MERIDIAN TOWNSHIP, MICH. — Martin Commercial Properties has arranged the sale of a 7,400-square-foot retail property located at 3490 Okemos Road in Meridian Township near Lansing. The sales price was not disclosed. Shawn O’Brien of Martin represented the buyer, Tommy Hannawa of Affinity 8 Investments LLC, which also purchased a neighboring Tim Horton’s property. Property renovations are scheduled to begin in the next 90 days. The seller was not disclosed.
ANN ARBOR, MICH. — An affiliate of Linchris Hotel Corp. has acquired the Holiday Inn Ann Abor near the University of Michigan for an undisclosed price. The 225-room, full-service hotel was developed in 1980 and renovated in 2012. The property features more than 6,800 square feet of meeting space, a full-service restaurant, fitness center, video arcade, business center, salon, pool and tennis and basketball courts. Greg LaBine, Jeff Bucaro, Nicole Aguiar and Matthew Schoenfeldt of HFF arranged a five-year, fixed-rate loan for the acquisition. Loan proceeds will also be used to execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.
GRAND RAPIDS, MICH. — Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids for an undisclosed price. The current tenant, Bunzl Retail Services, will continue to occupy the building. John Kuiper, Mike Visser and Duke Suwyn of Colliers International represented the seller, Minnetrista Investments LLC. Steve Marcusse of Colliers represented Schostak.
WESTLAND, MICH. — Athletico Physical Therapy has signed a 3,964-square-foot lease to open a location in Westland, a western suburb of Detroit. The company will open in the space formerly occupied by Anytime Fitness at Bayview Plaza. Larry Siedell, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord. Luke Paterson of Swearingen Realty Group represented Athletico.
ILLINOIS, IOWA AND MICHIGAN — Real estate advisory and brokerage firm A&G Realty Partners has announced the results of its Jan. 28 bankruptcy auction of the final department store properties formerly owned by The Bon-Ton Stores Inc. The stores, located in the Midwest, formerly operated under the Bergner’s Carson’s, Younkers, Elder-Beerman and Bon-Ton names. In Coralville, Iowa, a home furnishings retailer acquired the 98,458-square-foot Younkers at Coral Ridge Mall. Mall owner Abbell Associates purchased the 165,000-square-foot Younkers at Merle Hay Mall in Des Moines. Mall owner Brookfield Properties acquired the 128,000-square-foot Carson’s at Spring Hill Mall in Dundee Township, Ill., as well as the 150,081-square-foot Younkers in Grandville, Mich. Mall owner Simon Property Group purchased the 125,000-square-foot Bergner’s at White Oaks Mall in Springfield, Ill. In Indiana, the Economic Development Corp. of Wayne County purchased 100,000-square-foot Elder-Beerman in Richmond. HOM Furniture acquired the 46,660-square-foot Bon-Ton at Lewistown Mall in Lewistown, Pa. Two Herberger’s stores in Minnesota were removed from the auction. In late January and early March, A&G completed private sales on two other store properties from the Bon-Ton portfolio. This includes the sale of the former Younkers building at Miller Hill Mall in Duluth, Minn. Buyer Essentia Health plans …
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Butterfield Park Place, a 28,364-square-foot, multi-tenant office building located at 2250 Butterfield Drive in Troy. California-based LSTC Michigan LLC purchased the asset from Wilson Real Estate LLC. LSTC previously acquired a neighboring building in 2017. Mason L. Capitani represented both parties in the sale. He will also continue to oversee leasing for the new owner. Liberty Property & Asset Management will manage the property.
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.
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.
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.
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.
