Troy, Mich. — Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million in financing for the acquisition of a 62,364-square-foot retail property in Troy. Todd Phillips of MMCC arranged the loan through a national bank. It features a seven-year term, 6.1 percent interest rate and 30-year amortization period. The property, located near I-75, is home to several national restaurants and retailers.
Lansing, Mich. — CrownPoint Partners has arranged the $9.2 million sale-leaseback of a five-property dental portfolio located across lower Michigan. CrownPoint represented both the seller and buyer in the transaction. The transaction was structured with new 15-year absolute-net leases featuring 2 percent annual rent increases, providing the buyer with long-term contractual income and no landlord responsibilities. The portfolio spans established healthcare and retail corridors throughout Michigan and serves combined trade areas encompassing more than 1.6 million residents. The portfolio consists of five dental properties totaling 35,212 square feet across Lansing, …
Grandville, Mich. — JLL has signed leases with 11 tenants at RiverTown Crossings, a 1.3 million-square-foot super-regional mall located in Grandville, roughly eight miles southwest of Grand Rapids. Totaling 33,208 square feet, the new businesses include Throw it Back Dirty Soda, Sweet Kisses Bakery, Addiour Perfume, Summit Comics and Games, Katie’s Heart & Home, Ventrora Perfume, Kako Claw, MooZoo Slime Shop, Cell Repair Xpert, JD Sports and Snack’d. The newest retailers are already open or will be opening this fall. RiverTown Crossings features more than 100 retailers and restaurants such …
Clinton Township, Mich. — Spinoso Real Estate Group has signed leases with four tenants at The Mall at Partridge Creek, a 640,000-square-foot regional shopping center located in Clinton Township, roughly 22 miles northeast of downtown Detroit. The retailers, which will open this fall, will include Cherry Republic (6,277 square feet), The Noble Duck Japanese Sushi & Steakhouse (4,831 square feet), See’s Candies (1,499 square feet) and Aeropostale (3,760 square feet). The Mall at Partridge Creek is currently operating under receivership. It was originally developed by the Taubman Corp. but was …
Deerfield Beach, Fla. — Deerfield Beach-based The Learning Experience is set to open 12 new locations over the next three years totaling 120,000 square feet in Michigan and Nebraska. Each center will include up to 10,000 square feet of indoor building space and a 5,000-square-foot playground. Eight locations are planned for Michigan, with six in the Detroit area and two in Grand Rapids. The other four are planned for Nebraska, evenly split between the Lincoln and Omaha metro areas. The Learning Experience is owned by private equity group Harvest Partners …
Battle Creek, Mich. — Legacy Realty Group Advisors has brokered the $4.6 million sale of Urbandale Plaza, a 111,935-square-foot retail center located in the Southwest Michigan city of Battle Creek, approximately 25 miles east of Kalamazoo. Family Fare anchors the center, which features other tenants such as Dollar Tree. Jacob Baruch and Jonah Warshaw of Legacy Realty represented the buyer, a private investor, in the transaction. The seller was also a private investor.
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 …
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.
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 …
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.
