Michigan

IPA Brokers $22 Million Sale of Two Kroger-Anchored Shopping Centers in Indiana, Michigan

by Alex Tostado December 14, 2020

Fort Wayne, Ind. and Farmington Hills, Mich. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in …

December 14, 2020

Company news Indiana Malls Michigan News Retailers

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800 Million

by Alex Tostado November 16, 2020

Indianapolis and Bloomfield, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland …

November 16, 2020

Development Michigan News Retailers

Meijer to Open 42,000-Square-Foot Rivertown Market in Detroit’s East Jefferson Corridor

by Alex Tostado October 29, 2020

Detroit — Meijer, the City of Detroit and RDG Rivertown Market LLC have unveiled plans for a new ground-up grocery development located at 1475 E. Jefferson Ave. within the city’s East Jefferson Corridor. Meijer will operate the 42,000-square-foot store, dubbed Rivertown Market. The project marks the fourth small-format store for Meijer. Other locations are in Grand Rapids, Royal Oak and Lansing. Rivertown Market will offer fresh food and artisan groceries as well as Meijer- and national-branded products. The Detroit location will create approximately 60 jobs. Rockford Construction is the general …

October 29, 2020

Investment sales Michigan News Retailers

DealPoint Merrill Acquires Former Kroger Store in Sterling Heights, Michigan

by Alex Tostado October 14, 2020

Sterling Heights, Mich. — DealPoint Merrill LLC has acquired a 69,275-square-foot former Kroger shopping center in Sterling Heights. The property sits on seven acres at the corner of Dequindre and 18 Mile roads. DealPoint Merrill plans to redevelop the center into a 138,000-square-foot development, but further details of the project were not disclosed. DealPoint Merrill’s CEO David Frank negotiated the transaction while the company’s president, Sterling McGregor, handled the due diligence and financing. The seller and purchase price were undisclosed.

October 14, 2020

Company news Michigan News Restaurants

Quarterly Same-Store Sales Rise 17.5 Percent for Domino’s

by Alex Tostado October 9, 2020

Ann Arbor, Mich. — Domino’s Pizza Inc. reported that its U.S. same-store sales grew 17.5 percent in the third quarter compared with the same period last year. The Ann Arbor-based pizza chain says it was positively impacted by customers ordering more takeout during the COVID-19 pandemic. Global retail sales increased by 14.4 percent in the third quarter to more than $3.7 billion. Revenues increased $146.9 million or 17.9 percent, while net income increased $12.8 million or 14.8 percent. As of Oct. 5, Domino’s estimates that fewer than 300 international stores …

October 9, 2020

Features Michigan Retailers

Pandemic Accelerates Need for Omnichannel Presence, Say Retail Webinar Panelists

by Alex Tostado September 2, 2020

As the nation’s retailers adapt to more curbside pickup and outdoor offerings as a result of COVID-19, what will happen in cold-weather states like Michigan once winter hits? Panelists pondered this question during “Michigan Retail Outlook,” a webinar hosted by Shopping Center Business and Heartland Real Estate Business that took place Tuesday, Aug. 25. “We have tenants that are expanding their outdoor seating and planning ahead for winter by adding covers, plastic vinyl or outdoor heaters,” said Mike McBride, senior vice president of asset management for RPT Realty, which has an office in Southfield, …

September 2, 2020

Industry Content Leasing Malls Marketing Michigan Operations Restaurants Retailers Webinar

Webinar: Michigan Retail Outlook: How is Michigan’s Retail Sector Responding to COVID-19?

by Sarah Daniels August 26, 2020

(Panelists, clockwise from top left) Adam Tiktin, Tiktin Real Estate Investment Services; Rod Castan, Courtelis Company; Lyle Stern, Koniver Stern Group; Philip Rosen, Becker (moderator); Duane Stiller, Woolbright Development. Shopping Center Business and Heartland Real Estate Business hosted “Michigan Retail Outlook: How is Michigan’s Retail Sector Responding to COVID-19?” Watch to hear how the industry’s most creative retail leaders are adapting both to COVID-19 and to the accelerated changes in retail exacerbated by COVID-19 has. See a list of some topics covered and their timestamps below: (05:38): How are Governor Whitmer’s …

August 26, 2020

Investment sales Michigan News Ohio Retailers

Stan Johnson Co. Brokers Sales of Walmart-Occupied Properties in Michigan, Ohio for $31.6 Million

by Alex Tostado August 18, 2020

Howell, Mich. and Chillicothe, Ohio — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 …

August 18, 2020

Leasing Michigan News

Beyond Juicery + Eatery to Open at Troy Marketplace in Metro Detroit

by Alex Tostado August 4, 2020

Troy, Mich. — Beyond Juicery + Eatery has signed a 1,104-square-foot lease at Troy Marketplace. The juicer will occupy space that formerly housed Menchie’s Frozen Yogurt. The retail center is located at the intersection of Big Beaver and Rochester roads in Troy, about 20 miles north of Detroit. Tjader Gerdom, Michael Murphy and Larry Siedell of Gerdom Realty & Investment represented the landlord, RPT Realty, in the lease negotiations. William Gershenson of Gershenson Group represented Beyond Juicery + Eatery.

August 4, 2020

Malls Michigan News Retailers

Taubman Centers Reopens All Properties Across Portfolio Following Temporary Closures Due to COVID-19

by Alex Tostado July 6, 2020

Bloomfield Hills, Mich. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, chairman and CEO. Taubman’s portfolio consists of 26 super-regional and outlet shopping centers. The company is currently being …

July 6, 2020

Newer Posts

Older Posts