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AcquisitionsIndustrialMichiganMidwestOffice

Bedrock Acquires Former Sakthi Automotive Portfolio in Detroit for $38.5M

by Kristin Harlow

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has acquired the former Sakthi Automotive Group USA real estate portfolio in southwest Detroit for $38.5 million. The office and industrial campus was in receivership. Huntington National Bank filed a lawsuit last year against Sakthi after the auto supplier defaulted on its debts. Friedman Real Estate brokered the sale of the 620,000-square-foot portfolio, which spans five buildings and also includes developable land. Kevin George and Jared Friedman of Friedman facilitated the deal in partnership with court-appointed receiver Kevin English of Lark Advisors LLC. Dragich Law Firm served as counsel for the receiver. The facilities primarily served as Sakthi’s manufacturing operations, housing machining equipment, robotics assembly and warehousing space. The campus is currently home to one tenant, MOBIS, which is an automotive parts supplier for Fiat Chrysler Automotive and Hyundai.

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DevelopmentMichiganMidwestMultifamily

Watermark Residential to Develop 320-Unit Multifamily Community in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog park.

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DevelopmentMichiganMidwestMultifamily

Havenpark Completes Improvements at Michigan Manufactured Housing Community

by Kristin Harlow

FENTON, MICH. — Havenpark Communities has completed improvements over the past two years at North Bay Harbor Club in Fenton, about 60 miles northwest of Detroit. A ribbon-cutting ceremony celebrating the improvements will take place Tuesday, Sept. 22. The renovations include upgraded community docks, improved landscaping, new signage and a grill and picnic area. Havenpark has invested more than $350,000 in upgrades and improvements at the manufactured housing community.

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MichiganMidwest

Michigan Gyms, Pools to Reopen Starting Sept. 9

by Kristin Harlow

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order enabling the state’s gyms and pools to reopen beginning Wednesday, Sept. 9. Gyms must require mask wearing at all times, implement six-foot social distancing and provide cleaning products. The new order also allows organized sports practices and competitions to resume but does not include the reopening of movie theaters. Gym owners have lobbied the governor tirelessly for their reopening and have suffered crippling financial losses since mid-March, according to local media reports.

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Affordable HousingLoansMichiganMidwestMultifamily

KeyBank Provides $5M Bridge Loan for Affordable Housing Property in Michigan

by Kristin Harlow

INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.

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MichiganMidwestRetail

MGM Grand Detroit to Cut 1,100 Workers

by Kristin Harlow

DETROIT — The MGM Grand Detroit casino plans to cut about 1,100 jobs as part of a national downsizing plan from MGM Resorts International, according to media reports. Nationwide, MGM is laying off 18,000 of its furloughed workers, citing slow business amid the COVID-19 pandemic. MGM Grand Detroit and the city’s two other casinos, MotorCity Casino Hotel and Greektown Casino-Hotel, reopened at 15 percent capacity on Aug. 5.

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LoansMichiganMidwestOffice

Bernard Financial Group Arranges $5.6M Refinancing for Office Property in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $5.6 million loan for the refinancing of a 72,607-square-foot office property in Farmington Hills. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Duke & Duke LP. Securian Life Insurance Co. provided the loan.

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AcquisitionsMichiganMidwestRetail

Avison Young Brokers $1M Sale of Dollar General-Occupied Property in Flint, Michigan

by Kristin Harlow

FLINT, MICH. — Avison Young has brokered the sale of a single-tenant retail property occupied by Dollar General in Flint for $1 million. The 9,774-square-foot building, renovated in 2019, sits on 1.1 acres at 1510 E. Carpenter Road. Chris Maling, David Maling and James Becker of Avison Young represented the seller, Michigan-based Maplewood Partners LLC. The team also procured the buyer, a Minnesota-based family trust. Dollar General has nine years remaining on its lease.

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FeaturesHeartland Feature ArchiveMichiganMidwestRetail

Pandemic Accelerates Need for Omnichannel Presence, Say Retail Webinar Panelists

by Kristin Harlow

As the nation’s retailers adapt to more curbside pickup and outdoor offerings as a result of COVID-19, what will happen in cold-weather states like Michigan once winter hits? Panelists pondered this question during “Michigan Retail Outlook,” a webinar hosted by Shopping Center Business and Heartland Real Estate Business that took place Tuesday, Aug. 25.  “We have tenants that are expanding their outdoor seating and planning ahead for winter by adding covers, plastic vinyl or outdoor heaters,” said Mike McBride, senior vice president of asset management for RPT Realty, which has an office in Southfield, Mich. “We’re seeing them expand for the long term with outdoor equipment.” Joining McBride on the panel were Deno Bistolarides of Encore Real Estate Investment Services, Thomas Litzler of Schostak Brothers & Co., Cynthia Kratchman of Mid-America Real Estate — Michigan, Nathan Forbes of The Forbes Co. and Eric Larson of Downtown Detroit Partnership. Todd Sachse of Sachse Construction moderated the discussion. “Europe has lived with outdoor seating 12 months per year forever,” noted Forbes, who is managing partner in Southfield, Mich. “There have to be ways to keep that outdoor space open during the winter months through temporary heating or other measures. We have to …

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MichiganMidwest

Bedrock Hires Former NFL Executive Kofi Bonner as CEO

by Kristin Harlow

DETROIT — Bedrock, the real estate arm of Quicken Loans founder Dan Gilbert, has hired Kofi Bonner, former Cleveland Browns chief administrative officer, as CEO starting Sept. 21. He replaces Matt Cullen, who left in July. A leader behind some of California’s most recent coastal developments, Bonner has extensive experience in development projects in metro areas. He served as co-chief operating officer at Irvine, Calif.-based FivePoint Holdings, where he led the entitlement and development of the San Francisco Shipyard and Candlestick Communities. Bonner spent the last year focused on real estate development and technology ventures through his Bonner Enterprises. He began his career as the affordable housing developer for Oakland Community Housing Inc. “With his extensive experience leading landmark projects on the West Coast and the years he spent in Cleveland with the Browns, Bonner is the right leader to build on Bedrock’s nearly 10 years of transformational development work,” says Bill Emerson, vice chairman of Bedrock and current acting CEO. Emerson will transition his role back to vice chairman of both Bedrock and Rock Holdings Inc. Since its founding in 2011, Bedrock has invested and committed more than $5.6 billion to acquiring and developing more than 100 properties, including …

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