Michigan

Art Van Furniture Officially Files for Chapter 11 Bankruptcy

by Alex Tostado March 9, 2020

Warren, Mich. — Art Van Furniture LLC officially filed for Chapter 11 bankruptcy Sunday night after announcing Thursday that it would close all of its stores. The Warren-based retailer filed with the U.S. Bankruptcy Court District of Delaware. In the filing, Art Van said it operates 169 locations, including 92 furniture and mattress showrooms and 77 freestanding mattress and specialty locations. The company expects to close the stores by May 31 and lay off all of its 3,100 employees. Multiple media outlets reported that the company has between $100 million and …

March 9, 2020

Investment sales Michigan News Retailers

SRS Arranges $2.5 Million Sale of Two-Building Retail Property in Kalamazoo, Michigan

by Alex Tostado March 9, 2020

Kalamazoo, Mich. — SRS Real Estate Partners has arranged the sale of a two-building retail property in Kalamazoo for $2.5 million. The freestanding buildings are home to Starbucks and Subway. Located on 9th Street, the Starbucks spans 2,085 square feet and the Subway totals 2,000 square feet. The two buildings were built in 2017. Michael Carter and Frank Rogers of SRS represented the seller, a Detroit-based private investor. The team also represented the buyer, a Kalamazoo-based private investor. The sales price represents a cap rate of 5.58 percent, one of …

March 9, 2020

Company news Michigan News Retailers

Midwest Retailer Art Van Furniture to Close All Stores

by Alex Tostado March 5, 2020

Warren, Mich. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. …

March 5, 2020

Leasing Michigan News Retailers

Gerdom Realty Negotiates Two Retail Leases at Shopping Center in Sterling Heights, Michigan

by Alex Tostado February 10, 2020

Sterling Heights, Mich. — Gerdom Realty & Investment has negotiated two retail leases at Brookside Shopping Center in Sterling Heights. Rehab Without Walls outpatient clinic leased a 3,200-square-foot space and Luma’s Fashion and Alteration leased 1,600 square feet. Only one 10,220-square-foot space remains available for lease at the Planet Fitness-anchored center. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed landlord in the new leases.

February 10, 2020

Investment sales Michigan News Retailers

Gerdom Realty Negotiates Sale of 23,000-Square-Foot Retail Center in Livonia, Michigan

by Alex Tostado February 5, 2020

Livonia, Mich. — Gerdom Realty has negotiated the sale of Livonia Crossroads for an undisclosed price. The 23,000-square-foot retail center is located at the southeast corner of Middlebelt and Plymouth roads in Livonia, a western suburb of Detroit. Tenants include MedPost Urgent Care, Disc Replay and Sprint. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom represented both parties in the sale. A local investor purchased the asset. Gerdom retains leasing responsibilities for the center.

February 5, 2020

Development Investment sales Malls Michigan News Retailers

Out of the Box Ventures Acquires Lakeside Mall in Michigan, Plans to Bring in New Uses

by Alex Tostado December 26, 2019

Sterling Heights, Mich. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It …

December 26, 2019

Finance Michigan News Retailers

Berkadia Arranges $23.2 Million Refinancing for Retail Property in Michigan

by Alex Tostado November 20, 2019

Shelby Township, Mich. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 325,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The …

November 20, 2019

Development Malls Michigan News Retailers

PREIT Opens Woodland Mall Expansion in Grand Rapids, Michigan

by Alex Tostado October 14, 2019

Grand Rapids, Mich. — PREIT has opened the Woodland Mall expansion wing. In 2017, the company purchased the store formerly occupied by Sears at the mall. It was demolished in order to make way for new uses. Von Maur now occupies 90,000 square feet at the new wing and is the department store’s first in the region. Other new retailers slated to open at the property include Urban Outfitters, Sephora, White House Black Market, Tricho Salon, Paddle North, Mobile Station and REI, which opened in May. New dining options include …

October 14, 2019

Investment sales Michigan News Retailers

Gerdom Realty Arranges Sale of 23,900-Square-Foot Retail Property in Livonia, Michigan

by Alex Tostado October 10, 2019

Livonia, Mich. — Gerdom Realty & Investment has arranged the sale of a 23,900-square-foot retail and office property in Livonia for an undisclosed price. The two-building asset is located on Middlebelt Road between 5 Mile and 6 Mile roads. Larry Siedell, Michael Murphy and Tjader Gerdom brokered the sale. A local investor purchased the property with plans to complete an exterior renovation. Gerdom will remain as the listing broker.

October 10, 2019

Indiana Investment sales Michigan News Ohio Retailers West Virginia

Albanese Cormier Acquires Nine Shopping Centers Totaling 758,983-Square-Foot

by Alex Tostado August 28, 2019

Beaumont, Texas — Beaumont, Texas-based Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and HFF brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Indiana; Forest Park Plaza (104,231 square feet) in Brazil, Indiana; Phoenix Square (47,415 square feet) in South Haven, Michigan; …

August 28, 2019

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