Michigan

Judge Orders Simon, Taubman to be Trial-Ready by Mid-November

by Alex Tostado June 29, 2020

Oakland County, Mich. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says the company is “ready, willing and able to …

June 29, 2020

Company news Michigan News Retailers

Michigan’s Agree Realty Receives 87 Percent of May Rent Payments

by Alex Tostado June 5, 2020

Bloomfield Hills, Mich. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May. Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting …

June 5, 2020

Michigan News Restaurants

Michigan Governor Rescinds Stay-Home Order, Enables Restaurants to Reopen June 8

by Alex Tostado June 2, 2020

Lansing, Mich. — Michigan Gov. Gretchen Whitmer has signed a new executive order rescinding her stay-home order and moving the entire state to Phase IV of the “MI Safe Start Plan” in response to COVID-19. The governor’s order will enable retailers to reopen June 4 and restaurants to reopen June 8 at 50 percent capacity. Day camps for children will be permitted to open June 8. Effective immediately, groups of 100 or less will be allowed to gather outdoors with social distancing. Office work and housecleaning services can resume. Gyms …

June 2, 2020

Company news Michigan News Retailers

Detroit’s Bedrock to Continue Offering Rent Relief to Retailers in Exchange for 7 Percent of Gross Sales

by Alex Tostado May 29, 2020

Detroit — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, has implemented a program called Bedrock Relaunch, which will build off its rent relief program that began in March with three months of rent abatement. Through Bedrock Relaunch, the landlord will provide all eligible, operating restaurant and retail tenants with the option to waive all rent and fees for the month of June; waive base rent in favor of paying 7 percent of gross sales starting in July; and apply the security deposit toward reopening …

May 29, 2020

Michigan News Retailers

Michigan Governor Reopens Auto Dealerships, Retail Businesses by Appointment

by Alex Tostado May 27, 2020

Lansing, Mich. — Michigan Gov. Gretchen Whitmer has signed a statewide executive order to reopen retail businesses and auto dealerships by appointment starting Tuesday, May 26. The order also authorizes nonessential medical, dental and veterinary procedures starting Friday, May 29. Michigan residents are now able to gather in small groups of 10 people or fewer, as long as they practice social distancing. Businesses that open must provide COVID-19 training to workers.

May 27, 2020

Grocery-anchored Investment sales Michigan News Retailers

SRS Brokers $4.6 Million Sale of Aldi-Occupied Property in Suburban Detroit

by Alex Tostado May 13, 2020

Clawson, Mich. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap …

May 13, 2020

Investment sales Michigan News Retailers

Mid-America Arranges Sale of Roseville Towne Center in Suburban Detroit

by Alex Tostado April 27, 2020

Roseville, Mich. — Mid-America Real Estate Corp. has arranged the sale of Roseville Towne Center in Roseville, about 15 miles north of Detroit. The sales price was undisclosed. The 89,883-square-foot shopping center is home to Marshalls, CVS Pharmacy, Five Below and Dollar Tree. Ben Wineman, Carly Gallagher Kelly and Daniel Stern of Mid-America represented the seller, Cincinnati-based Viking Partners. Ferris Hamama of Keystone Commercial Real Estate represented the buyer, a private investor completing a 1031 exchange.

April 27, 2020

Company news Michigan News Restaurants Retailers

Detroit’s Bedrock to Offer Rent Forgiveness for Restaurants, Small Businesses in Wake of COVID-19

by Alex Tostado March 24, 2020

Detroit — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, …

March 24, 2020

Investment sales Michigan News Retailers

Sportsman’s Warehouse to Acquire Field & Stream Store in Kalamazoo, Michigan

by Alex Tostado March 23, 2020

Kalamazoo, Mich. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is …

March 23, 2020

Leasing Michigan News Retailers

Beztak Properties Secures First Retail Tenant at Uptown Ann Arbor Project

by Alex Tostado March 16, 2020

Ann Arbor, Mich. — Beyond Juice Juicery + Eatery will open its 15th Southeast Michigan location at the new Uptown Ann Arbor project in Ann Arbor. Beztak Properties is the project developer. Beyond Juice will occupy 1,600 square feet. Billy Gershensen of the Gershenson Group represented Beyond Juice in the lease transaction. Michael Murphy, Vicki Gutowski and Larry Siedell of Gerdom Realty & Investment represented Beztak. Upon completion, Uptown will be home to 250 townhomes and luxury lofts as well as 17,220 square feet of ground-floor retail space.

March 16, 2020

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