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Commercial Real Estate Archives

Michigan furniture stores to close

A furniture company that has operated four retail stores in Flint Township for more than 17 years will close those locations permanently after the President's Day holiday weekend. The commercial property closures were based on a number of factors, but the chief marketing officer of the company did not clarify what all of the factors were. One of the points contributing to the decision was the fact that a lease with the property owner would be expiring.

Developer explains reasons behind area's commercial growth

Michigan residents may be interested in the reasons behind renewed commercial growth along a busy route in one of the state's cities. Stadium Drive in Kalamazoo has seen increased commercial growth for several years. According to the chief operating officer for Hinman, a commercial property development company, there are numerous reasons for the area's newfound popularity among businesses.

Detroit prepares for Lawrence Tech Building

A large downtown building project will commence soon when Midtown Detroit Inc. breaks ground on a 30,000-square-foot commercial building on Woodward Avenue and West Willis Street. The anchor tenant for the commercial property will be Lawrence Technological University.

Property owners end lease after allegations against tenant

Property owners leasing space to a spa that was allegedly involved in prostitution in Michigan has come to an agreement with prosecutors. On Dec. 20, prosecutors submitted the agreement, which ended the lease, to a Genesee Circuit judge. Previously, on Dec. 11, a county prosecutor received a temporary restraining order for the closure of the spa due to the prostitution allegations. The owners of the commercial property were not available for comment.

Possible compromise in Michigan property dispute

Plans for two apartment buildings in Eastown hit a snag when community stakeholders became concerned about the loss of commercial possibilities in the properties. Stakeholders included local community and business organizations, neighborhood residents, city planners and staff and real estate experts. A plan was submitted for residential space as well as ground floor retail space at the Wealthy Street sites.

Investors flocking to Western Michigan

A study released in September indicated that Grand Rapids was second in the nation for job growth from 2010 to 2013 and pinpointed the metro area as a magnet for the manufacturing and health care industry. Real estate investors have made the connection between the growth of the income and an improved real estate market. They have decided that Western Michigan is a smart place for them to find great real estate properties. The growth of the region has revived the faltering reputation that once caused Newsweek to call Grand Rapids a dying city.

Chinese company buys Chase building

The 60-story building in Lower Manhattan known as One Chase Manhattan Plaza has been sold by JPMorgan Chase to a Shanghai-based conglomerate for $725 million. The buyer has not indicated whether the building, considered a landmark and an important party of New York City's financial district, will be converted into apartments or continue to be a commercial property. The bank has been under investigation by federal regulators stemming from irregularities in its mortgage-backed securities business that affected investors in Michigan and elsewhere.

Michigan nonprofit offers to purchase Bunche Elementary School

A nonprofit group called Urban Transformation Development wants to purchase Bunche Elementary School in order to convert it to a community center. The school, which was closed down in late 2012, is located near the corner of West Stewart Avenue and Martin Luther King Avenue in Flint. They currently have a $2,500 down payment and are aspiring to purchase the school on a Flint School District land contract in the amount of $25,000.

Michigan building owner supported in landlord-tenant issues fight

Tenants of a Michigan real estate company were supportive of it following news that the company was engaged in a lawsuit with a tenant of a downtown Detroit building owned and leased by the company. Bedrock Real Estate Services was called a great commercial property owner by a cafe owner, citing the accommodations made by the firm for more parking as his restaurant grew. Another business owner said that the owner of Bedrock had played a central role in supporting her business and helping it achieve success.

MSU’s Spartan Stadium to get $24.5 million face lift

A lot of planning went into what will become the new Spartan stadium on the campus of Michigan State University. Athletic administrators wanted to give athletes and their families the experience they deserved and the fans a stadium worth cheering in. But there was a lot to hammer out before the first shovel could be lifted to break ground on the site.

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