Development Team Buys Auburn Hills and Canton Township Sites

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The development team of Farmington Hills-based Friedman Real Estate and Southfield-based General Development Co. has bought 40 acres of land in Auburn Hills for $3.7 million and 18 more acres in Canton Township for an undisclosed price. This is the same team behind the Oakland Technology Park in Auburn Hills. The team plans to build about 740,000 square feet of new build-to-suit space with 390,000 square feet in Auburn Hills and 350,000 square feet in Canton. The Auburn Hills site is at the former site of the Oakland County Animal Control. The Canton site is in the Canton Industrial Park south of I-275 and east of Warren Road.

 

Detroit Metro Municipalities Flip to Renter Communities

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Inkster, Pontiac and Auburn Hills were once communities where the majority of residents were homeowners. According to U.S. census data, analyzed by the apartment search website RENTCafé,  the municipalities have shifted to become majority-renter communities. Port Huron and Hazel Park are close to having more renters than homeowners, too. The changes occurred in each city as foreclosures jumped and home values dropped. The increase in suburban rentals may be because people are delaying home purchases.

Troy Property Sells for $34 Million

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A Baltimore buyer, the Continental Realty Corp., has purchased Oakland Center and Oakland Square for $34 million. The property at 14 Mile and John R roads is across from Oakland Mall. It totals 392,000 square feet and is 87% leased by tenants that include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness.

Michigan Renters & Landlords Still Wait For Relief

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Nearly two-thirds of metro Detroit residents are still behind on their rent or mortgage, despite the millions of dollars in federal funds that have been sent to provide relief. Many face eviction or foreclosure in the next two months. Michigan allocated $425 million through the end of September through the COVID Emergency Rental Assistance program. Thousands of people are still looking for aid. According to a census survey, 64 percent of metro Detroit residents are not current on payments for their homes.

InvestNext Raises $4.3 Million In Venture Capital Financing

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InvestNext Inc., a software firm backed by Detroit billionaire Dan Gilbert, has closed on a venture capital financing round to the tune of $4.3 million. The company’s software goal is to help investors and fund managers keep track of pertinent details and documents involved in real estate investments. Hyde Park Venture Partners, Detroit Venture Partners, Whitecap Venture Partners and Grand Ventures participated in the funding round. InvestNext Inc. now has more than 18,000 active investors and has paved the way for more than $.4 billion in transactions.

Fowling Warehouse to Open in Ypsilanti

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Royal Oak resident Scott Brown is opening a Fowling Warehouse location in Ypsilanti. The original Fowling Warehouse was established by Chris Hutt in 2014. The game is part football/part bowling. Prior to finding the Ypsilanti space, Brown looked in Lansing, Lake Orion and Indianapolis. His Ypsilanti location will be the sixth in the franchise. Other locations include Grand Rapids, Indianapolis, Atlanta, Cincinnati and Hamtramck. All have opened in last seven years. No opening date is set yet for the Ypsilanti location, but it will feature 20 indoor fowling lanes. Players may bring in their own food or have it delivered, and two bars will be on site.

Detroit’s Core City Project Breathes New Life Into Buildings and Land

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The Core City neighborhood, located west of Woodbridge and about 2 miles from downtown, is one of the most unique real estate projects in the city and the state. It currently spreads across six existing commercial buildings, 10 recently built Quonset hut apartments, plus one large Quonset hut split into eight live-work space. It will be expanding early next year to include more housing. The old commercial buildings are filled with office and retail tenants. The buildings surround a new public space park filled with shade trees and artwork. The Core City project is the brain child of developer Philip Kafka and his real estate company, Prince Concepts.

 

NTT Ltd Subleases Its Headquarters Space in Southfield Town Center

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 NTT Communications Corp., Formerly know as Secure-24, has walked away from its 100,000-square-foot headquarters in the 4000 Town Center high rise in Southfield. They’ve put the space up for sublease along with a 9,000-square-foot property in Auburn Hills. The company signed the Southfield lease in September 2019, prior to the pandemic. The bad timing of the COVID-19 pandemic may have contributed to the company’s recent listing of the property. The asking price is $19 per square foot.

 

 

Landmark Office Real Estate Up For Grabs

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Nearly 800,000 square feet of prime office space across four landmark properties in Troy and Pontiac are up for grabs. They join the Fisher Building and the former UAW-GM Center for Human Resources in Detroit. That totals 1.8 million square feet between the six buildings that has come available in the last 30 days! The sale of these buildings has implications for the upside down office market. According to a second-quarter report, Detroit’s office market vacancy rate increased to 16.8%. That’s an increase of 2 percentage points from a year ago.

Renowned Detroit Hotel Sale and Renovations Pending

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The Westin Book Cadillac hotel in downtown Detroit is under a pending deal. Chicago-based Oxford Capital Group, the same company that broke ground on a new Godfrey Hotel in Corktown,  is buying the 453-room hotel. Downtown Detroit hotels took a hit during the COVID-19 pandemic, and the Book Cadillac has been delinquent on its mortgage since spring 2020. With the sale, Oxford Capital will assume $77 million in debt to prevent the hotel from going into foreclosure. The company will spend at least $16.5 million on renovations and maintenance. It’s seeking a 12-year Commercial Redevelopment tax break that’s valued at over $26 million.