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Fairlane Town Center and The Mall at Partridge Creek Change Management
/in SE Michigan /by Tracy WillisFairlane Town Center in Dearborn and The Mall at Partridge Creek in Clinton Township are now being managed by Syracuse, N.Y.-based Spinoso Real Estate Group LLC. Spinoso is marketing the two malls for lease. Prior to the COVID-19 pandemic, Partridge Creek was under financial stress when Starwood Capital Partners defaulted on a $725 million loan that included the shopping center and three other mall properties in Michigan. It recently entered receivership. Fairlane Town Center entered receivership last year.
Self-Storage Real Estate Sector Is On Fire
/in Detroit, SE Michigan /by Tracy WillisThe self-storage industry has rebounded from the early days of the COVID-19 pandemic. As people make room in their homes for remote job environments, the home sales market drives an increase in storage needs. Restaurants and offices look for places to stash extra furniture to accommodate social distancing needs. The demand for self-storage is high. With self-storage vacancies down, the rent is also high. However, the self-storage market may be hitting a saturation point. Experts raise concerns about whether Detroit’s population can support an overbuilt self-storage market.
Development Team Buys Auburn Hills and Canton Township Sites
/in SE Michigan /by Tracy WillisThe 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.
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Home Buyers Need Creativity in Today’s Market
/1 Comment/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisIt’s a home seller’s dream come true. With parts of Michigan down to just a one-month supply of housing inventory, buyers need to get creative with their home-buying strategies. Realtors offer advice like positioning yourself to be the backup offer on sale-pending homes. Often the deals are to good to be true and fall through. Getting your backup offer in is like putting your foot in the door. Some buyers are making creative offers that include payer other buyers to take their offers off the table. Making sure you have a realtor who is well-experienced with getting offers accepted and showings scheduled, even virtually if necessary, can make a huge difference in your success.
Former Scripps Mansion Site Envisioned For Townhomes
/in Detroit /by Tracy WillisA trio of developers are planning 65 townhomes in Detroit’s Woodbridge neighborhood. The $18.5 million development is at 3700 Trumbull St. between Selden and Brainard streets. The joint venture is a collaboration between Detroit-based Tekton Development, Detroit-based Civic Companies, and Bloomfield Hills-based Robertson Bros. The development would have 48 one-bedroom townhomes with about 1,300 square feet and 16 two-bedroom townhomes with about 1,600 square feet. Construction should begin in the fall and be completed within three years.
Hudson’s Site Tower Takes Shape
/in Detroit /by Tracy WillisThe Hudson’s site tower is finally showing above-ground signs of construction three years after the Bedrock Detroit real estate firm broke ground at the old J.L. Hudson building site at 1200 Woodward Avenue. The property will include 150 residential units, a 200-plus-hotel, 400,000 square feet of office space, a 1,200-person event space, and 18,000 square feet of retail space. The completion date has been pushed back to the 2nd quarter of 2024. The planned tower is now also much shorter than the original concept.