Friday, July 18, 2025
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IndustrialLeasing ActivityMichiganMidwest

Anderson Process Signs 35,400 SF Industrial Lease in Plymouth, Michigan

by Kristin Harlow

PLYMOUTH, MICH. — Anderson Process Inc. has signed a nine-year lease to occupy 35,400 square feet of industrial space within the Metro-Plymouth Business Park in Plymouth. Anderson Process is a manufacturer and distributor of fluid process equipment, including industrial pumps, hose assemblies and filter technologies. The light industrial facility will enable the Wisconsin-based company to consolidate multiple locations into a single headquarters for the light manufacturing, testing and distribution of its products. Eric Banks of Dominion Real Estate Advisors represented the landlord, Skins-Plyfield LLC. Phil Konopitski of Friedman Real Estate Solutions represented the tenant.

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DevelopmentMichiganMidwestMixed-Use

Flaherty & Collins Selected as Developer for $170M Town Center Project in Warren, Michigan

by Kristin Harlow

WARREN, MICH. — Flaherty & Collins Properties has been selected by the city of Warren to serve as the master developer for Warren Town Center, a $170 million project. The proposed mixed-use development will include 500 market-rate apartment units, more than 20,000 square feet of retail and dining space, a boutique hotel and a 30,000-square-foot grocery store. The project will be a public-private partnership including the city of Warren, Flaherty & Collins and General Motors. Acquest Realty Advisors will serve as the hotel development partner. The goal of the project is to create a town center that offers a high-end housing option that currently is not available in Warren, according to Brian Prince, vice president of development for Flaherty & Collins. The site formerly housed city hall and is located across the street from General Motors’ Global Tech Center, which is home to 25,000 employees. Flaherty & Collins expects to break ground on the project before the end of the year.

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AcquisitionsMichiganMidwestRetail

Cooper Group Brokers $14.7M Sale of Shopping Center in Chesterfield, Michigan

by Kristin Harlow

CHESTERFIELD, MICH. — The Cooper Commercial Investment Group has brokered the $14.7 million sale of Chesterfield Village, a 155,958-square-foot shopping center in Chesterfield, about 35 miles north of Detroit. Notable tenants include Applebee’s, Panera Bread, Buffalo Wild Wings, Harbor Freight Tools, Famous Footwear, Dunham’s, Sally Beauty Supply, Staples and Anytime Fitness. Dan Cooper of Cooper Group represented the seller, a private investment group. The buyer was not disclosed. The sales price represents a cap rate of 8.77 percent.

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DevelopmentHospitalityMichiganMidwest

Bedrock, Shinola Open World’s First Shinola Hotel in Detroit

by Kristin Harlow

DETROIT — Bedrock and Shinola have opened the world’s first Shinola Hotel in Detroit. The hotel, operated by Mac&Lo, features food and beverage offerings from NoHo Hospitality and design from Gachot Studios and Kraemer Design Group. The 129-room property is situated on the site of two restored buildings, the T.B. Rayl & Co. department store and a former Singer sewing machine store, as well as three new buildings. Onsite retail tenants include Madewell, Le Labo, Drought and Good Neighbor. Shinola Hotel is a partnership between Detroit-based watch and leather goods manufacturer Shinola and Bedrock, the real estate arm of billionaire businessman Dan Gilbert. Nightly room rates start at $195.

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Affordable HousingLoansMichiganMidwestMultifamily

KeyBank Secures $17.4M Construction Financing for Affordable Housing Development in Portage, Michigan

by Kristin Harlow

PORTAGE, MICH. — KeyBank has secured a total of $17.4 million in low-income housing tax credit financing for the construction of Selinon Park Apartments in Portage, just south of Kalamazoo. The development will include 75 affordable housing units serving households that earn 30 to 60 percent of area median income. Full Circle Communities was the borrower. Stephen Sparks and Jeff Rodman of KeyBank originated the financing, which included a $13.5 million construction loan and a $3.9 million Freddie Mac taxable permanent loan with a 15-year term and 35-year amortization schedule.

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LoansMichiganMidwestMultifamily

Money360 Provides $2.8M Bridge Loan for Multifamily Portfolio in Detroit

by Kristin Harlow

DETROIT — Money360 has provided a $2.8 million bridge loan for the acquisition of a 54-unit multifamily portfolio in Detroit. The two properties comprise a mix of one- and two-bedroom units as well as two commercial units. The nonrecourse loan features a two-year term and a rate of 7.75 percent.

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AcquisitionsMichiganMidwestRetail

Bedrock Purchases Broadway Clothing Store in Detroit

by Kristin Harlow

DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.

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DevelopmentMichiganMidwestMixed-Use

Bedrock Breaks Ground on 1.4 MSF Mixed-Use Project in Detroit

by Kristin Harlow

DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail space. Block A will include a 35-story office tower and Block B will be largely residential. A stretch of Farmer Street will be converted to pedestrian-only space and connect the two blocks. Bedrock worked with Danish architecture firm Schmidt Hammer Lassen to design the project alongside Detroit-based firm Neumann/Smith Architecture. Turner Construction Co. is the general contractor. The two blocks along Monroe Street that make up the development were known historically as Detroit’s first theater district. The site was razed in 1990 with the exception of the National Theatre, which has sat vacant. Bedrock plans to retain the façade of the National Theatre and incorporate it into a terracotta archway within the development. The other three projects within Bedrock’s $2.1 billion …

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LoansMichiganMidwestMultifamily

KeyBank Provides $15.7M Refinancing for Michigan Multifamily Property

by Kristin Harlow

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization schedule.

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DevelopmentMichiganMidwest

Seven Companies to Invest $35M in Detroit Neighborhoods

by Kristin Harlow

DETROIT — Seven companies are committing $35 million to spur development and physical improvements in Detroit’s neighborhoods. The companies include AAM, Blue Cross Blue Shield of Michigan, Chemical Bank, Fifth Third Bank, Flagstar Bank, Huntington Bank and Penske Corp. Each company’s $5 million contribution will fund physical improvements to Strategic Neighborhood Fund (SNF) areas and affordable housing citywide. Every investment will be guided by residents’ input through engagement by the city’s neighborhoods and planning departments. The $35 million commitment is the largest corporate donation to neighborhood development in Detroit history. The funds are expected to leverage another $70 million in private investment, for a total of $105 million of new investment.The funds will be used for park improvements, commercial development to fill vacant storefronts and lots, streetscape improvements, single-family home stabilization and affordable housing development. Over the next five years, these types of improvements will be implemented in the following SNF areas: Grand River Northwest, Jefferson Chalmers, Russell Woods/Nardin Park, Campau/Banglatown, Warrendale/Cody-Rouge, Gratiot/Seven Mile, and East Warren/Cadieux.

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