ROYAL OAK, MICH. — Bernard Financial Group has arranged a $1 million loan for the refinancing of a 17,300-square-foot office and retail building in Royal Oak, a northern suburb of Detroit. Dan Duggan of Bernard arranged the loan on behalf of the borrower, 320-322 S. Main Holdings LLC. Ohio National Life Insurance Co. provided the loan, terms of which were undisclosed.
LANSING, MICH. — As the COVID-19 death count in Michigan climbed to 15 on Monday, and the state’s total confirmed case count was 1,328, Michigan Gov. Gretchen Whitmer signed a “Stay Home, Stay Safe” executive order, directing all Michigan businesses and operations to temporarily suspend in-person operations that are not necessary to sustain or protect life. The order is effective today and runs through April 13. Non-essential businesses could be subjected to a fine of up to $500, forced closure. Business owners who violate the order could face up to 90 days in jail, according to a spokeswoman for the Michigan Attorney General’s Office as reported by the Detroit Free Press. The order came with a lot of questions from the business community about which businesses are considered essential and which aren’t. For instance, Ohio’s stay-at-home order includes a list of specific businesses that are considered essential, but Michigan’s order does not, according to The Detroit News. Included under Ohio’s order are contractors, laundering and dry-cleaning and hardware supply stores. The order directs Michiganders to stay in their homes unless they’re part of a critical infrastructure workforce, engaged in an outdoor activity or performing tasks necessary to the health and …
DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, comes as businesses across the state temporarily suspend in-person operations unless they are deemed essential. Michigan Gov. Gretchen Whitmer issued a “Stay Home, Stay Safe” executive order on Monday in response to the coronavirus outbreak. The order will be in effect through April 13. Bedrock recognizes that many of its small restaurant and retail tenants have taken a big hit financially due to lost business during the crisis and want to enable these tenants to use their resources to pay bills and meet payroll commitments. Qualification as a small business is based on criteria established using industry and governmental standards.
KALAMAZOO, MICH. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is a retailer of hunting, fishing, camping and outdoor recreation merchandise that is a subsidiary of Dick’s. Sportsman’s says the acquisitions are consistent with its “growth strategy of opportunistically expanding its store footprint in strong markets with well-established customer bases.”
MARQUETTE, MICH. — Greystone Bel Real Estate Advisors has brokered the sale of a two-property multifamily portfolio totaling 117 units in Marquette, which is located in the state’s Upper Peninsula. The portfolio includes Northwoods and Ridgeview Apartments. Austin Hull of Greystone Bel brokered the transaction. The sales price was undisclosed. An out-of-state buyer purchased the properties from an undisclosed seller. Built between 2004 and 2011, Northwoods consists of three buildings totaling 48 units on 3.5 acres. Ridgeview is a 69-unit property built in 2002. It includes 10 buildings on four acres.
GRAND RAPIDS, MICH. — Daniel Gracie Grand Rapids, a Brazilian Jiu Jitsu academy, has leased a 3,750-square-foot space at 131 Division Ave. in Grand Rapids. The academy will offer a variety of classes for all ages. Todd Leinberger, Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan represented the tenant in the lease transaction with the undisclosed landlord. Cody Hier and Miguel Diaz, both professional MMA fighters, are the co-owners of the studio.
FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 128,829-square-foot office building in Farmington Hills for an undisclosed price. Built in 2001, the Class A property is located at 37101 Corporate Drive. It is fully leased to Panasonic Automotive Systems. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller was undisclosed. Capitani’s affiliate company, Liberty Property & Asset Management, will manage the asset.
ANN ARBOR, MICH. — Beyond Juice Juicery + Eatery will open its 15th Southeast Michigan location at the new Uptown Ann Arbor project in Ann Arbor. Beztak Properties is the project developer. Beyond Juice will occupy 1,600 square feet. Billy Gershensen of the Gershenson Group represented Beyond Juice in the lease transaction. Michael Murphy, Vicki Gutowski and Larry Siedell of Gerdom Realty & Investment represented Beztak. Upon completion, Uptown will be home to 250 townhomes and luxury lofts as well as 17,220 square feet of ground-floor retail space.
SOUTHFIELD, MICH. — Automotive supplier Marelli has signed a multi-year lease to relocate its North American headquarters to Southfield. The company will occupy nearly 200,000 square feet of the property located at 26555 Northwestern Highway. The mid-century building, which has been vacant since 2015 after Federal-Mogul relocated, is situated at the corner of Lahser Road and the John C. Lodge Freeway. The three-story building, which is undergoing extensive renovations, will feature modern workspaces for nearly 500 employees. It will include 75 conference rooms, an auditorium, cafeteria, fitness room and meeting space. Approximately 100,000 square feet will be dedicated to testing and lab equipment to support R&D activities for the company’s automotive lighting, electronics, exhaust, interiors, powertrain, ride dynamics and thermal solutions business units. Marelli is leasing the property from Dembs Development, which purchased the building in 2017 from a New York-based investment company. Marelli is planning a staggered move-in to begin in late 2020 with full occupancy expected by March 2021. The company currently has two locations in Auburn Hills and one in Farmington Hills. In May 2019, Magneti Marelli and Calsonic Kansei merged to create Marelli, one of the world’s largest independent automotive suppliers.
DETROIT — Detroit Mayor Mike Duggan and his Housing & Revitalization Department (HRD) have created a new partnership to preserve affordable housing in the city while also improving its quality and preventing displacement. The partnership comprises the city’s housing department along with a number of housing experts, including Enterprise Community Partners, United Community Housing Coalition, a partnership between Cinnaire and CHN Housing Partners, Data Driven Detroit, Elevate Energy and Community Investment Corp. Enterprise Community Partners will lead the team and create action plans for preserving units. A primary goal of the new partnership is to identify apartment buildings that have low rents — not because they are required to, but because of their condition — and help redevelop those buildings in a way that preserves their affordability. HRD has established a goal of preserving 10,000 existing regulated affordable housing units in the city by 2023. This is in addition to the creation of new affordable housing in any new development that receives city funding or discounted land.