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February 2021

Michigan Commercial Real Estate News Roundup 2020

Ashley Capital provides the top headlines and highlights for commercial real estate news in Michigan every quarter. The news updates include the latest property transactions, newest developments, CRE market stats, and other eye-catching stories in the industry.

Detroit Michigan Commercial Real Estate News - Ashley Capital

Michigan CRE News – Q4 2020

Ashley Capital’s Tri-County Commerce Center in MI Construction Update

The Tri-County Commerce Center in Hazel Park, MI is undergoing new construction with the addition of a third industrial asset to the property. Read More

Demand Still Soaring for Bulk Warehouse Space in Detroit

The latest report from Newmark details how bulk warehouse space in Detroit is in high demand through the end of 2020 and into 2021 due to the shifting economic influence of the pandemic. Read More 

Ford Motor Co. Industrial Real Estate Project Gets Financing Secured

InSite Real Estate LLC received financing to construct a 1-million-square-foot industrial facility for Ford Motor Co. in Newport, MI. Read More

Michigan CRE News – Q3 2020

Farbman Group Joins MIGreenPower Program

Michigan-based Farbman Group commits to going green with its investment in DTE Energy’s MIGreenPower program, “one of the nation’s largest voluntary renewable energy programs”. Read More

Friedman Seals Retail Lease in Sterling Heights Property

Friedman Real Estate locked in a retail space lease in Sterling Heights, Michigan with ISLA Detroit. Read More

Bedrock’s Multifamily Project in Detroit Begins Leasing

Lease up efforts at Bedrock’s The Press/321 have begun. The multifamily real estate project in Detroit has various options for apartments starting with studios all the way to 3-bedroom abodes. Read More

Jared Friedman: “Not Even Pandemic is Slowing Industrial and Multifamily Real Estate in Detroit”

Director of opportunities in the Farmington Hills office of Friedman Real Estate, Jared Friedman, is feeling very optimistic about what he’s seeing in Detroit’s multifamily and industrial real estate markets. Read More

CBRE Begins Leasing Space at Co-Working Facility in Detroit

CBRE began leasing space at Venture X, a 22,000-square-foot co-working property in Detroit. Read More

Michigan CRE News – Q2 2020

RHP Properties Closes Deal on New Manufactured-Home-Facility Near Detroit

RHP Properties expands its presence with another MHC project in its portfolio. The 375-home-site, Woodland Estates, is part of Oakland County in Michigan. Read More

Mid-America Real Estate Locks In Detroit Retail Real Estate Deal

Mid-America Real Estate brokered the sale of Roseville Towne Center, an 89K square-foot retail property in Roseville, Michigan. The transaction closed for $9.5M. Read More

Coronavirus Pandemic Puts Detroit’s Office Real Estate Market Against the Ropes

CPExecutive covers the recent market reports from Detroit’s office real estate and provides an assessment of where things stand at the moment due to the pandemic’s effects on the economy. Read More

Midwestern States Band Together to Combat Financial Struggles of the Pandemic

GlobeSt covers the efforts put together by state officials in Michigan, Wisconsin, and other midwestern states to combat the economic and health effects of the pandemic. Read More

 

Michigan CRE News – Q1 2020

The Michigan commercial real estate news roundup for Q1 2020 includes: an exclusive interview with Ashley Capital from Crain’s Detroit, Detroit’s industrial real estate market, new Detroit (and Michigan) leases signed, and more.

Ashley Capital’s Head of Detroit Office, Susan Harvey, Interviewed by Crain’s Detroit Business

Susan Harvey, the Head of Ashley Capital’s Detroit Office, shares her insights on the commercial real estate industry with Crain’s in an exclusive interview. Read More

Industrial Real Estate Shows Signs of Confidence in Detroit

RE Journals covered Ashley Capital’s latest Detroit Industrial Real Estate Report for Q4 2019. Kevin Hegg, VP of Ashley Capital in Detroit added his insights regarding the state of the market. Read More

Marelli Signs 200K Square Foot Lease for Detroit Headquarters

Dembs Development sealed the deal for a tenant to anchor the once-vacant, 350K square-square-foot corporate real estate property in Southfield, Michigan. Dembs inked the lease with Marelli, a global automotive supplier. Read More

Transwestern Seals Michigan Office Lease

Transwestern Commercial Services sealed a new lease for FD Stonewater at the Timberlands Office Park in Troy, Michigan. Garan Lucow Miller, a law firm, will occupy over 13K square feet of office space. Read More

Gerdom Inks First Retail Tenant for Ann Arbor’s Uptown Development

Gerdom Realty & Investment signed Beyond Juice Juicery + Eatery for their retail development project in Michigan’s capital. Read More

Detroit Industrial Real Estate Warehouse Project Gets $25M Loan

District Capital Detroit closed an acquisition loan for a Detroit warehouse industrial property with over 1M square feet of operational space. Read More

 

Michigan CRE News – Q4 2019

The Michigan commercial real estate news roundup for Q4 2019 includes: a new Innovation Campus in Detroit, the Detroit Pistons expanding their facilities, and several acquisitions around Michigan.

Innovation Campus in the Works for Downtown Detroit

The University of Michigan, Related Companies, and Bedrock announced a new collaboration project for downtown Detroit. The upcoming project will sit on a 14-acre site in the city center and will be a Detroit Center for Innovation (DCI). The innovation center will be anchored by a $300M, 190K square-foot center focusing on research and eduction. Read More 

Detroit Industrial Real Estate Absorption Doubles Over 2 Previous Quarters

Detroit’s industrial real estate market is showing no signs of cooling down from its streak according to the most recent statistics from a CBRE report. The only negative statistic in the market was the industrial real estate lease rate that dropped to $6.55 from $6.65 in the previous quarter. Read More 

Ocean West & Other Investors Acquire $250M of Student Housing at University of Michigan

Ocean West Capital Partners, Tiger Alternative Investors Ltd, Korea Investment & Securities Co, and Landmark Properties acquired two student housing portfolios to the tune of $250 million. One of the portfolios possesses two student housing properties next to U of M in Ann Arbor. Read More

Innovative Industrial Purchases Industrial Property in Warren, MI

Innovate Industrial entered into a long-term, triple-net lease agreement with a representative of LivWell Holdings. In return LivWll will complete around $23 million in tenant improvements at the property. Read More

Detroit Pistons Expands Facilities with Performance Center

The $90-million dollar facility named after Ford’s founder, Henry Ford, is the largest of its kind in the National Basketball Association. The performance center anchors a mixed-use property which will eventually provide additional retail and community amenities. Read More

Signature Closes 63K-Square-Foot Hi-Tech Sale in Michigan

Signature Associates negotiated the lease of a 63,470-square-foot hi-tech property space in Madison Heights, MI. Paul Hoge and Gary Stephens of Signature Associates represented the landlord, Jo Drive Ventures, LLC. Read More

REDICO Closes on Partnership for Business Park in Ann Arbor, MI

REDICO, a national, full-service real estate investment and development enterprise, finalized its partnership with the Avis Family on the Avis Farms South development property in Ann Arbor. The Class-A business park sits on 156 acres of land and is zoned for life sciences, technology, research & development, light industrial, and traditional office spaces. Read More