SHELBY TOWNSHIP, MICH. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 115,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The lender was not disclosed.
It’s no secret that Grand Rapids is one of the fastest growing cities in the United States. Grand Rapids and its surrounding suburbs led much of Michigan’s population growth last year and have been continuously recognized by national surveys. Two studies conducted by WalletHub in late 2018 and early 2019 ranked Grand Rapids in the top 10 percent of cities analyzed as having one of the fastest growing economies and also ranked it in the top 30 percent of markets studied as being one of the best places to find a job. While it’s obvious that this growth in population and availability of jobs has been the key driver behind the increase in new multifamily developments, it has also had a major influence on the retail sector. From national restaurant chains and retailers to new local food and beverage concepts, key performance indicators such as low vacancy rates and increased rental rates are moving in a positive direction for the Grand Rapids commercial retail market. What retail apocalypse? These days, news articles related to retail properties across the nation may lead to a state of depression due to closings of big box and chain stores that have been unable to …
GRAND RAPIDS, MICH. — Galactic Toys & Collectibles has opened its second location at 4174 Alpine Ave. NW in the Comstock Park area of Grand Rapids. The store spans 3,862 square feet. The Grand Rapids-based retailer’s first location is on 28th Street near Woodland Mall. Galactic sells toys, board games, action figures and other collectibles. Jon Greenen of Colliers International handled leasing on behalf of Galactic.
GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy Krosin of Walker & Dunlop arranged the 24-month, floating-rate loan. Kari Zapolski of Inner Circle Holdings originated the loan, which will enable the borrower to pay off the existing construction debt and complete lease-up.
ANN ARBOR, MICH. — Cameron McCausland and Joe Vig have formalized their longtime development, construction and property management relationship with the formation of Portage Capital Partners. The company has unveiled its first project, a 230,000-square-foot life sciences and technology park in Ann Arbor. Known as The Tech Loop@Ann Arbor Research Park, the speculative project will be situated on 16.5 acres near I-94 and State Street. The first phase will consist of a 79,000-square-foot building followed by another 150,000 square feet across three additional buildings in Phase II. A timeline for completion was not disclosed.
While most national investors and developers focus on larger Sun Belt and coastal markets such as Austin, Atlanta, Nashville and Phoenix, Time Equities has had great success investing in Grand Rapids and continues to believe strongly in the future potential of the area. As an opportunistic company, we often go where others do not, looking for markets and assets with strong risk-adjusted returns. Grand Rapids provides such an opportunity. The small city has been ascendant for the past decade and has a bright outlook. Its population and job growth equal many of the fastest-growing markets in the Sun Belt. Its economy is bolstered by large medical and education employers supported by impressive charitable contributions from the region’s wealthy families. In addition, the city also boasts a diversified economy with manufacturing, breweries and white-collar employment. And most importantly, it’s home to a burgeoning young and educated workforce. Grand Rapids’ combination of lifestyle, job market and affordability make it a regional draw. Grand Rapids experienced population growth of 41 percent from 2010 to 2017, compared with 22 percent for the Nashville metro area and 19 percent for the Dallas metro area. This growth was aided by a net migration of 31,285 people. …
DETROIT — H&M is set to open on Thursday, Nov. 21 in Detroit. Spanning approximately 25,000 square feet, the new location at Bedrock-owned 1505 Woodward Ave. will be among 18 other H&M stores throughout the state of Michigan. The fashion retailer will offer women’s, men’s and kids clothing in addition to accessories. Customers in line on opening day will have access to coupons. Approximately 20 employees will work at the store. Sweden-based H&M was the first global fashion company to launch in-store recycling of garments.
YPSILANTI, MICH. — A new 12,296-square-foot healthcare facility known as the IHA Health Center @ EMU has opened. Situated at Eastern Michigan University in Ypsilanti, the health center will provide primary healthcare services to members of the EMU community as well as the community at large. In addition to primary care, the facility will offer women’s health services, urgent care services and an onsite third-party pharmacy operated by Campus Medical Pharmacy. Dr. Lisa Whipple serves as the site medical director for the primary care and gynecology team. The project represents a collaboration between St. Joseph Mercy Ann Arbor hospital and the university. EMU is also constructing an adjacent facility, the EMU Campus Wellness Center, that is set to open in January 2020. The total cost of the combined facilities is $14 million. EMU is the project owner. IHA is one of the largest multi-specialty groups in Michigan and is a wholly owned subsidiary of St. Joseph Mercy Health System.
PORT HURON, MICH. — Cohen Financial, a division of SunTrust Bank, has secured a $12 million CMBS loan for the refinancing of a 149-room DoubleTree by Hilton hotel in Port Huron, which is located in eastern Michigan along Lake Huron. Cathy Bronkema of Cohen arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. JB Real Estate Development Co. was the borrower.
BLOOMFIELD HILLS, MICH. AND TERRE HAUTE, IND. — Global trucking and logistics firm Penske Corp. has agreed to purchase Hulman & Co., a private company that owns Indianapolis Motor Speedway, the world-famous racetrack that hosts the Indianapolis 500 and Brickyard 400 racing events. The acquisition price was not disclosed. Situated on more than 1,000 acres in Speedway, Ind., the Indianapolis Motor Speedway was built in 1909 and today has a permanent seating capacity exceeding 235,000 people. When infield seating is added, more than 400,000 people can view the various racing events held at the 2.5-mile oval track. According to Hulman, which has owned the venue since 1945, it’s the world’s largest spectator sporting facility. “The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years,” says Tony George, chairman of Hulman & Co., a family-owned company based in Terre Haute. “Now, we are honored to pass the torch to Roger Penske and Penske Corp. There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis …