WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.
LIVONIA, MICH. — Gerdom Realty & Investment has arranged the sale of a 23,900-square-foot retail and office property in Livonia for an undisclosed price. The two-building asset is located on Middlebelt Road between 5 Mile and 6 Mile roads. Larry Siedell, Michael Murphy and Tjader Gerdom brokered the sale. A local investor purchased the property with plans to complete an exterior renovation. Gerdom will remain as the listing broker.
TROY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Coventry Place office property in Troy for an undisclosed price. The building is located on West Big Beaver Road and is fully occupied by 23 tenants. Mason L. Capitani and Al Shulin of L. Mason Capitani represented the seller, Summit Coventry LLC. Mason L. Capitani represented the buyer, California-based LSTC. L. Mason Capitani will continue to oversee leasing at Coventry Place while the firm’s affiliate company, Liberty Property & Asset Management, will manage the property.
NILES, MICH. — Marcus & Millichap has brokered the sale of Niles Plaza in southwest Michigan for $2.6 million. The 15,128-square-foot retail property is located at 2010 S. 11th St. It is fully leased to Wings Etc., Verizon Wireless, Anytime Fitness, Edward Jones, Allied Cash Advance, H&R Block and Joe’s Barber. Jesse Limon, Damien Yoder, Julia Evinger and Steven Chaben of Marcus & Millichap marketed the property on behalf of the seller, a local family investment company. A Las Vegas-based limited liability company purchased the asset.
DETROIT — The Detroit Pistons have opened the Henry Ford Detroit Pistons Performance Center, a $90 million training center and corporate headquarters in Midtown Detroit’s New Center area. The 185,000-square-foot facility is the largest of its kind in the NBA, according to the Pistons. It is connected to the $37 million William Clay Ford Center for Athletic Medicine and features publicly accessible grocery, food, fitness and retail amenities. Henry Ford Health System manages a comprehensive sports medicine, treatment and rehabilitation facility at the property. Retailers Plum Market and Blink Fitness are slated to open by the end of the year. The project is situated on a parcel owned by Henry Ford Health between Wayne State University and Henry Ford Hospital. It is approximately two miles north of Little Caesars Arena, where the Pistons have been playing games since 2017.
CLAWSON, MICH. — Gerdom Realty & Investment has completed the lease-up of Clawson’s Village Landing in Clawson, about 17 miles north of Detroit. Great Lakes Pot Pies secured the last remaining vacancy within the 12,000-square-foot retail center on 14 Mile Road. Vicki Gutowski and Tjader Gerdom of Gerdom represented the undisclosed landlord in the lease transaction. Great Lakes Pot Pies is expected to open later this year. Gerdom also negotiated a lease for Barry’s Bagels at the property earlier this year.
KALAMAZOO, MICH. — Old Navy has signed a new 23,578-square-foot lease at Maple Hill Pavilion in Kalamazoo. ShopOne Centers REIT Inc. owns the property, which is now more than 99 percent leased. Old Navy is expected to open in early summer 2020. Other new retailers at Maple Hill Pavilion include Ulta and Breakfast at Tiffiny’s.
COMMERCE TOWNSHIP, MICH. — Gerdom Realty & Investment has negotiated the sale of a 3,361-square-foot restaurant property occupied by Willson’s Pub ’N Grill in Commerce Township, northwest of Detroit. The 146-seat restaurant is located in the Shops at Commerce Village. A local restaurant operator purchased the asset for an undisclosed price. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed seller. Willson’s is known for its burgers and pizza.
EAST LANSING, MICH. — Michigan State University has opened the Edward J. Minskoff Pavilion at the Eli Broad College of Business. Located on Shaw Lane adjacent to the Eppley Center, the 100,000-square-foot building features an atrium with views of the Red Cedar River. It houses an entrepreneurship lab, classrooms, team rooms, a media studio and expanded career center. The three-story facility was named after Edward J. Minskoff, a Michigan State alumnus and real estate developer whose $30 million gift in 2018 was the largest single-donor gift in the school’s history. The project was privately funded from more than 1,700 donors since fundraising began in 2014. LMN Architects and Clark Construction made up the project team.
ILLINOIS, MICHIGAN AND MISSOURI — Metro Commercial Real Estate has brokered several leases on behalf of The Edge Fitness Clubs for new locations across the Midwest. The properties include: Windmill Plaza in in Sterling Heights, Mich.; West River Centre in Farmington Hills, Mich.; an unnamed center at Avon and Rochester roads in Westland, Mich.; Cave Springs in St. Peters, Mo.; Mackenzie Point in Shrewsbury, Mo.; and Westridge Court in Naperville, Ill. There are also three new locations in Pennsylvania. The fitness centers are all expected to open later this year or in 2020. Brandon Anapol and Scott Benson of Metro led the leasing team. With these new leases, Metro has brokered 16 locations totaling approximately 640,000 square feet for Connecticut-based Edge over the last 12 months. Edge currently operates 25 locations across Connecticut, Delaware, Pennsylvania and New Jersey.