DETROIT-New York-based F.W. Dodge reports commercial building in the state is down 22% from the previous year. The value of contracts in February was down just 1% t0 $296.3 million.
BIRMINGHAM, MI-The Dietz Organization of Birmingham brokers the sale of three apartment complexes outside Grand Rapids, MI and in the Lansing, MI area. The largest deal is the 240-unit Alpine Slopes I & II, sold for $8.3 million.
DETROIT-H&R Block signs a lease for 105,000 sf, with an option for two more floors. The deal also involves the sale of Downtown company-owned buildings at 751 Griswold and 141 W. Lafayette.
DETROIT-A planned $65-million facility with higher technology capabilities Downtown would replace a 75-year-old structure at Fort and Shelby streets, last refurbished in the 1950s.
DETROIT-A multi-year lease deal worth $7.3 million gives Tricona Polymers Inc. 50,000 sf at 2600 Opdyke Rd. in Auburn Hills to expand operations. Meanwhile, JH Bennett opts to buy a 32,000-sf build-to-suit in Novi for $2.2 million.
SOUTHFIELD, MI-Signature Associates-ONCOR International broker Joe Banyai negotiates five lease deals in Troy, Whitmore Lake and Auburn Hills totaling more than 225,000 sf. The largest is Woodbridge Foam Corp.'s five-year lease for 115,000 sf.
FARMINGTON HILLS, MI-Childtime and Tutor Time couldn't reach a deal together that would have made a conglomerate of more than 500 centers, officials say.
OKEMOS, MI-Michigan Equities officials promise to add value, market knowledge and mutual trust with real estate transactions. The company has a separate property management entity and already is involved in development projects.
YPSILANTI, MI-The city will use a $2.7-million grant to buy land for the mixed-use Water Street development, which will be built by Biltmore Properties. Acquisition of 34 acres, about one-third complete, is expected to cost $9.4 million.
DETROIT-The LacVieux Desert Band of Lake Superior Indians has sued the city over its choice of MGM Grand, Greektown and MotorCity to operate casinos there. However, a city official says the suit shouldn't scuttle a deal dropping a requirement to build permanent casinos along the riverfront.