TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of 9,234 square feet of office space in Troy. The International Academy of Design & Technology Detroit, a private college, will occupy space at the property within the Troy Officentre Building A located at 300 E Big Beaver Road. Glenn DesRosiers of Friedman represented the landlord, Osprey-Troy Officentre LLC.
ADRIAN, MICH. — Bernard Financial Group has arranged a $3.3 million, non-recourse CMBS loan for Southland Plaza in Adrian. The property includes approximately 72,600 square feet of retail space. The borrowing entity is Warwick Realty-Adrian LLC. Neil Gorosh of Bernard Financial originated the loan.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired six retail properties for $35.4 million and sold a shopping center in Marshall, Mich. The properties include an H-E-B grocery store in Brenham, Texas; a 24 Hour Fitness in Fort Worth, Texas; a Golden Corral restaurant in Springfield, Ill.; and Advanced Auto Parts stores in Lorai, Ohio; Tallahassee, Fla. And Alabama; and a Dollar General in Blacksburg, S.C. In addition, the Bloomfield Hills, Mich.-based company has sold Marshall Plaza, a Kmart-anchored shopping center, for $5.5 million.
TAYLOR, MICH. — Brennan Investment Group, LLC, has acquired a Class-A, multi-tenant warehouse and distribution facility in Taylor for an undisclosed sales price. The 160,035-square-foot property is within the Trolley Industrial Park located at 21100 – 21110 Trolley Industrial Drive. Brennan Investment Group is a private real estate investment firm that acquires, develops and operates industrial properties on a national basis.
WASHINGTON TOWNSHIP, MICH. — Marcus & Millichap has brokered the $2.5 million sale of a 17,561-square-foot retail property in Washington Township. The asset is located at 8583 26 Mile Road and is fully leased to tenants including Great Clips, The UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and others. The property is an out lot to Meijer and is adjacent to Buffalo Wild Wings. Austin Weisenbeck, Sean Sharko, Aaron Baum, Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, a developer, and the buyer, a limited liability company. Steve Chaben also of the firm assisted in closing the transaction.
DETROIT — Midwest Steel, a Detroit-headquartered business, has been awarded a $50 million contract for most of the structural steel work for the new Detroit Events Center. To date, the Downtown Development Authority has approved seven contracts worth $85 million, of which Detroit-based and -headquartered businesses have won more than 90 percent, or $78 million. Olympia Development of Michigan has set a target of at least 30 percent Detroit-based and -headquartered business participation in constructing the future home of the Detroit Red Wings. Midwest Steel is a third-generation family business that has been headquartered in Detroit for more than 40 years.
GRAND RAPIDS, MICH. — Rockford Construction will break ground on the $35 million Fulton Place residential development in Grand Rapids on the western edge of Grand Valley State University’s Pew campus. The project will include three buildings and is set for completion by the 2016-2017 school year. Fulton Place will also include approximately 10,000 square feet of retail space on the ground level, as well as on-site residential parking in a two-story garage and street-level parking. The first building will be 13,000 square feet with seven three-story townhomes, each with four bedrooms, ranging from 1,400-2,000 square feet. The second building will be 5,500 square feet, three stories and house three apartments, each with three bedrooms. The third building will be 125,000 square feet, five stories and have 102 apartments that are a mix of loft and one-, two- and four-bedroom units.
BLOOMFIELD HILLS, MICH. — A. Alfred Taubman, the founder of Taubman Centers Inc., has died at the age of 91. Robert S. Taubman, president and CEO of Taubman Centers, shared in an email message to Taubman employees on Saturday, April 18, that his father passed away of a heart attack at his home in Bloomfield Hills. Recognized as a pioneer in America’s retailing and shopping center industries, Alfred Taubman founded Taubman Centers, a real estate developer and operator of upscale regional malls, 65 years ago. Taubman, a life-long resident of the Detroit area, was active in numerous businesses, philanthropic and civic initiatives.
With the industrial real estate market in Grand Rapids nearing critical mass — where demand is strong enough to fill the entire supply of available space — a new challenge has emerged for developers. How do they create enough new, competitive product to keep up with continued market momentum? For the first time in a decade, total inventory in the industrial market must grow. The solution will likely come in the form of new construction and creative repositioning of functionally obsolete facilities. During the Great Recession and slow recovery, many companies consolidated operations. Buildings that had become vacant were repurposed, substantially modified or eliminated altogether. Now, we are beginning to see a trend of new construction. Both speculative and build-to-suit construction has become the logical solution to the lack of inventory. Noteworthy Projects An investment group led by a local building materials supplier, and marketed by the industrial team at Colliers, is developing a 45,000-square-foot light manufacturing speculative building, located at 3838 Soundtech Court in Kentwood, a southern suburb of Grand Rapids. Delivery is expected by June 1. On the city’s southeast side near Gerald R. Ford International Airport, a new industrial building is under construction at 5300 Broadmoor Ave. …
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of two industrial buildings in Southfield. The properties include a 19,350-square-foot building and a 21,500-square-foot building. The properties are located within the Southfield Research Park at 21644 Melrose Ave. and 21666 Melrose Ave. The seller, RREF KB-MI STRI LLC, sold the building to Nexcess, which provides web-hosting solutions. Dan Verderbar and Rick Tabbi of Friedman represented the seller and the buyer in this transaction.