Michigan

Detroit Pistons Ownership, Schostak Brothers Form Joint Venture to Redevelop Palace of Auburn Hills

by Kristin Harlow June 25, 2019

AUBURN HILLS, MICH. — Detroit Pistons owner Tom Gores and Schostak Brothers & Co. have formed a joint venture to redevelop the Palace of Auburn Hills and its surrounding land. Schostak will serve as the lead partner and manage the future mixed-use development, which is expected to include research & development companies, technology firms, as well as corporate offices. Neither financial terms nor a timeline was disclosed. The Pistons organization is preparing to move its remaining team and business operations from The Palace to the new Henry Ford Detroit Pistons Performance Center, which is scheduled to be complete this fall. The Pistons played at The Palace from 1988 until they began playing at Little Caesars Arena in downtown Detroit in 2017.

June 25, 2019

Leasing Activity Michigan Midwest Retail

Gerdom Realty Negotiates Two Leases at Retail Center in Novi, Michigan

by Kristin Harlow June 25, 2019

NOVI, MICH. — Gerdom Realty & Investment has negotiated two leases at Thomasville Centre in Novi. Alchile Mexican Grill & Bar and Pho Mai Vietnamese restaurant are the newest tenants to join the center, which is located on Grand River Avenue. Alchile opened this spring, leasing 5,130 square feet. Pho Mai will open during the second half of this year and occupy 1,680 square feet. Joel Karboske of Gerdom represented the landlord, Mclaughlin Family Properties.

June 25, 2019

Acquisitions Industrial Michigan Midwest Ohio

ICP Acquires Two Industrial Properties Totaling 470,000 SF in Michigan, Ohio

by Kristin Harlow June 21, 2019

HOLLAND, MICH. AND BRYAN, OHIO — Industrial Commercial Properties LLC (ICP) has acquired two industrial properties totaling 470,000 square feet in Holland, Mich. and Bryan, Ohio. ICP purchased the buildings from Adient, an automotive seat manufacturer. Both properties are fully leased to Yanfeng Automotive Interiors, a global supplier of interior equipment for the automotive industry headquartered in Shanghai, China. The Holland facility is 148,000 square feet while the Bryan facility is 320,500 square feet.

June 21, 2019

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 533-Unit Self-Storage Facility in Lansing, Michigan

by Kristin Harlow June 21, 2019

LANSING, MICH. — Marcus & Millichap has negotiated the sale of a CubeSmart Self Storage facility in Lansing. The sales price was not disclosed. The 67,500-square-foot property is located at 4724 S. Creyts Road. The facility includes 89 climate-controlled units and 444 standard drive-up units for a total of 533 units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.

June 21, 2019

Acquisitions Michigan Midwest Restaurant Retail

SRS Arranges $1.7M Ground Lease Sale of Property Occupied by Texas Roadhouse in Flint, Michigan

by Kristin Harlow June 21, 2019

FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.

June 21, 2019

Development Industrial Michigan Midwest

GM to Invest $150M in Flint, Michigan Truck Assembly Plant to Increase Full-Size Pickup Truck Production

by Kristin Harlow June 20, 2019

FLINT, MICH. — General Motors Co. plans to invest $150 million at its Flint assembly plant to increase production of the all-new Chevrolet Silverado and GMC Sierra heavy-duty pickup trucks, which begin shipping to dealers this week. This is the second major expansion of GM’s full-size pickup truck production capacity this year. The news follows GM’s announcement last month to expand light-duty, full-size pickup truck production capacity in Fort Wayne, Ind. GM has invested more than $1.6 billion in the Flint assembly plant since 2013. The work will be completed in the first half of 2020. The Flint plant opened in 1947 and currently has three production shifts.

June 20, 2019

Acquisitions Michigan Midwest Office

Group RMC Acquires Two-Building Office Portfolio in Suburban Detroit

by Kristin Harlow June 18, 2019

TROY, MICH. — An affiliate of New York City-based real estate investment firm Group RMC has acquired Northfield Office Park, a two-building office portfolio located in Troy. The purchase price was not disclosed. The portfolio spans 234,687 square feet and was nearly 70 percent occupied at the time of sale. Anne Galbraith-Kohn of CBRE represented the seller, Hayman Co.

June 18, 2019

Acquisitions Michigan Midwest Retail

Encore Arranges Sale of Two-Building Retail Property in Detroit

by Kristin Harlow June 10, 2019

DETROIT — Encore Real Estate Investment Services has arranged the sale of Redford Marketplace in Detroit for an undisclosed price. The two-building retail property serves as an outparcel to a Meijer store. The 12,046-square-foot center is home to eight tenants. Evan Lyons, Brandon Hanna and Deno Bistolarides of Encore represented the seller, development firm Lormax Stern. An East Coast-based private investor purchased the asset while completing a 1031 tax-deferred exchange.

June 10, 2019

Acquisitions Industrial Michigan Midwest

Tiberina Acquires 10-Acre Site, Plans Manufacturing Facility in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Tiberina Group, an Italian automotive supplier, has purchased 10 acres of land at the former American Axle manufacturing site in Detroit with plans to build a manufacturing facility. The sellers, Industrial Commercial Properties LLC and Industrial Realty Group LLC, originally acquired the property in 2014 from American Axle, which leased back the buildings on a long-term basis. W. Emery Matthews of Real Estate Interests LLC represented Tiberina in the sale. The size of the plant or production plans have not been disclosed.

June 6, 2019

Leasing Activity Michigan Midwest Retail

Full Lotus Yoga to Open 2,650 SF Studio in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Full Lotus Yoga has leased 2,650 square feet on the third floor of 6505 Woodward Ave., a mixed-use building owned by The Barbat Organization in Detroit. Purchased in December 2017, the property is undergoing a renovation and will be home to Lake Trust Credit Union. A restaurant space is available for lease. The second floor will likely include office space. This is Full Lotus Yoga’s second location, following its initial studio that opened in June 2013. Jeanne Gross of Farbman Group represented the tenant in the lease transaction. Dan Callaway of Farbman Group represented the landlord. The studio is slated to open this fall.

June 6, 2019

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