Wednesday, January 15, 2025
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MichiganMidwestMultifamilySeniors Housing

Fourmidable Real Estate Services Brokers $20M Sale of Active Adult Community in Southfield, Mich.

by Danielle Everson

SOUTHFIELD, MICH. — Fourmidable Real Estate Services, a Bingham Farms-based national Commercial and Residential Real Estate Brokerage division, has brokered sale of Solaire Active Adult Community in Southfield for $20 million. Solaire, which was built in 1970, features 382 one-, two- and three-bedroom apartment units. The community is for the 55-year-old-plus senior population. Solaire is located less than a mile from Southfield’s Providence Hospital and Medical Center. Fourmidable will provide complete management services to the residents of Solaire.

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HealthcareMichiganMidwestOffice

Friedman Arranges Sale of 44,833 SF Medical/Office Building in Novi, Mich.

by Danielle Everson

NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Premier Medical Office, a 44,833-square-foot medical/office building located at 44000 W. 12 Mile Road in Novi. Griffin-American Healthcare REIT III Holdings LP purchased the property for an undisclosed sales price. Built in 2006, the two-story building is occupied by a collection of physician practices. Barry Swatsenbarg and Richard Deptula of Friedman represented the seller and the buyer in the transaction.

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MichiganMidwestOffice

Colliers, Wickfield Properties Arrange 134,927 SF Office Lease in Ann Arbor, Mich.

by Danielle Everson

ANN ARBOR, MICH. — Colliers International Ann Arbor and Wickfield Properties have arranged the lease of 134,927 square feet of office space in Ann Arbor. Truven Health Analytics will occupy space in the Wickfield Center located at 100 Phoenix Drive. The company is relocating its North American headquarters in Ann Arbor to the center and will employ approximately 850 people at the campus. The property previously served as the former Borders Books corporate headquarters before Colliers International sold it to Ann Arbor-based Wickfield Properties in 2013. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor are directing leasing and marketing efforts for the Wickfield Center.

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IndustrialMichiganMidwest

Land Holding Sells 230-Unit Industrial Self-Storage Building in Trenton, Mich.

by Danielle Everson

TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of R & A Storage, a 230-unit industrial self-storage building in Trenton. Land Holding LLC sold the building, located at 5620 Hoover St., to Ariganello Management LLC. Paul Feldman of Friedman represented the seller in the transaction.

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IndustrialMarket ReportsMichiganMidwestMidwest Market ReportsOfficeRestaurantRetail

Lack of Quality Inventory Spurs New Round of Development in Traverse City

by Danielle Everson

A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …

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Market ReportsMichiganMidwestMidwest Market Reports

Surging Land Sales in Grand Rapids Signal More Industrial Development Ahead

by admin

The outlook for the West Michigan industrial real estate market remains optimistic due to consistent levels of sales and leasing activity, according to Colliers International. The industrial market has recorded six successive quarters of positive absorption despite the market seeing a major shortage of high-quality inventory. Some 522,717 square feet was absorbed during the fourth quarter alone, lowering the vacancy rate to 6.57 percent. With options for space becoming more limited every day, new construction is an important consideration for many companies. That option, however, requires vacant land on which to build. Consequently, vacant land sales have emerged as the focus of many industrial real estate transactions. Construction of industrial space has reached its highest level in eight years — 419,000 square feet completed in 2013 and 792,000 square feet underway and projected for 2014. We’ve experienced more land sales in the last six months than we’ve seen in the last six years. Our industrial team has recently closed or put under contract more than 150 acres of vacant land, and much of that acreage is slated for new construction. Ambitious Plans Several projects have already begun, including the 110,000-square-foot expansion that Undercar Products Group began occupying in November 2013, …

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Market ReportsMichiganMidwestMidwest Market Reports

Detroit Exudes Optimism

by admin

Slowly but surely, the missing pieces of the puzzle critical to the long-term vitality of the city of Detroit are starting to fill in, say real estate experts and business leaders. While the city is working through a painful bankruptcy to get its financial house in order, the public and private sector are moving forward with a sense of urgency to make sure that revitalization efforts in Downtown and Midtown don’t lose momentum. The success stories in the office, retail and apartment sector often come in fits and starts, but collectively they show measurable progress. A planned 3.3-mile streetcar line, known as the M-1 Rail project, is the infrastructure piece of the puzzle. Utility relocation work is underway on Woodward Avenue, the first step toward full-fledged construction of the planned light rail line that will connect 11 stops between Larned Street in Detroit’s central business district up to West Grand Boulevard in the New Center area at the north end. Funding for the $140 million streetcar project, which is expected to be complete in 2016, has come from a variety of sources including corporations, foundations, nonprofit agencies and government sources. “We’ll have more of a pedestrian connection between Downtown, Midtown …

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Market ReportsMichiganMidwest Market Reports

Detroit Industrial Market is Once Again Firing on All Cylinders

by admin

Considering the city’s recent negative press, as well as the government loans that General Motors and Chrysler both required in order to manage their way through structured bankruptcies nearly five years ago, it is understandable why one would question the economic vibrancy of Detroit and the surrounding region. However, the much-maligned Motor City is actually a lot healthier than the view projected by the city’s high-profile bankruptcy status. The Michigan jobless rate is hovering near 9 percent. While still high compared to other states, the unemployment rate is the lowest it has been since mid-2008. Since March 2012, the state has gained more than 18,000 manufacturing jobs and over 20,000 jobs in other sectors. The U.S. energy boom is making it more cost effective for factories to operate, and Michigan’s manufacturing base is directly benefitting from lower energy costs. In addition to the automotive sector, Michigan industries that thrive include advanced manufacturing, defense, information technology, water technology, medical devices, food processing and logistics and supply-chain management. The rebound in manufacturing has cut metro Detroit’s overall industrial vacancy rate by 400 basis points since the peak of the recession, falling from approximately 14 percent in mid-2010 to 10 percent at the …

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Market ReportsMichiganMidwest Market Reports

Detroit Industrial Market is Once Again Firing on All Cylinders

by admin

Considering the city’s recent negative press, as well as the government loans that General Motors and Chrysler both required in order to manage their way through structured bankruptcies nearly five years ago, it is understandable why one would question the economic vibrancy of Detroit and the surrounding region. However, the much-maligned Motor City is actually a lot healthier than the view projected by the city’s high-profile bankruptcy status. The Michigan jobless rate is hovering near 9 percent. While still high compared to other states, the unemployment rate is the lowest it has been since mid-2008. Since March 2012, the state has gained more than 18,000 manufacturing jobs and over 20,000 jobs in other sectors. The U.S. energy boom is making it more cost effective for factories to operate, and Michigan’s manufacturing base is directly benefitting from lower energy costs. In addition to the automotive sector, Michigan industries that thrive include advanced manufacturing, defense, information technology, water technology, medical devices, food processing and logistics and supply-chain management. The rebound in manufacturing has cut metro Detroit’s overall industrial vacancy rate by 400 basis points since the peak of the recession, falling from approximately 14 percent in mid-2010 to 10 percent at the …

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Market ReportsMichiganMidwest Market Reports

Formerly Vacant Buildings Find New Life as Apartments

by admin

Revitalization efforts in Detroit are underway and drawing residents and businesses back to the city. These measures aim to improve downtown Detroit’s streets and parks, enhance outdoor activities to increase foot traffic and attract new retailers, jobs and residents. In addition, construction will begin later this year on 3.3 miles of the M-1 light rail line, which will run mainly down Detroit’s Woodward Avenue between downtown and the New Center neighborhood, attracting redevelopment along the route. These efforts, coupled with a growing desire of many young professionals and downsizing baby boomers to live in an urban setting, have led to tightening vacancy rates in the downtown core. Although there is no hard data collected on apartment vacancies in the downtown market, developers claim vacancy in some pockets is below 4 percent. The vacancy rate across the metro area currently stands at 4.4 percent. As a result, some vacant buildings such as the former Broderick Tower, Detroit Savings Bank and the David Whitney office building are being put to new use as apartments. Older apartments are also being renovated, some of which are being converted to luxury units, such as the Griswold Apartments. As renters in these properties are relocated, occupancy …

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