BIG RAPIDS, MICH. — The Boulder Group has brokered the $1.8 million sale of a 24,034-square-foot property occupied by Harbor Freight in Big Rapids, about 60 miles north of Grand Rapids. The single-tenant building is located at 408 Perry Ave. Harbor Freight, a discount tool retailer, recently signed a 10-year lease for the newly renovated building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based real estate firm. A Midwest-based buyer purchased the asset.
DETROIT — Two construction cranes now occupy the site that eventually will be home to the highly anticipated Hudson Tower project in downtown Detroit. The cranes signal that vertical construction can begin and Bedrock is able to bring the project into the next phase of development. Plans call for a 680-foot-tall mixed-use tower that will include 1.3 million square feet of retail, office, hotel, residential and public space. Bedrock, the real estate arm of billionaire businessman Dan Gilbert, founder of Quicken Loans, initially broke ground on the project in December 2017. It is now slated for completion in 2024. Southfield-based Barton Malow Co. is the general contractor. The project is a redevelopment of the former J.L. Hudson department store, which closed in 1984 and was imploded in 1998.
INDIANAPOLIS — Indianapolis-based Cornerstone Cos. Inc. has acquired nine healthcare real estate properties in six states totaling more than 300,000 square feet for $59.9 million. Cornerstone MOB Fund V, a private equity fund focused solely on medical real estate, was used to acquire the assets. The properties include: Northwest Medical Center in Poplar Bluff, Mo.; Danville Polyclinic in Danville, Ill.; PACE of Southeast Michigan Center in Eastpointe, Mich.; The Eye Institute of Paducah in Paducah, Ky.; The Surgery Center of Columbus in Columbus, Ga.; and The Jervey Eye Group portfolio, which is a four-property portfolio in Greenville, S.C. All of the assets are supported by net leases and the tenants are a mix of health systems and specialty physician groups.
AUBURN HILLS, MICH. — The final phase of demolition for The Palace of Auburn Hills, the former home of the Detroit Pistons basketball team, took place over the weekend. The more than 20,000-seat venue first opened in 1988. The Pistons played at the arena from 1988 until 2017. The team won all three of its titles at the arena, including NBA championships in 1989, 1990 and 2004. The Pistons now play in downtown Detroit at Little Caesars Arena. Schostak Brothers & Co., a development company based in Livonia, Mich., purchased part of The Palace in a joint venture, according to local media reports. Plans call for a mixed-use development on the site. Watch the demolition video here.
DETROIT — Detroit-based Quicken Loans has filed paperwork for its initial public offering. The company, known for its personal finance and consumer service brands such as Rocket Mortgage, has filed under the new name Rocket Cos. Inc. The application has been made for listing the common stock on the New York Stock Exchange under the ticker symbol RKT. The number of shares to be offered and the price range for the proposed offering have yet to be determined. Billionaire businessman Dan Gilbert, founder and chairman of Quicken, has been instrumental in Detroit’s commercial real estate scene. Bedrock, his full-service real estate firm, maintains a portfolio of more than 100 properties totaling approximately 18 million square feet.
BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills, Mich.-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, chairman and CEO. Taubman’s portfolio consists of 26 super-regional and outlet shopping centers. The company is currently being sued by Simon Property Group over a merger agreement, the latest details of which can be found here.
GRAND RAPIDS, MICH. — Industrial Commercial Properties (ICP) has purchased a Knoll manufacturing facility located at 4300 36th St. in Grand Rapids for an undisclosed price. The 619,165-square-foot building sits on 37 acres adjacent to the Gerald R. Ford International Airport. ICP plans to make a multi-million-dollar investment to update both interior and exterior elements of the property. Bob Horn of JLL brokered the sale. Knoll is a design firm that produces office seating, storage, desks and other accessories.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 70,000-square-foot office building located at 550 Stephenson Highway in Troy. The sales price was undisclosed. The multi-tenant property was 97 percent leased at the time of sale. Mason L. Capitani, a principal with the brokerage firm, represented the buyer, California-based LREH Michigan LLC. L. Mason Capitani will oversee leasing efforts moving forward while the company’s affiliate, Liberty Property & Asset Management, will serve as property manager.
OAKLAND COUNTY, MICH. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says the company is “ready, willing and able to close the transactions with Simon.” As previously announced, Simon delivered a notice purporting to terminate the merger agreement, which was valued at $3.6 billion, on June 10. The mall owner also commenced a lawsuit in Michigan state court on the grounds that Taubman hadn’t responded effectively to the coronavirus pandemic. Taubman says it continues to believe that Simon’s termination is “invalid and without merit.” On June 17, Taubman filed a counterclaim in the lawsuit, rejecting Simon’s allegations. Given the pending litigation, “it appears Simon will not consummate the transactions on June 30, despite its contractual obligation to do so,” according to a statement from Taubman.
BROWNSTOWN TOWNSHIP, MICH. — Bernard Financial Group has arranged a $6 million loan for the refinancing of a two-building industrial property in Brownstown Township, about 25 miles southwest of Detroit. The 220,760-square-foot property is located at 18640-18650 Dix-Toledo Highway. Dennis Bernard and Joshua Bernard arranged the loan with Symetra Life Insurance Co. Ashley Brownstown North 4 & 5 LLC was the borrower.
