Michigan

Detroit Auto Show Moves to Fall 2021, Will Remain an Autumn Show

by Kristin Harlow September 22, 2020

DETROIT — The North American International Auto Show (NAIAS) in Detroit has moved its indoor and outdoor show to Sept. 28 through Oct. 9, 2021. The show had been planned for summer 2021. NAIAS will remain a fall show going forward and show dates have been secured with the venue, TCF Center, for the next three years. The move comes after the Los Angeles Auto Show recently rescheduled its November event for May 2021. NAIAS organizers secured dates toward the end of the month to be mindful of the new IAA show in Munich, which is scheduled for the first full week in September. NAIAS officials say they plan to expand the show’s marketing reach, drawing additional visitors from beyond the region and state. “Our responsibility as an auto show is to host a global stage for current products as well as mobility innovations of tomorrow,” says Rod Alberts, NAIAS executive director. “September is an excellent time of year for new product, and at the same time, alleviates the challenges a now crowded spring auto show calendar presents for auto show stakeholders.” NAIAS is now in its 32nd year as an international event.

September 22, 2020

Ford Motor Co. Breaks Ground on Electric Vehicle Center for Production of F-150 Pickup Trucks

by Jeff Shaw September 21, 2020

DEARBORN, MICH. — Ford Motor Co. has broken ground on an electric vehicle center at the historic Rouge Center in Dearborn where it will build the all-electric F-150 by mid-2022. Upon completion, the new 500,000-square-foot manufacturing facility at the Rouge Center will add 300 jobs and is part of a $700 million investment in building the all-new lineup of F-150 pickup trucks, including the first-ever F-150 PowerBoost hybrid. The new jobs will support battery assembly and production of the F-150 PowerBoost hybrid and fully electric F-150. Including investments for Bronco and Ranger at the Michigan Assembly Plant in Wayne, Mich., announced last year, Ford plans to invest more than $1.45 billion and create approximately 3,000 jobs over the next three years in Michigan alone. “We are proud to once again build and innovate for the future here at the Rouge with the debut of our all-new F-150 and the construction of a modern new manufacturing center to build the first-ever all-electric F-150,” said Bill Ford, executive chairman of Ford Motor. Co., in a press release. “This year’s COVID-19 crisis made it clear why it is so important for companies like Ford to help keep our U.S. manufacturing base strong and …

September 21, 2020

Acquisitions Michigan Midwest Multifamily

Berkadia Arranges $30.4M Sale of Multifamily Property in Ypsilanti, Michigan

by Kristin Harlow September 18, 2020

YPSILANTI, MICH. — Berkadia has arranged the sale of Arbor One Apartments in Ypsilanti near Ann Arbor for $30.4 million. The 469-unit, garden-style multifamily property is located at 799 Green Road. It features newly renovated one-, two- and three-bedroom units. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Carly Dietz and Corey Krug of Berkadia’s Great Lakes team represented the seller, Michigan-based Watermark Partners Real Estate. New Jersey-based Valleytree Partners was the buyer. Aaron Moll of Berkadia’s Detroit office secured $23.5 million in acquisition financing through Freddie Mac.

September 18, 2020

Michigan Midwest Office

West Michigan’s Jaqua Realtors Merges with Shoreline Realtors

by Kristin Harlow September 17, 2020

DOUGLAS, MICH. — Jaqua Realtors has merged with Shoreline Realtors and continues the expansion of its presence in West Michigan. Shoreline has served the Saugatuck and Douglas communities for the past 26 years as a real estate and vacation rental company and maintains offices in St. Joseph and South Haven. Jaqua, a 45-year-old brokerage focusing on residential and commercial real estate as well as vacation rentals and property management, occupies an office at 202 Center St. in Douglas.

September 17, 2020

Development Michigan Midwest Multifamily Top Stories

Bedrock Transforms Former Detroit Free Press Building into $113M Apartment Project

by Kristin Harlow September 16, 2020

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has begun lease-up of The Press/321 in Detroit. The 105-unit apartment project is a transformation of the former Detroit Free Press building, which dates back to 1925. Project costs are $113 million. The 14-story building, designed by legendary architect Albert Kahn, originally served as the in-house production facility for Michigan’s oldest newspaper, which launched in 1831. The building spans 250,000 square feet. Located at 321 W. Lafayette Blvd., the property features floor plans ranging from studios to three-bedroom units. Monthly rents start at $995 and move-ins are scheduled to begin in mid-October. “We could not be more thrilled to welcome residents into The Press/321 property and bring life back to one of Detroit’s architectural gems, which has sat vacant since 1998,” says Jonathan Mueller, director of residential development for Bedrock. “Our priority was to uphold the aesthetic elements of the Albert Kahn building while tailoring the living experience for our future residents.” The rooftop pool on the seventh floor, designed in conjunction with Myrtha Pools, will be completed later this year and ready for the spring 2021 season. Once complete, it will be the second outdoor pool …

September 16, 2020

Acquisitions Industrial Michigan Midwest Office

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

by Kristin Harlow September 15, 2020

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.

September 15, 2020

Development Michigan Midwest Multifamily

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

by Kristin Harlow September 8, 2020

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.

September 8, 2020

Development Michigan Midwest Multifamily

Havenpark Completes Improvements at Michigan Manufactured Housing Community

by Kristin Harlow September 8, 2020

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.

September 8, 2020

Michigan Midwest

Michigan Gyms, Pools to Reopen Starting Sept. 9

by Kristin Harlow September 4, 2020

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.

September 4, 2020

Affordable Housing Loans Michigan Midwest Multifamily

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

by Kristin Harlow September 4, 2020

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.

September 4, 2020

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