Michigan

Cushman & Wakefield Brokers Sales of Two Industrial Buildings in Suburban Detroit

by Kristin Harlow June 17, 2020

LIVONIA, MICH. — Cushman & Wakefield has brokered the sales of two industrial buildings totaling nearly 250,000 square feet in Livonia, a western suburb of Detroit. Sales prices were undisclosed. In the first transaction, Anthony Avendt of Cushman & Wakefield represented Country Fresh in the sale of 31770 Enterprise Drive to Caresoft Global LLC. The 148,000-square-foot property, partially renovated in 2004, will be upgraded to meet the needs of the global technology and solutions company. In the second transaction, Avendt and colleague Evan Miller represented Livonia East Corporate Center in the disposition of 12622-645 Inkster Road, a 101,089-square-foot building. MobilityTRANS acquired the asset for its assembly and manufacturing operations. The property underwent renovations beginning last year.

June 17, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Arranges $1.3M Sale of Property Net Leased to Dollar General in Michigan

by Kristin Harlow June 15, 2020

BANCROFT, MICH. — The Boulder Group has arranged the $1.3 million sale of a single-tenant property net leased to Dollar General in Bancroft, about 30 miles east of Lansing. the 9,100-square-foot building is located at 4531 Lansing Road near I-69. There are 15 years remaining on Dollar General’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. A Michigan-based private investor purchased the asset.

June 15, 2020

Michigan Midwest Retail

Shops at CenterPoint in Grand Rapids to Completely Reopen by June 15

by Kristin Harlow June 12, 2020

GRAND RAPIDS, MICH. — Retailers at the Shops at CenterPoint in Grand Rapids have begun reopening this week after being closed for nearly three months due to the COVID-19 pandemic. Owner Stonemar Properties LLC anticipates that nearly all tenants will be open by Monday, June 15. Shops at CenterPoint is a 575,000-square-foot shopping center located at the corner of East Beltline Road and 28th Street. It is home to T.J. Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Ulta, DSW, Carhartt and Lands’ End, among others. Many retailers will still offer curbside pickup in the coming months. The shopping center is approximately 93 percent occupied. Mark Ansara and Earl Clements of Colliers International handle leasing for the property.

June 12, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Captain D’s Expands into 23rd State with New Location in Michigan

by Kristin Harlow June 9, 2020

CLINTON TOWNSHIP, MICH. — Fast-casual seafood restaurant Captain D’s has opened its newest franchised location in Clinton Township, about 25 miles north of Detroit. Situated at 35134 Groesbeck Highway, the restaurant marks Captain D’s only Michigan location and expands the brand’s footprint into its 23rd state. Currently, the Clinton Township Captain D’s is open for drive-thru, call-ahead ordering for curbside pickup and delivery. The dining room will remain closed for the immediate future due to COVID-19. Detroit native and restaurant industry veteran Kirit Patel of J&D Restaurant Group LLC owns and operates the Clinton Township building, which was formerly occupied by Dunkin’. Patel has plans to develop two additional Captain D’s restaurants in metro Detroit by 2023. There are now more than 530 Captain D’s locations across 23 states.

June 9, 2020

Loans Michigan Midwest Multifamily

KeyBank Structures $557.4M in Fannie Mae Loans for Refinancing of 18-Property Multifamily Portfolio in Florida, Michigan

by Kristin Harlow June 8, 2020

FLORIDA AND MICHIGAN — KeyBank Real Estate Capital has structured $557.4 million in Fannie Mae loans on behalf of Ann Arbor, Mich.-based McKinley, which invests in and manages residential and commercial properties nationwide. The 15-year, fixed-rate loans will be used to refinance 18 multifamily properties located in Florida and Michigan. Built between 1967 and 1997, the communities comprise 5,387 units. Todd Linehan and David Baker of Cleveland-based KeyBank originated the financing.

June 8, 2020

Michigan Midwest Retail

Michigan’s Agree Realty Receives 87 Percent of May Rent Payments

by Kristin Harlow June 3, 2020

BLOOMFIELD HILLS, MICH. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May. Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting for approximately 7.5 percent of annualized base rent. Agree has sold seven properties for gross proceeds of approximately $16.6 million quarter-to-date through May 29. Agree has also executed a new 20-year net lease with an undisclosed tenant for its former Art Van flagship store in Canton, Mich. Rent is expected to commence in the latter half of the third quarter. This was the only Art Van furniture store in the company’s portfolio. Bloomfield Hills-based Agree primarily engages in the acquisition and development of properties net leased to retail tenants. As of March 31, the company owned and operated a portfolio of 868 properties in 46 states with a gross leasable …

June 3, 2020

Leasing Activity Michigan Midwest Retail

Pet Supplies Plus to Open at Former Pier 1 Imports Store in Western Michigan

by Kristin Harlow June 3, 2020

HOLLAND, MICH. — Pet Supplies Plus will open at a former Pier 1 Imports store in Holland in western Michigan. The 9,000-square-foot space is located at Tolson Enterprise’s North Park Plaza shopping center, which is home to Walmart and Sam’s Club. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment, along with Bialow Real Estate, represented Pet Supplies Plus in the new lease.

June 3, 2020

Michigan Midwest Retail

Michigan Governor Rescinds Stay-Home Order, Enables Restaurants to Reopen June 8

by Kristin Harlow June 2, 2020

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a new executive order rescinding her stay-home order and moving the entire state to Phase IV of the “MI Safe Start Plan” in response to COVID-19. The governor’s order will enable retailers to reopen June 4 and restaurants to reopen June 8 at 50 percent capacity. Day camps for children will be permitted to open June 8. Effective immediately, groups of 100 or less will be allowed to gather outdoors with social distancing. Office work and housecleaning services can resume. Gyms and fitness centers may conduct outdoor classes, practices and games with social distancing. Michiganders must continue to wear face coverings when in enclosed public spaces and should continue to work from home whenever possible.

June 2, 2020

Michigan Midwest

Michigan’s DAR Development Rebrands to DAR Commercial Real Estate

by Kristin Harlow June 2, 2020

GRAND RAPIDS, MICH. — DAR Development Inc. has rebranded to DAR Commercial Real Estate. The Grand Rapids-based company says the name change better reflects all the services offered by the firm, whose office is located at 5500 Northland Drive. Darrel Herweyer founded DAR in 1996. The name change is effective immediately. “Using the term ‘development’ in our name created a misperception in the market that we work exclusively on development or just own our own buildings and projects,” says David Denton, vice president of real estate brokerage. “That’s just not the case.” DAR is an independent, full-service commercial real estate brokerage firm focusing on the purchase, sale or lease of all property types.

June 2, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Domino’s to Open at Shopping Center in Davison, Michigan

by Kristin Harlow May 29, 2020

DAVISON, MICH. — Domino’s Pizza has leased 3,000 square feet at Davison Village Shopping Center in Davison, about 10 miles east of Flint. Domino’s will occupy space that was formerly home to YaYa’s Chicken. The property, which is anchored by The Salvation Army, is located on State Road. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Domino’s in the lease transaction.

May 29, 2020

Newer Posts

Older Posts