When Clint Eastwood’s “Halftime in America” ad aired during the 2012 Super Bowl, the much-discussed spot displayed a kind of gritty optimism about Detroit’s economic prospects. Lines like the “Motor City is fighting again” and “Detroit’s showing us it can be done” resonated not just with Southeast Michigan residents, but a nation hungry for optimism in the wake of an extended recessionary cycle. Despite the recent announcement that Detroit has become the largest U.S. city to file for bankruptcy, a closer look at the broader trends within the Detroit retail market reveals a development landscape that is generally moving in a positive direction. While the bankruptcy filing will affect certain aspects of Detroit’s immediate recovery, the overall theme is one of renewal and revitalization. Motown Momentum Across the Detroit marketplace, retailers are reviewing their existing inventory as leases mature, with a general focus on infill or relocations. There seems to be a widespread understanding that Southeast Michigan has historically been a solid retail market, and that the region’s economic turnaround is opening up new opportunities. The list of positive developments across metro Detroit continues to grow. As Wayne State University continues to transition from a commuter campus to a more …
MINNEAPOLIS — The Opus Group has completed the construction of a new student housing and retail complex, The Station on Washington in Minneapolis near the University of Minnesota. The 97-unit property includes 156 bedrooms and approximately 11,000 square feet of ground-floor retail. Walgreens, occupying 7,000 square feet, opened in mid-August and Haiku Sushi will occupy about 4,000 square feet later this month. Amenities at the complex include private underground parking, top-floor clubroom with televisions, shuffleboard and views of downtown Minneapolis. Opus Development Co. LLC served as the developer and Opus Design Build was the contractor. Minneapolis-based Elness Swenson Graham Architects Inc. was the project architect, and Opus AE Group LLC managed the structural engineering and interior design.
MONTGOMERY, ILL. — Shaker and Associates Inc., an Oak Park, Ill.-based investment real estate company, has sold Holly Ridge Apartment Complex in Montgomery for $5 million. A privately held investment group purchased the property in an all-cash transaction. The multifamily property is located about 50 miles west of Chicago. The 96-unit apartment complex includes four buildings situated on six acres. The community also features 80 two-bedroom units, 16 one-bedroom units and 76 garages.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 729 Oakdale, a 23-unit apartment property in Saint Paul, for $1.2 million. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. The buyer was a private investor.
CHICAGO — Sperry Van Ness has completed the $1.4 million sale of a mixed-use property in the heart of Chicago's Andersonville neighborhood. The building, located at 5356-58 N. Clark St., is fully leased and includes four apartments and four retail stores. Wayne Caplan of Sperry Van Ness LLC represented the seller in the transaction.
KALAMAZOO, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million of debt for a 240-unit student housing property in Kalamazoo, a city in southwest Michigan. The 10-year loan amortizes over 30 years at a 4.6 percent fixed interest rate with a 70 percent loan-to-value. Rick Lynn, an associate director in Marcus & Millichap’s Chicago Oak Brook office, arranged the loan.
AVON, IND. — Mainstreet Property Group has finalized the $17.1 million sale of Wellbrooke of Avon, its newly built, 100-unit seniors housing and care facility in Avon, to Toronto-based HealthLease Properties Real Estate Trust. The fully occupied facility is leased on a triple-net basis to Life Care Services. The seniors housing property includes 70 units licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 units provide assisted living services . The facility is located at 10307 E. County Road 100 North in Avon.
DANVILLE, ILL. — Fairlawn Capital, a Champaign, Ill.-based asset manager and investor in distressed and value-add opportunities in the Midwest, has purchased a 96-unit apartment complex in Danville. South Lake Apartments is located at 2730 Townway Road, about 35 miles east of Champaign. Brian Pohl, executive vice president, and Tyler Hague, associate, both of Colliers International | Chicago, represented the seller, an institutional real estate owner.
BROADVIEW AND MELROSE PARK, ILL. — NelsonHill has been named the exclusive agent for the disposition of a multi-tenant industrial portfolio including three buildings totaling more than 653,190 square feet. The properties are located in Broadview and Melrose Park, western suburbs of Chicago, and owned by Joe Reina. The first property is a 389,155-square-foot facility at 2600 S. 25th Ave. in Broadview and is occupied by 23 tenants. Built in 1966 for General Motors and renovated in 2000 and 2010, the building is 99 percent leased. At 1930 George St. in Melrose Park, the second building spans 179,300 square feet and is situated on almost six acres of land. Built in 1963 and renovated in 2010, the property has seven tenants and is 99 percent leased. The third in the portfolio is an 84,735-square-foot complex at 5109 W. Lake St. in Melrose Park. The warehouse and office building is occupied by six tenants and is 82 percent leased. Mark Nelson, Mike Nelson and Frank Melchert of NelsonHill are the listing brokers for the portfolio.
SPRINGFIELD, MO. — Hotel owners John McQueary and Billy McQueary have launched the redevelopment of a historic, circa-1906 building in downtown Springfield to become a boutique hotel set to open in mid-2014. Most recently the building was used for office and performance space, but was originally a Masonic Temple. Once the renovation is complete, the Vanivort hotel will feature subtle masonic references, along with 36 guest rooms and 14 suites. The owners plan for LEED Silver certification. The redevelopment team includes local architecture firm Bates & Associates; hospitality interior design firm Studio R Interiors; construction company Larry Snyder & Co.; hotel consulting firm IDM Group; and brand development firm Marlin Co.