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DevelopmentMichiganNewsRestaurants

Shipley Do-Nuts Signs 15-Unit Franchise Agreement in Michigan

by Abby Cox

Houston — Shipley Do-Nuts has signed a franchise agreement with Hole Lotta Dough LLC to open 15 new units in Michigan. The agreement will bring Shipley Donuts to Oakland, Macomb and Wayne counties across the Metro Detroit area, with the first location targeted to open late in the first quarter of 2027. The agreement also establishes plans to open three additional shops per year for the next four years, resulting in 15 new stores over a five-year development period. In addition, Shipley announced it will enter Ohio with a three-unit franchise …

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D&W Fresh Market
Investment salesMichiganNews

SRS Real Estate Negotiates $6.9 Million Sale of Single-Tenant Grocery Property in Kalamazoo, Michigan

by Abby Cox

Kalamazoo, Mich. — SRS Real Estate Partners has negotiated the $6.9 million sale of a single-tenant grocery property located in Kalamazoo. D&W Fresh Market occupies the 29,000-square-foot building on a corporate-guaranteed absolute triple-net lease. The current lease extends through 2031 and includes three five-year renewal options. The building was originally built in 1955.   Jeff Gates of SRS represented the seller, a Toronto-based investor group, in the transaction.  The buyer was an institutional investor. 

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DevelopmentFinanceMichiganNews

Michigan Strategic Fund Approves $270.7 Million Plan for Redevelopment of Former Lakeside Mall

by Abby Cox

Sterling Heights, Mich. — Gov. Gretchen Whitmer and the Michigan Strategic Fund Board have approved a $270.7 million Transformational Brownfield Plan (TBP) to support the redevelopment of the former Lakeside Mall site in Sterling Heights. The proposed plan includes roughly 1,545 residential units across nine multifamily buildings ranging in size from four to five stories, including a building targeted at residents over 55 years of age. Additionally, the project will add 154,007 square feet of new retail space, a central community park and green space, as well as a mix …

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Marcus & Millichap Brokers Sale of 15,879-Square-Foot Retail Strip Center in Metro Grand Rapids, Michigan

by Abby Cox

Cedar Springs, Mich. — Marcus & Millichap has brokered the sale of Cedar Springs Retail Center, a 15,879-square-foot retail strip center located in Cedar Springs, approximately 20 miles north of downtown Grand Rapids. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap marketed the property on behalf of the seller, a private group based in West Michigan. Built in 2004, Cedar Springs Retail Center features a mix of restaurant and service-oriented tenants including Subway, Little Caesars Pizza and Great Clips.

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ARCTRUST Purchases Seven-Property Net Lease Portfolio in Six States

by Abby Cox

New York — ARCTRUST Private Capital, the capital markets division of the ARCTRUST Group of Cos., has acquired a seven-property, single-tenant net lease portfolio in six states including North Carolina, Alabama, Kentucky, Michigan, Tennessee and Virginia. The portfolio, which spans approximately 51,192 square feet, comprises two Pinnacle Bank locations, three CVS Pharmacy locations and two NAPA Auto Parts. The portfolio features a 13.6 weighted average lease term, with contractual rent increases and renewal options across all properties. Each property operates on an absolute triple-net lease basis. The two Pinnacle Bank …

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Mid-America Negotiates Sale of 99,529-Square-Foot Grocery-Anchored Center in Grand Rapids, Michigan

by Abby Cox

Grand Rapids, Mich. — Mid-America Real Estate Corp. has negotiated the sale of Cascade East, a 99,529-square-foot community center located in Grand Rapids. Anchored by D&W Fresh Market, the center was 97 percent leased at the time of sale. Additional tenants include Hallmark, Sola Salon Studios, iSmash, Your Pets Naturally, HOTWORX, Warhammer and Pit Stop Catering. Ben Wineman, Eric Geskermann and Daniel Stern of Mid-America represented the seller, a publicly traded REIT, in the transaction. The property was acquired by Detroit, Michigan-based Batal Real Estate.

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Bison Hollow Shopping Center
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AlbaneseCormier Acquires 714,000-Square-Foot Retail Portfolio Across Three States

by Abby Cox

Beaumont, Texas — Beaumont-based AlbaneseCormier has acquired a four-property retail portfolio totaling 714,054 square feet across three states. The properties include McGowin Park in Mobile, Alabama (374,881 square feet); Bison Hollow Shopping Center in Traverse City, Michigan (134,798 square feet); Oak Brook Square in Flint, Michigan (152,073 square feet); and an unnamed PetSmart & Dick’s-anchored shopping center in Oshkosh, Wisconsin (52,302 square feet). The portfolio comprises more than 50 tenants such as Costco, Dick’s House of Sport, HomeGoods, T.J. Maxx, Hobby Lobby, Petco, Old Navy, Skechers, Ashley Furniture and Starbucks. Ben …

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Dix-Toledo-Southgate
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Mid-America Brokers Sale of 121,184-Square-Foot Shopping Center in Metro Detroit

by Abby Cox

Southgate, Mich. — Mid-America Real Estate Corp. has brokered the sale of Dix-Toledo Shopping Center, a 121,184-square-foot shopping center located in the Detroit suburb of Southgate. The property is 92 percent leased to retailers such as TJ Maxx, Ross Dress for Less, Chuck E. Cheese, Snipes and Hook & Reel. Ben Wineman and Daniel Stern of Mid-America represented the seller, a private family, in the transaction. The buyer was a Detroit-based private investment company.

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Green-Ridge-Square
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Mid-America Arranges Sale of 225,307-Square-Foot Shopping Center in Metro Grand Rapids

by Abby Cox

Walker, Mich. — Mid-America Real Estate Corp. has arranged the sale of Green Ridge Square, a 225,307-square-foot shopping center in Walker, a northwest suburb of Grand Rapids. Shadow anchored by Target, the property is home to Best Buy, Burlington, Michaels, Urban Air, Five Below, Panera and Shoe Dept. Ben Wineman and Daniel Stern of Mid-America represented the seller, Birmingham, Michigan-based Bacall Cos. Seattle-based Bridge33 Capital was the buyer.

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Shops of Edelweiss Village
Investment salesMichiganNews

SRS Real Estate Brokers Sale of 51,857-Square-Foot Retail Property in Gaylord, Michigan, for $7.6 Million

by Abby Cox

Gaylord, Mich. — SRS Real Estate Partners has brokered the sale of the Shops of Edelweiss Village, a 52,857-square-foot retail property located in Gaylord, for $7.6 million. Built in 2004 on nearly 13 acres, Dollar Tree anchors the center, which was 78 percent occupied at the time of sale. Additional tenants include Pet Supplies Plus, Kay Jewelers, AT&T and Sally Beauty. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Michigan-based family partnership. Kevin Jappaya and David Jappaya of KJ Commercial Real Estate Advisors represented the buyer, a Michigan-based group …

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