Michigan

Henry Ford Health System to Build 120,000 SF Medical Center at Former Kmart Site in Plymouth Township, Michigan

by Kristin Harlow July 11, 2019

PLYMOUTH TOWNSHIP, MICH. — Henry Ford Health System has unveiled plans to revitalize the site of a former Kmart property in Plymouth Township with a new outpatient medical center. The multi-story, 120,000-square-foot center will offer specialty care services, as well as an emergency department and ambulatory surgery center. Kmart closed its doors at the site in November 2017. Henry Ford is expected to close on the purchase of the property in mid-August. Construction is slated to begin shortly thereafter and be completed in 2021. Gensler and Hobbs + Black Associates Inc. are the project architects. With the new facility, Henry Ford’s footprint in western Wayne County will expand to three outpatient facilities.

July 11, 2019

Market Reports Michigan Midwest Midwest Market Reports Office

Occupancy, Rental Rates Are on the Rise in Detroit’s CBD Office Market

by Kristin Harlow July 11, 2019

Given the pace at which the Detroit commercial office space market is evolving, updates and projections are changing with extraordinary speed. The market can look very different in just a few short months, and it’s worth checking in to see where things stand relative to the beginning of the year. CBD occupancy is high While growth remains the headline story, the focus has changed somewhat from a high level of leasing activity across the metro area to more of adaptation and evolution as landlords, tenants and brokers all adapt to a downtown market that is reaching capacity. The vacancy rate in Detroit proper is the lowest it has ever been, and office space in Midtown and downtown is getting harder and harder to come by. Deals are still being executed across metro Detroit, but with rents continuing to rise and space at a premium, the incentives landscape looks nothing like it has in recent years. Parking rates have increased dramatically with a major shortage in parking in the central business district (CBD). The monthly cost of parking has increased to approximately $250 per space downtown. Creative solutions Incentives continue and have produced new opportunity for creativity, as owners and operators …

July 11, 2019

Loans Michigan Midwest Multifamily

Berkadia Secures $9.3M Refinancing for Multifamily Property in Grand Rapids

by Kristin Harlow July 10, 2019

GRAND RAPIDS, MICH. — Berkadia has secured a $9.3 million loan for the refinancing of Lofts on Michigan in Grand Rapids. Built in 2016, the multifamily property features 54 units and ground-floor retail space. Situated at 740 Michigan St. NE, the building offers convenient access to the Medical Mile and downtown Grand Rapids. Aaron Moll of Berkadia arranged the CMBS loan on behalf of the undisclosed borrower.

July 10, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $5.7M Sale of Retail Center in Woodhaven, Michigan

by Kristin Harlow July 10, 2019

WOODHAVEN, MICH. — Marcus & Millichap has arranged the sale of Woodhaven Village Square for $5.7 million. The 50,414-square-foot retail center is located in Woodhaven, a southern suburb of Detroit. The property is fully leased to Michaels, PetSmart, Cato and Dance Nation. Ashish Vakhariya and Seth Haron of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

July 10, 2019

Development Michigan Midwest Multifamily

Pioneer Construction Builds 202-Unit Apartment Complex in Downtown Grand Rapids

by Kristin Harlow July 2, 2019

GRAND RAPIDS, MICH. — Pioneer Construction has completed construction of 601 Bond Apartments in downtown Grand Rapids. Ghafari Associates provided architecture and interior design services for the 16-story, 202-unit development. Time Equities is the developer and KMG Prestige is the property manager. The property includes covered parking and 4,000 square feet of retail space. Additional amenities include a rooftop deck, fitness center, lounge and pet grooming station. Monthly rental rates start at $1,399.

July 2, 2019

Development Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens $20M Skilled Nursing Center in Michigan

by Kristin Harlow June 28, 2019

ST. CLAIR SHORES, MICH. — Ciena Healthcare has opened Regency at St. Clair Shores, a $20 million skilled nursing center in north suburban Detroit. The 146-bed facility is located at 22700 Greater Mack Ave. Regency at St. Clair Shores is the fourth Ciena Healthcare center in Macomb County. More than 200 full- and part-time employees will work at the facility, which features 56 private deluxe suites and 43 semi-private suites. Amenities include 24-hour dining options, a full-service spa, salon and lounges. Skilled services include 24-hour nursing care, physical, occupational and speech therapy, as well as a rehabilitation gym.

June 28, 2019

Development Michigan Midwest Mixed-Use

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

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