Michigan Real Estate News

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Headquarters Property Slated For New Ownership

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The former Art Van headquarters property in Warren is soon to be under new ownership. Montreal company Groupe Quint is expected to close on the purchase of more than 1 million square feet of space in the next couple of weeks. Most recently occupied by Loves Furniture, Inc., it had been listed for $65 million this winter. The current price is undisclosed. The property is located at 6500 E. 14 Mile Rd. in Warren.

Vacancy Increases in Detroit’s Prime Office Buildings

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There’s an increase in vacancy rates in Detroit’s prime office buildings in 2021. According to a new report from the Chicago-based brokerage house JLL, there’s a 10.2% vacancy rate totaling more than 10.9 million square feet. That’s an increase from a 7.7% vacancy rate in 2019 and just under 9% in 2020. Rent also dropped 0.4%. Although 21 downtown prime office buildings comprise the vacant real estate, the Renaissance Center accounts for almost 45% of all the vacant space.

Former Big Boy Restaurant to be Home to New Tapper’s Jewelry

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Tapper’s Jewelry has submitted plans to the city of Novi for a new showroom at the site of the former Big Boy restaurant at the northeast corner of Eight Mile and Haggerty roads. The plans include demolition of the restaurant building and constructing a more than 8,000-square-foot building. Trees would also be added to the property. The Novi commissioner has recommended approval of the plans, sending them forward to the city council. Hinging on the proper approvals, the company could begin construction in October of 2021.