Michigan

Coyote Logistics to Open New Detroit Tech Hub in Corktown Neighborhood

by Kristin Harlow March 8, 2019

DETROIT — Coyote Logistics, a UPS company and global third-party logistics provider, is creating a new tech hub in Detroit’s Corktown neighborhood. The facility is expected to open in the third quarter of this year. Coyote will be the anchor tenant in The Assembly, a Bedrock-owned building. The five-story property was formerly a warehouse. Coyote is expected to employ 500 people, with 350 of those being new positions. Coyote will occupy the entire second and third floors for a total of 58,000 square feet. The Assembly will span approximately 160,000 square feet. Bedrock is the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans.

March 8, 2019

Leasing Activity Michigan Midwest Retail

Tin Roof to Join Retail Lineup at The District Detroit

by Kristin Harlow March 8, 2019

DETROIT — Tin Roof has unveiled plans to open at The District Detroit. The music joint and restaurant will occupy the space formerly home to Cheli’s Chili Bar and will be situated near Comerica Park, Ford Field and the historic Fox Theatre. The original Tin Roof opened in 2002 near Nashville’s famed Music Row. Popular menu items include Dixie biscuits, voodoo shrimp grinder and candy pig mac & cheese. Other recently announced tenants at The District Detroit include Sahara Restaurant & Grill, The M Den, Frita Batidos, the Detroit Medical Center Sports Medicine Institute, Warner Norcross + Judd LLP and Google. Scott Young and Ashley Ketko of CBRE represent the landlord, Olympia Development, in lease transactions for retail properties at The District Detroit.

March 8, 2019

Leasing Activity Michigan Midwest Retail

H&M to Open First Detroit Location in Downtown Woodward Shopping District

by Kristin Harlow March 7, 2019

DETROIT — H&M, a Swedish fashion retailer, has unveiled plans to open its first Detroit location this fall. The trendy clothing retailer has signed a lease with Bedrock, the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans. H&M will occupy a 25,000-square-foot space within three Albert Kahn-designed buildings on the west side of Woodward Avenue. The historic Woodward shopping district was once home to Detroit’s most prominent department stores, including J.L. Hudson’s.

March 7, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Negotiates Sale of 43-Unit Multifamily Property in Detroit

by Kristin Harlow March 5, 2019

DETROIT — Greystone Bel has negotiated the sale of Hyde Park Townhomes in Detroit for an undisclosed price. The 43-unit multifamily property, built in 1985, is located at 2028 Hyde Park Drive. Unit sizes average 1,500 square feet and monthly rents average $1,350. Buyer and seller information was not disclosed.

March 5, 2019

Development Industrial Michigan Midwest

Fiat Chrysler Plans to Invest $4.5B in Michigan Plants

by Kristin Harlow February 27, 2019

DETROIT — Fiat Chrysler Automobiles (FCA) plans to invest a total of $4.5 billion in five of its existing Michigan plants as well as build a new assembly plant within the city of Detroit. The move would increase capacity to meet growing demand for the automobile manufacturer’s Jeep and Ram brands, including production of two new Jeep-branded white space products as well as electric models. The proposed projects would create nearly 6,500 new jobs. In response to a shift in consumer demand toward SUVs and trucks, the company in 2016 began discontinuing compact car production and retooled plants in Illinois, Ohio and Michigan to make full use of available capacity to expand the Jeep and Ram brands. Those actions have resulted in the recent launches of the all-new Jeep Wrangler, Ram 1500 and the introduction of the Jeep Gladiator. FCA would invest $1.6 billion to convert two plants that comprise the Mack Avenue Engine Complex into the future assembly site for the next-generation Jeep Grand Cherokee, as well as a three-row Jeep SUV and plug-in hybrid models. FCA plans to start construction of the new Detroit facility by the end of the second quarter. The first three-row vehicles are expected …

February 27, 2019

Acquisitions Industrial Michigan Midwest

Signature Associates Arranges Sale of 28,817 SF Industrial Building in Rochester Hills, Michigan

by Kristin Harlow February 27, 2019

ROCHESTER HILLS, MICH. — Signature Associates has arranged the sale of a 28,817-square-foot industrial building located at 1837 Enterprise Drive in Rochester Hills. Kris Pawlowski and Paul Hoge of Signature Associates represented the buyer, 1837 Enterprise LLC. This is the third location for the buyer, which sells small prosthetics and medical compression socks. The seller was not disclosed.

February 27, 2019

Acquisitions Alabama Florida Michigan Midwest Multifamily Northeast Pennsylvania Southeast Student Housing Texas Top Stories

Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M

by David Cohen February 27, 2019

MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …

February 27, 2019

Loans Michigan Midwest Multifamily Student Housing

Hunt Real Estate Capital Provides $15.5M Refinancing for Student Housing Property in Michigan

by Kristin Harlow February 25, 2019

BIG RAPIDS, MICH. — Hunt Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Campus Creek Cottages in Big Rapids. The 368-bed student housing property is comprised of several two-story buildings. Phase I opened in April 2017 and Phase II is scheduled to open in August. The borrower, GFJ BR Cottages LLC, developed the property. Ben Greemann of Greemann Capital arranged the loan. The property mainly serves students at Ferris State University.

February 25, 2019

Leasing Activity Michigan Midwest Retail

Martin Commercial Negotiates Three Retail Leases at Property in Holland, Michigan

by Kristin Harlow February 21, 2019

HOLLAND, MICH. — Martin Commercial Properties has negotiated three retail leases totaling 6,300 square feet at Holland Town Center. The tenants include Michigan Pantry, MBH Stores and Art as a Lifestyle. Robert Lotzar of Martin represented the undisclosed landlord in each of the lease transactions. The retail center, located at 12330 James St., was recently renovated.

February 21, 2019

Industrial Leasing Activity Michigan Midwest

Colliers Negotiates 137,560 SF Lease for Samsung North American Headquarters in Auburn Hills, Michigan

by Kristin Harlow February 20, 2019

AUBURN HILLS, MICH. — Colliers International has negotiated a 137,560-square-foot industrial lease at 50 Continental Drive in Auburn Hills for Samsung SDI America Inc. Magnum Industrial Building Co. will complete a $62.7 million high-volume battery pack manufacturing facility on behalf of the tenant. The facility will serve as the center of Samsung’s automotive battery operations, as well as its North American headquarters, research and development tech center and manufacturing operations. Samsung is expected to occupy the space this spring. Peter E. Kepic and Peter J. Kepic of Colliers International represented the landlord, Joel Nosanchuk, in the lease transaction.

February 20, 2019

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