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.
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.
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.
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.
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.
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.
FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the 50,000-square-foot Harvard Office Building in Farmington Hills for an undisclosed price. The property is located at 30665 Northwestern Highway. At the time of sale, the building was 90 percent leased by 12 tenants. Mason L. Capitani represented the buyer, LSTC California LLC. Capitani, along with Al Shulin, also represented the seller, Summit Harvard LLC. L. Mason Capitani will continue to oversee leasing at the property. Sister company Liberty Property & Asset Management will provide management services.
MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.
DETROIT — Olympia Development of Michigan has broken ground on a new five-story medical, office and retail building at 2715 Woodward Ave. in The District Detroit. Located between Little Caesars Arena and the Mike Ilitch School of Business at Wayne State University, the 127,000-square-foot building will replace a former surface parking lot. The $70 million project will feature four floors of Class A office space and 17,000 square feet of street-level retail space. Tenants will include the Detroit Medical Center (DMC) and law firm Warner Norcross + Judd. DMC is the official healthcare provider for the Detroit Red Wings and the Detroit Tigers. Christman-Brinker is providing construction management services and Harley Ellis Devereaux is overseeing the building’s design.
DETROIT — Quicken Loans founder and Chairman Dan Gilbert has suffered a stroke. The billionaire businessman and leading force behind Detroit’s downtown rebirth was hospitalized early Sunday. Gilbert suffered the stroke while at the hospital and was immediately taken in for a catheter-based procedure, then moved to recovery in the intensive care unit. Gilbert is awake and responsive, according to a statement from Jay Farner, Quicken Loans CEO. The company will update the public as additional details become known. Business at the Rock Family of Companies will continue under the normal, everyday direction of their respective CEOs. Over the past decade, Gilbert has invested nearly $6 billion in rebuilding Detroit, according to The Detroit News. Bedrock, his real estate arm, owns a number of buildings downtown and is underway on major projects such as the 900-foot Hudson Tower.
