Michigan

Foster Financial Acquires 28-Story Office Tower in Downtown Detroit

by Kristin Harlow October 16, 2020

DETROIT — Foster Financial Co. has acquired a 28-story office tower located at 211 W. Fort St. in downtown Detroit for an undisclosed price. The Grosse Pointe-based company acquired the asset in a joint venture with Tribus, a Grosse Pointe family office, according to Crain’s Detroit Business. This is the first time that the building, constructed in 1961, has sold. The 450,000-square-foot property is home to tenants such as the U.S. Bankruptcy Court, U.S. Attorney’s Office and the U.S. Passport Office. Foster Financial plans to rename the building 211 Tower and undertake renovations. The seller was the original developer, which included principals from New York-based Minskoff Grant Realty & Management Corp., according to Crain’s.

October 16, 2020

Michigan Midwest Retail

Detroit Casinos Report 21.7 Percent Drop in September Revenues

by Kristin Harlow October 16, 2020

DETROIT — September aggregate revenue for slots and table games at Detroit’s three casinos was down 21.7 percent compared with September 2019, according to the Michigan Gaming Control Board. The casinos reported $87.9 million in revenue while continuing to operate at 15 percent capacity due to COVID-19 health concerns. MotorCity Casino and Greektown Casino reopened Aug. 5 while MGM Grand reopened Aug. 7. For the third quarter, the casinos’ aggregate revenue of $157.3 million was down 55.2 percent compared with the same period last year. During September, the three casinos submitted $10.5 million in wagering taxes and development agreement payments to the city.

October 16, 2020

Industrial Loans Michigan Midwest

Mag Mile Capital Arranges $3.8M Acquisition Loan for FedEx Distribution Center in Flint, Michigan

by Kristin Harlow October 15, 2020

FLINT, MICH. — Mag Mile Capital has arranged a $3.8 million loan for the acquisition of a 57,500-square-foot distribution center fully leased to FedEx Corp. in Flint. Located adjacent to Bishop International Airport, the facility was constructed as a build-to-suit for FedEx more than 20 years ago. Mag Mile Capital arranged the seven-year, fixed-rate loan on behalf of the buyer, Bryan Rishforth and his Philadelphia-based firm, R&R Global Partners. The lender was undisclosed. Stan Johnson Co. marketed the property on behalf of the undisclosed seller.

October 15, 2020

Acquisitions Michigan Midwest Retail

DealPoint Merrill Acquires Former Kroger-Anchored Shopping Center in Sterling Heights, Michigan

by Kristin Harlow October 14, 2020

STERLING HEIGHTS, MICH. — DealPoint Merrill LLC has acquired a 69,275-square-foot former Kroger shopping center in Sterling Heights. The property sits on seven acres at the corner of Dequindre and 18 Mile roads. DealPoint Merrill plans to redevelop the center into a 138,000-square-foot development, but further details of the project were not disclosed. DealPoint Merrill’s CEO David Frank negotiated the transaction while the company’s president, Sterling McGregor, handled the due diligence and financing. The seller and purchase price were undisclosed.

October 14, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Domino’s to Open Two New Locations in Michigan

by Kristin Harlow October 14, 2020

BAY CITY AND SOUTHGATE, MICH. — Domino’s plans to open two new locations in Michigan. The Ann Arbor-based pizza chain leased 2,500 square feet at the corner of Washington Avenue and 7th Street in downtown Bay City, about 15 miles north of Saginaw. In addition, Domino’s purchased a 2,000-square-foot building formerly occupied by Radio Shack in Southgate, about 15 miles southwest of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Domino’s in both deals. The pizza chain did not provide any details on when the restaurant openings will occur.

October 14, 2020

Michigan Midwest Restaurant Retail

Quarterly Same-Store Sales Rise 17.5 Percent for Domino’s

by Kristin Harlow October 9, 2020

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its U.S. same-store sales grew 17.5 percent in the third quarter compared with the same period last year. The Ann Arbor-based pizza chain says it was positively impacted by customers ordering more takeout during the COVID-19 pandemic. Global retail sales increased 14.4 percent in the third quarter to more than $3.7 billion. Revenues increased $146.9 million or 17.9 percent, while net income increased $12.8 million or 14.8 percent. As of Oct. 5, Domino’s estimates that fewer than 300 international stores are temporarily shuttered. There are more than 17,200 Domino’s stores in over 90 markets.

October 9, 2020

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 47,833 SF Office Building in Troy, Michigan

by Kristin Harlow October 7, 2020

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 47,833-square-foot office building located at 1111 W. Long Lake Road in Troy. The sales price was undisclosed. The three-story property includes an underground parking garage. Mason L. Capitani of the real estate firm represented the buyer, California-based LREH LLC. The building has historically remained at or near 100 percent occupancy, according to Capitani.

October 7, 2020

Acquisitions Affordable Housing Michigan Midwest Multifamily

Avanath Capital Management Acquires Two Affordable Housing Properties in Detroit

by Kristin Harlow October 2, 2020

DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.

October 2, 2020

Development Industrial Michigan Midwest

Kroger Invests $95M for New Customer Fulfillment Center in Romulus, Michigan

by Kristin Harlow September 29, 2020

ROMULUS, MICH. — The Kroger Co. and grocery e-commerce technology company Ocado have selected Romulus as the latest location for a customer fulfillment center. The automated warehouse facility, equipped with digital and robotic capabilities, will serve customers across the Great Lakes region. Kroger will invest $95 million and create 250 new jobs in Romulus, according to Warren Evans, Wayne County chief executive. The 135,000-square-foot facility will be located at 15675 Wahrman Road. It is expected to become operational 18 months after construction begins.

September 29, 2020

Michigan Midwest Retail

Michigan Governor Reopens Movie Theaters Starting Oct. 9

by Kristin Harlow September 29, 2020

LANSING, MICH. — Michigan Gov. Gretchen Whitmer has signed an executive order to reopen movie theaters and performance venues starting Friday, Oct. 9 following closures from the coronavirus pandemic. The order includes arcades, bingo halls, bowling alleys, indoor climbing facilities and trampoline parks. Indoor gatherings are now limited to 20 people per 1,000 square feet or 20 percent of fixed seating capacity, with a maximum of 500 people in Michigan’s largest venues. Outdoor gatherings are limited to 30 people per 1,000 square feet or 30 percent of fixed seating capacity, with a maximum of 1,000 people. Face coverings are now required for students in grades kindergarten and up in classrooms.

September 29, 2020

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