Wednesday, April 17, 2024
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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess

New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL. 

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Starbucks
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Marcus & Millichap Arranges $2.2 Million Sale of Starbucks-Occupied Property in Detroit Suburb

by Hayden Spiess

Royal Oak, Mich. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks Coffee in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. Starbucks exercised an early renewal option for the property.   

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Slim-Chickens
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Slim Chickens to Open 25 Restaurants in Southeast Michigan

by Hayden Spiess

Fayetteville, Ark. — Fast casual franchise Slim Chickens has signed a deal to expand into Southeast Michigan with 25 restaurants. Partners Brad DeLange, Todd DeLange and Doug Broadright will lead the restaurant’s Great Lakes division and bring the brand to locations in the Detroit and Ann Arbor metropolitan areas. Slim Chickens has opened more than 225 locations in the U.S. and the U.K. and has more than 1,100 restaurants in development.

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Three-Property Car Wash Portfolio Trades Hands in Michigan

by Hayden Spiess

Fenton and Howell, Mich. — A three-property car wash portfolio in Michigan has traded hands for an undisclosed price. The portfolio includes a Lake Effect Auto Wash in Fenton, a Lake Effect Auto Wash in Howell and a Classic Auto Wash in Howell. Garrett Monroe of Calder Capital provided merger and acquisition services on behalf of the seller, Fenton-based The Mechigian Auto Washes. Troy-based Ace Auto Wash was the buyer.

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LeasingMichiganNews

FitStop24 Signs 3,422-Square-Foot Retail Lease in Paw Paw, Michigan

by Hayden Spiess

Paw Paw, Mich. — Fitness concept FitStop24 has signed a 3,422-square-foot retail lease in Paw Paw. Bloom City Club Cannabis leases the other half of the building, which is located on Red Arrow Highway. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord in the lease. FitStop24 now operates 15 locations in Michigan and Indiana.

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Meijer Grocery stores
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Meijer Debuts New Concept with Two Stores in Metro Detroit

by Hayden Spiess

Lake Orion and Macomb Township, Mich. — Meijer has opened two stores featuring a new, condensed layout in the Detroit suburbs of Lake Orion and Macomb Township. The stores, which comprise between 75,000 and 90,000 square feet each, include produce, in-store meat cutters, a bakery with cake decorators, full-service deli, in-store and drive-thru pharmacy, health and beauty products, card and party supplies, a floral section and baby, pet and household items. The stores also offer the same checkout methods and shopping technology available at other Meijer locations.

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Party-City
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A&G to Auction Eight Party City Leases

by Hayden Spiess

New York City — A&G Real Estate Partners will auction eight Party City leases in its capacity as real estate advisor to the retailer. These leases — which include locations in Georgia, Iowa, Illinois, Louisiana, Michigan, New York, Texas and West Virginia — come in addition to 12 Party City leases announced for auction by A&G in late February. Ranging in size from 7,500 to 28,000 square feet, 18 total leases remain open. This move is part of Party City Holdco Inc. (PCHI)’s financial restructuring, which is expected to be …

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Bedrock Plans 1.5 Million-Square-Foot Cadillac Square Mixed-Use Development in Detroit

by Hayden Spiess

Detroit —Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a …

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Marcus & Millichap Arranges $4.7 Million Acquisition Financing for Single-Tenant Retail Property in Metro Detroit

by Hayden Spiess

Northville, MIch. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million loan for the acquisition of a single-tenant building in Northville, a northwest suburb of Detroit. Built in 2015, the 28,780-square-foot property is occupied by Fresh Thyme Market. Chad O’Connor of MMCC secured the financing on behalf of the undisclosed borrower. The 10-year fixed-rate loan carries a 30-year amortization schedule.

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