BIRMINGHAM, MICH. — Related Birmingham LLC has sold a 32,487-square-foot former Borders Books at 34300 Woodward Ave. in Birmingham. Susan Acciaioli and Brad Rosenberg of Mid-American Real Estate-Michigan represented the buyer, a local private investor, in the transaction. They also represented the seller.
ELYRIA, OHIO — Elyria Hotels Inc., a regional hotel owner and operator, has acquired the 248-room Ramada Inn Elyria Ohio for $1.1 million. The hotel includes a restaurant, lounge and more than 10,000 square feet of meeting space. The new owner plans to keep the property under the Ramada brand and begin renovations to the guest rooms and public areas. Ed James and Lance Potter of Mumford Co. represented the seller, an institutional entity, in the transaction.
DETROIT — The Roasting Plant, a New York-based coffee retailer, will open its first store outside of Manhattan this fall in Detroit's First National Building. Located at 660 Woodward, the first-floor shop will include on-site roasting and both indoor and outdoor seating. The Roasting Plant will offer 11 bean choices daily and use its Javabot system to individually create each customer's drink. Rock Ventures LLC, a real estate company owned by Quicken Loans founder Dan Gilbert, purchased the 800,000-square-foot First National Building in August 2011. Bedrock Real Estate Services represented both parties in the lease transaction.
FORT WAYNE, IND. — Morningstar Equity LLC has acquired a 32,700-square-foot retail building at 2200 Goshen Rd. in Fort Wayne. Bill Drinkall of NAI Harding Dahm represented the seller, Key Lanes, in the transaction. Mike Dahm, also of NAI Harding Dahm, represented the buyer.
The Milwaukee apartment market continues to enjoy higher occupancies, less concessions and yes, some actual rent growth. The market saw less available units in recent years. As the old law of supply and demand dictates, that drop in the number of available units has led to a significant reduction in concessions, thereby increasing effective rents. In some cases, not only was there an increase in effective rents, but in actual rents at some properties and within certain markets. What are the driving factors and what can we expect going forward? There are a few components at work — more jobs and virtually no new developments. Another important, but less quantifiable factor, is the desire of some potential homeowners to remain renters. When we talk about job growth, we are certainly not talking about a dramatic increase. Still, an increase is always better than a loss. After hemorrhaging jobs in the late 2000s, as the recession gripped the area and the rest of the country, Milwaukee began to rebound in 2010. In fact, according to Manpower International, the area was one of the top job growth areas in the country, ranking sixth in fastest employment growth of the top 100 metropolitan …
KANSAS CITY, KAN. — The Boulder Group has arranged the $1.1 million sale of a triple net-leased Dollar General property at 2272 Quindaro Blvd. in Kansas City. The 9,100-square-foot Dollar General was built in 2012 and is leased to Dollar General for 15 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a high-net-worth investor from Chicago, in the transaction. A Midwest-based developer was the seller.
HARRISON TOWNSHIP, MICH. — Landmark Commercial has arranged the $4 million sale of a single-tenant retail building in Harrison Township. The building is leased on a long-term basis to West Marine, a boating accessories retailer. Daniel Kukes and Kevin Baker of Landmark Commercial represented the buyer, a non-traded REIT, in the transaction. They also represented the seller, a local developer.
EDINBURGH, IND. — M&L Storage LLC has purchased Secure Storage, a 15,920-square-foot self-storage facility in Edinburgh, for $350,000. The property is a Class B+ facility with 106 storage bays and is located at 7659 E. State Rd. 252. Mickey Hurley of Marcus & Millichap represented the seller, Secure Storage LLC, in the transaction. He also represented the buyer.
MARISSA, ILL. — Holland Construction Services has completed a new, $4.5 million industrial shop and administration building for Prairie State Generating Co. in Marissa. The 29,841-square-foot facility includes an administration area, locker rooms, a drive-through industrial shop and a 20-ton crane. The Prairie State campus in Marissa is an electric generation facility. The campus includes a 1600-megawatt plant and adjacent coal mine and is 95 percent owned by eight public power companies.
MILWAUKEE — Ministry Health Care has renewed its lease of 22,285 square feet of office space at 11925 W. Lake Park Dr. in Milwaukee. Jack Jacobson and Time Janusz of NAI MLG Commercial represented the tenant in the transaction. Westminster Funds is the landlord.