DETROIT-The company's Detroit office says the area multifamily rental market is "stabilizing," with effective rents expected to begin creeping up next year. Cap rates will remain lowest in Auburn Hills, Farmington Hills and Ann Arbor, the firm predicts.
STERLING HEIGHTS, MI-General Motors is creating a new "heritage center" to serve as the repository of its history in a building off Mound, just south of Metro Pkwy.
DETROIT-A report on a possible new convention center for the metro region is due to be released this week. Options include upgrading and expanding Cobo Center Downtown.
BINGHAM FARMS, MI-Malan Realty Investors, Inc. now owns 20 properties totaling 1.3 million sf, and continues to shed assets after the $5.9-million sale. It also redeemed $7.1 million of convertible subordinated debentures.
ROMULUS, MI-In addition to 44 airport terminals of various sizes San Francisco-based Gensler Architecture, Design & Planning Worldwide is working with Pontiac city officials on the redevelopment of the Silverdome.
TROY, MI-Kmart says it will sell as many as 24 stores to Home Depot in a transaction worth up to $365 million. The retail giant already has shed 600 stores while in bankruptcy.
PLYMOUTH, MI-The old BB gun factory in Downtown is transformed into lofts and townhomes by Joseph Freed Homes. The developer's Daisy Square preserves the original facade of the Windmill Building.
DETROIT-Despite modest sales volume this year, Marcus & Millichap ranks the Detroit market at No. 36, the same position as last year, getting low scores for rent, employment and household growth.
DETROIT-The Detroit DDA will spend $350,000 to gain clear title to a vacant Downtown building it hopes to see renovated. A private investor in the building at the corner of Lafayette and Shelby is being bought out.