Detroit
Ivanhoé JV Joins Goldman, Greystar in 27 M-F Properties
Ivanhoé Cambridge has made its largest multi-family investment, joining a partnership of Goldman, Sachs & Co. and Greystar in the $1.5 billion acquisition of 8,010 multi-family units from Equity Residential.
CPE Exclusive: Sage, Whitman Peterson Grab 852-Room Courtyard by Marriott Portfolio
Sage Hospitality and Whitman Peterson have kicked off their new investment relationship with the acquisition of six Courtyard by Marriott lodging properties from Clarion Partners. The 852-room group of hotels is located in metropolitan Atlanta, Dallas and the Detroit area.
Faurecia Plans New HQ in Auburn Hills; Dan Gilbert Snags Another Downtown Building
Faurecia North America, Inc., the fifth largest automotive parts manufacturer in the world, is announced plans to expand its presence in the Detroit area by opening a new headquarters facility and technical center in Auburn Hills, MI.
1001 Woodward Joins Dan Gilbert’s Properties in Detroit
Dan Gilbert’s investment spree in downtown Detroit is far from coming to an end. Rock Ventures, one of Gilbert’s companies that has become one of the big players on the Detroit real estate market, this week acquired another office building located on Campus Martius Park, in the city’s commercial heart. The company’s real estate portfolio has now reached 2.9 million square feet of commercial and residential space in Detroit.
Gold Star Mortgage Financial Group Relocates to Former Borders HQ in Ann Arbor
Just weeks after a local and out-of-state group of real estate investors acquired the former corporate home of bankrupt bookseller Borders Group, Gold Star Mortgage Financial Group Corp. is moving its global operations to the new headquarters in Ann Arbor.
Studio One Apartments Refinanced by $15.66 M Loan from CBRE HMF
Studio One Apartments, a residential building located at 4501 Woodward Avenue in Detroit’s Midtown neighborhood, has received $15.66 million in non-recourse financing from CBRE HMF, CBRE Group’s direct HUD FHA lender. According to a statement for the press, the loan was funded through CBRE’s FHA-insured permanent loan program with a fixed rate, 30-year, fully-amortizing loan.
Detroit Invited to Bid for the 2024 Summer Olympics
25 large cities and metropolitan areas in the country and 10 other city that have expressed interest in hosting an Olympic competition have received letters from the U.S. Olympic Committee (USOC) to see if they would consider bidding for the 2024 Summer Olympic and Paralympic Games.
MOCAD Redesign Project Wins International Architecture Award
As the real estate world is getting ready for the upcoming MIPIM 2013—the international property market—the winners of the 11th Annual MIPIM Architectural Review Future Project Awards were revealed last week. The contest has been running since 2002 with a focus on fine examples of planned or incomplete architecture projects across the world, covering various categories of residential and commercial designs.
State Approves Massive Redevelopment Project Backed by “Magic” Johnson
The Michigan Land Bank Fast Track Authority voted unanimously in favor of a redevelopment plan that was proposed last year by a group of investors including basketball star Earvin “Magic” Johnson.
Microsoft Set to Open First Store in Michigan
Software giant Microsoft Corporation (NASDAQ:MSFT) confirmed this week that it will open five new retail stores in five different states by summer. According to the list of locations revealed on the company’s official blog, Michigan’s first Microsoft location will open in Troy at the Somerset Collection shopping center, where its direct competitor, Apple Inc. (NASDAQ:AAPL), has already opened a store on the first floor.