for completion throughout 2022. In addition, there will be a 1,250-space parking deck dubbed Bagley Parking Hub. The train station was originally built in 1913 and has sat vacant since 2012. Ford acquired the site and initially announced the project in June 2018. Project costs were not disclosed. Ford plans to house 5,000 employees at the site. The campus will serve as a factory to work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, parking and public transit. “This project is about preparing Ford for another century of innovation and success,” says Mary Culler, Ford’s Detroit development director and Ford Fund president. “At Michigan Central, we are taking a collaborative approach to innovation, including providing flexible workspaces that attract and engage the best minds to solve complex transportation and related challenges as we shape the future of mobility together.” Practice for Architecture and Urbanism is the …

November 19, 2020

Industrial Leasing Activity Michigan Midwest

Anji Logistics Expands North American Division in Roseville, Michigan with 129,021 SF Sublease

by Kristin Harlow November 18, 2020

ROSEVILLE, MICH. — Anji Logistics USA has subleased a 129,021-square-foot warehouse located at 30450 Little Mack Ave. in Roseville from Blue Bell Mattress Co. The third-party logistics provider is headquartered at a larger facility in nearby Warren. Anji Logistics USA is the North American branch of China-based automotive logistics service provider, Anji Automotive Logistics. Anji offers services such as international freight forwarding, inbound and outbound logistics, finished vehicle transportation, border transportation and warehousing management. Jason Capitani of L. Mason Capitani represented Anji in the sublease.

November 18, 2020

Leasing Activity Michigan Midwest Retail

Shopping Center in Sterling Heights, Michigan Reaches Full Occupancy with New Lease from Hanna’s Market

by Kristin Harlow November 17, 2020

STERLING HEIGHTS, MICH. — Brookside Village in Sterling Heights is now fully leased. Hanna’s Market signed a lease for the final 10,220-square-foot space at the Planet Fitness-anchored shopping center located about 25 miles north of Detroit. Hanna’s Market, which offers bakery items and fresh produce, plans to open in early 2021. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Earlier this year, Gerdom represented the landlord in leases with Rehab Without Walls and Luma’s Fashion at the property.

November 17, 2020

Michigan Midwest

Michigan Department of Health Issues Three-Week Order Limiting Indoor Gatherings in Effort to Prevent Spread of COVID-19

by Kristin Harlow November 16, 2020

LANSING, MICH. — The Michigan Department of Health and Human Services (MDHHS) has issued a new emergency order that enacts a three-week pause on indoor social gatherings and other group activities in effort to curb rapidly rising COVID-19 infection rates. Under this order, indoor residential gatherings are limited to two households at any one time. Bars and restaurants will be open for outdoor dining, carryout and delivery only. Gyms will remain open for individual exercise with strict safety measures in place. Casinos, movie theaters and group exercise classes will be closed. Professional and college sports with extreme safety measures in place may continue without spectators but all other organized sports will be prohibited. Colleges and high schools may proceed with remote learning, but in-person classes must end. The order takes effect Wednesday, Nov. 18. MDHHS says the order “is not a blanket stay-home action like in the spring.” As of Tuesday, Nov. 16, there were 251,813 confirmed cases of COVID-19 and 7,994 deaths in Michigan, according to the state’s website.

November 16, 2020

Company News Indiana Michigan Midwest Retail Top Stories

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800M

by Taylor Williams November 16, 2020

INDIANAPOLIS AND BLOOMFIELD HILLS, MICH. — Simon Property Group (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland County (Michigan), litigation that has since been settled. Analysts at Piper Sandler, a Minnesota-based investment banking firm, expressed surprise at the ability of the two owner-operators to resolve the price disagreement ahead of today’s court hearing. “We thought any settlement or price cut would occur after the judge’s ruling,” the firm wrote. “Ultimately, Simon Property Group saves approximately $700 million in cash on the recut of the deal, offset by obligatory legal fees, which totaled $18 million in the third quarter. The pushing of the closing until late 2020 or early 2021 is also better timed for the economic recovery.” “For Taubman, the outcome is …

November 16, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of Six-Property Multifamily Portfolio in Detroit for $9M

by Kristin Harlow November 13, 2020

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of the Whitmore Apartments Portfolio in Detroit for $9 million. The multifamily portfolio comprises six properties and 223 units in the Palmer Park district. The assets were built between 1928 and 1953. Nick Kirby and Cary Belovicz of Greystone Bel represented the seller, a family that had owned the portfolio since the 1960s. The duo also procured the undisclosed buyer.

November 13, 2020

Content Partner Heartland Feature Archive Lument Michigan Midwest Multifamily Ohio RED Capital Group

Slow and Steady Wins the Race: The Case for Multifamily in Cincinnati and Detroit

by Sarah Daniels November 12, 2020

Investors favor multifamily markets with brisk population growth and meaningful barriers to entry. But can a case be made in turbulent times for slow-growth Midwest cities characterized by weak entry barriers? View higher resolution version of chart above here. Midwest metro areas with relatively healthy demographic growth — Columbus, Indianapolis and Kansas City come to mind — have posted constructive performance trends during the pandemic recession so far, particularly with respect to rent. Among the 10 largest Midwest markets, Columbus recorded the fastest rent growth over the past three years (18.2 percent, according to Yardi Matrix) and nearly the fastest since the beginning of the pandemic (2.9 percent between February and October). Indeed, Columbus, Indianapolis (2.7 percent) and Kansas City (2.3 percent) respectively recorded the third, fourth and sixth fastest rent trends in the region since February, and each readily topped the -1.1 percent U.S. primary and secondary market average. The fastest rent growth in the region, however, was recorded by two metro areas not blessed with brisk population growth — Cincinnati and Detroit. Between February and October all property rents increased 3.0 percent in Cincinnati and 3.4 percent in Detroit, figures exceeded in only a handful of markets nationally. …

November 12, 2020

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers Sale of Four-Property Multifamily Portfolio in Kalamazoo, Michigan

by Kristin Harlow November 11, 2020

KALAMAZOO, MICH. — Berkadia has brokered the sale of a four-property, 427-unit multifamily property in Kalamazoo for an undisclosed price. The properties include Embassy Terrace, Greenbriar, Carriage Green and Regency Square. Jason Krug, Corey Krug, Kevin Dillion, Rick Vidrio, Rick Brace and Charley Henneghan of Berkadia’s Great Lakes team represented the Michigan-based seller as well as the buyer, Chicago-based Tricap Residential Group.

November 11, 2020

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