BINGHAM FARMS, MI-Malan Realty Investors will cease to exist as a REIT after Aug. 27. It still owns 19 retail centers in seven states with an aggregate of about 1.2 million sf.
ROMULUS, MI-A raft of projects big and small at Detroit Metro Airport are being covered by the Federal Aviation Administration. The largest project is apron and runway construction.
KALAMAZOO, MI-Two multifamily rental complexes near WesternMichigan University are sold to a national tenancy-in-common investor in deals brokered by Hendricks & Partners.
ATLANTA-Ramco-Gershenson Properties Trust hasadded two metro area supermarkets, totaling 378,000 sf, to its portfolio. Both are anchored by Publix Supermarkets.
VAN BUREN TWP., MI-Wayne County Community College is pushing expansion at its smallest campus, taking bids for a 43,000-sf addition. It is part of a growing educational expansion trend in the Detroit suburbs.
ANN ARBOR, MI-The state weighs two bids for a 690-acre site in York Township--Toyota Motor Corp.'s $9-million bid that would expand its research and development operations along with $25.3 million from Bloomfield Hills-based DPG York LLC.
DETROIT-The Country Ridge community in Farmington Hills and Burwick Farms in Howell can be had individually or as a package. The two complexes are priced at a 7.29% capitalization rate, and $89,000 per unit.
DETROIT-While suburban activity is lacking, the area vacancy rate drops for high-tech space, according to a mid-year report from Colliers. Development around Wayne State University is increasing demand in the city, the report notes.
BINGHAM FARMS, MI-Malan Realty Investors is now a month away from becoming a liquidating trust, president and chief executive officer Jeffrey Lewis says.
LIVONIA, MI-Farmington Hills-based Phoenix Land Development's attached and detached condominiums are replacing the abandoned Ardmore Psychiatric Hospital, which has been boarded up since the 1990s. A $2.5-million tax credit will help develop the brownfield site.