ROCHESTER HILLS, MICH. — Peace Love & Little Donuts has signed a lease to open a 1,164-square-foot location at the Papa Joe’s Plaza shopping center in Rochester Hills. Michael Murphy and Vicki Gutowski of Gerdom Realty & Investment represented the tenant, while Lawrence Randazzo of Hayman Co. represented the undisclosed landlord. Pittsburgh-based Peace Love & Little Donuts operates in 14 states.
MISHAWAKA, IND. — The Boulder Group has arranged the $9.6 million sale of a single-tenant retail property net leased to Best Buy in Mishawaka near South Bend. The 50,327-square-foot building is located at 6502 Grape Road along I-80. Nearby tenants include Target, Apple, Macy’s, Menards, Ross Dress for Less, Walmart, Sam’s Club, The Home Depot, Aldi, Meijer and Costco. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based partnership. The buyer was an institution.
DETROIT AND ANN ARBOR, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has brokered two receivership sales in Detroit and Ann Arbor. The first sale was of 521 and 609 Old Saint Jean St., two industrial properties located a few blocks from the Detroit River. Dan McCleary and Nathan Casey of NAI Farbman brokered the deal. The second sale was of 30 Parkland Plaza and 4621 Park Road, two office properties in Ann Arbor. Brad Margolis and Wendy Acho of NAI Farbman arranged the sale. Further details were not provided.
COLUMBUS, OHIO — Semi-Stow has opened a 12.5-acre semi-truck parking property at 3815 Lockbourne Industrial Parkway in Columbus. The truck yard marks Semi-Stow’s first location in metro Columbus and its second Midwest yard opening in 2024. The yard provides trucking companies and private fleets with a base for regional and intermodal freight movement. The location provides convenient access to Rickenbacker International Airport and major freight corridors including I-70, I-71, US Route 33 and the Ohio State Route 104 bypass. The property features more than 375 spaces for tractor-trailers and other heavy-duty vehicles. Daily, monthly and long-term reservations are available to owner-operators and fleets of all sizes, and larger fleets can reserve space by the acre. The yard features secure fencing with barbed wire, AI-powered gates, 4k cameras and stadium lighting. Semi-Stow maintains a portfolio of 30 truck parking locations totaling 7,000 parking spaces nationwide.
CHICAGO — Peak Realty has rebranded to Cross Street. The Chicago-based firm, which specializes in multifamily leasing and investment, expanded to Denver last year with the opening of a second office. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. The company says that the name “Cross Street” and tagline “The corner of people and place” represents the important connections and intersecting parts of life and business. Cross Street plans to expand to more markets, particularly urban areas.
MUSKEGO, WIS. — Midwest Twisters, a company that facilitates gymnastics, ninja and parkour for youth, has leased a 10,922-square-foot industrial space in Muskego, a southwest suburb of Milwaukee. The industrial flex property is located on Mercury Drive with convenient access to Racine Avenue, a main thoroughfare in Muskego. Anthony Stevens of NAI Greywolf represented the undisclosed landlord.
DETROIT, LOS ANGELES, SAN ANTONIO AND TORONTO — The Home Depot Inc. (NYSE: HD) has announced plans for four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto. The new facilities are a key component of the company’s efforts to cater to professional customers such as developers, general contractors, remodelers and property managers. The new distribution centers will stock large, bulky merchandise such as lumber, insulation and roofing shingles. The new distribution centers are expected to open in the first half of this year. Home Depot has opened similar hubs across the U.S. and expects to have 17 facilities equipped with new capabilities for pros by the end of 2024. In addition to the new distribution centers, Home Depot plans to expand its offerings to professional customers with localized product assortment tailored to each market, digital tools to manage complex orders, and special credits and pricing for professional customers. “Over the last several years, we have been investing to deliver a faster, more convenient, differentiated experience for our pros,” says Chip Devine, senior vice president of outside sales for Home Depot. “Our distribution network is one piece of the comprehensive pro ecosystem we’re building to better meet the needs …
CHICAGO — Chicago-based Habitat has begun pre-leasing efforts for Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. The property at 350 N. Canal St. features 343 units in a variety of layouts ranging from studios to penthouses. Additional features of the project include 1,313 square feet of ground-floor retail space, parking for 123 vehicles and an outdoor dog run just northwest of the building. Amenities include a 10,000-square-foot outdoor deck off the building’s fifth floor with landscaped grounds, a pool, lounge seating, fire pits, grilling areas, heaters and dining areas. Inside, residents will have access to a fitness center with practice studios, a game room, clubrooms, a coworking center and a spa with sauna, steam and whirlpool rooms. The first resident move-ins are expected in May. Rents will range from $2,550 to $5,660 per month. Penthouse units will go for up to $10,810 per month. The project site was formerly home to the Cassidy Tire building. Architecture firm Solomon Cordwell Buenz designed the new glass tower. The joint venture partner on the project is Diversified Real Estate Capital LLC, with James McHugh Construction Co. serving as general contractor.
CLEVELAND — Cleveland-based BWE has arranged $150 million in financing through a Freddie Mac transitional line of credit (TLOC) for a collection of over 2,500 manufactured housing community sites in the Midwest, Southeast and Rocky Mountain regions. MJ Vukovich, Ghazy Grijalva and Andrew Capra of BWE arranged the TLOC through Freddie Mac’s Optigo channel on behalf of a long-term client. The team also sourced a $14 million traditional bank loan for the borrower from a lender specializing in manufactured housing. The TLOC provides a convenient solution for manufactured housing communities that require more repairs and renovations before securing permanent financing terms or more flexibility in their hold period, according to BWE. By only initially using $100 million of the $150 million TLOC, the borrower has the ability to shape its portfolio more thoroughly by adding new properties in the future. BWE structured the TLOC as a floating-rate loan with interest-only payments for the full term. Additionally, the terms included interest rate caps to hedge against the risk of increasing rates, while also positioning the client to take advantage of a declining rate environment later this year and provide flexibility for asset exit.
GROVEPORT, OHIO — Green Jobs Properties LLC has acquired a 640,640-square-foot industrial facility located at 3755 Hayes Road in Groveport, a southern suburb of Columbus. The purchase price was $56 million. The seller was Groveport Venture LLC.