Michigan

Detroit Casinos to Reopen at 15 Percent Capacity Starting August 5

by Kristin Harlow July 31, 2020

MICHIGAN — With a new executive order, Michigan Gov. Gretchen Whitmer has enabled Detroit casinos to reopen on Wednesday, Aug. 5 at 15 percent capacity. Casinos must also conduct a daily entry screening protocol for customers and employees. Patrons must wear a face covering except while eating and drinking. The governor has also limited statewide indoor gatherings to 10 people, citing a “resurgence in cases connected to social gatherings across the state.” Bars across the state are closed for indoor service beginning Friday, July 31. There were 89,026 confirmed coronavirus cases and 6,426 deaths in the state of Michigan as of Wednesday, July 29.

July 31, 2020

Market Reports Michigan Midwest Midwest Market Reports

Despite Costs, Developers Pursue Rehab Opportunities for Detroit’s Historic Buildings

by Kristin Harlow July 30, 2020

By Steven Phillip Siegel Mies van der Rohe. Yamasaki. Kamper. Kahn. Portman. Gyllis. Some of the biggest architects in the world have a presence in Detroit. Motown’s exceptional confluence of architects and designers earned the city a UNESCO City of Design designation, the only city in the United States to receive the UN’s award for design excellence. However, beginning in the early 1970s, many of the city’s finest architectural works slowly sank under a weakening market amid tenant (and residential) flight to the suburbs. In the aftermath of the Great Recession, developers, led by Dan Gilbert’s Bedrock, began slowly redeveloping Detroit’s architectural gems. Historic properties like downtown’s David Stott Building or New Center’s Fisher Building saw massive capital investments in recent years. Yet, many city residents and tenants find it hard to comprehend why rents on these new projects are so much higher than the rest of the market. The narrative of Detroit’s architectural gems — and the financial Jenga it takes to make them succeed — tells the story of the city’s modern-day renaissance. “To us, it’s a passion project,” says Brett Yuhsaz, Bedrock’s director of construction, who has worked on some of the city’s most notable historic rehabs, …

July 30, 2020

Michigan Midwest

Quicken Loans Plans to Net Nearly $3.8B in IPO

by Kristin Harlow July 28, 2020

DETROIT — Detroit-based Quicken Loans is expected to net almost $3.8 billion in its initial public offering (IPO). The company, known for its personal finance and consumer services brands such as Rocket Mortgage, filed its IPO paperwork earlier this month under the name Rocket Cos. Inc. A document filed with the Securities & Exchange Commission today outlines a proposed offering price of $22 per share for 172.5 million shares. A date for the IPO has not yet been set. 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, will not be part of the IPO.

July 28, 2020

Development Industrial Michigan Midwest

Industrial Partners USA Buys 55 Acres in Battle Creek, Michigan, Plans Spec Project

by Kristin Harlow July 27, 2020

BATTLE CREEK, MICH. — Industrial Partners USA has purchased 55 acres in Battle Creek with plans to develop a 270,000-square-foot speculative industrial building. Battle Creek Unlimited (BCU) sold the land for an undisclosed price. Project plans call for 7,000 square feet of office space, 16 truck docks and 130 car parking spaces. Industrial Partners USA is a joint venture between Clark Logic and Great Lakes Capital. The developers expect to break ground later this summer with completion slated for March 2021. The total investment is estimated at $11 million. BCU is a nonprofit corporation that serves as the business and economic development arm for Battle Creek.

July 27, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $2M Sale of Apartment Community in Detroit

by Kristin Harlow July 21, 2020

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of Manning Manor in Detroit for $2 million. The 78-unit apartment community was originally built in 1926. It is located at 2258 W. Grand Blvd. A large majority of the units are one-bedroom floor plans. Buyer and seller information was not disclosed, but the property has received many recent capital improvements, according to Greystone Bel.

July 21, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Brokers $1.8M Sale of Harbor Freight-Occupied Property in Michigan

by Kristin Harlow July 17, 2020

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.

July 17, 2020

Development Michigan Midwest Mixed-Use

Bedrock to Begin Vertical Construction at Hudson Tower Site in Detroit

by Kristin Harlow July 15, 2020

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.

July 15, 2020

Acquisitions Illinois Michigan Midwest Missouri

Cornerstone Acquires Nine Medical Properties Across Six States for $59.9M

by Kristin Harlow July 14, 2020

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.

July 14, 2020

Development Michigan Midwest Mixed-Use

Demolition of Palace of Auburn Hills, Former Home of Detroit Pistons, Paves Way for New Mixed-Use Development

by Kristin Harlow July 13, 2020

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.

July 13, 2020

Michigan Midwest

Dan Gilbert’s Quicken Loans Files for IPO

by Kristin Harlow July 8, 2020

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.

July 8, 2020

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