COLUMBUS, OH-Two malls in Ohio and Kentucky are used as collateral for mortgages, releasing 10 community centers from a $33.4-million bridge loan. The REIT also replaces the old debt with lower interest rates.
DETROIT-Dorian Harvey wants to buy city land for more than $5 million to create 650,000 sf of shops, entertainment, office and living areas to celebrate African history. The development will be the first of its kind.
DETROIT-Three projects worth $65 million are coming to the area, the Detroit Chamber of Commerce reports. The largest is Recticel's 260,000-sf, $36-million facility in Independence Township, MI.
LANSING.MI-More parking already was needed for an existing office tower, so Boji Group LLC. is building a nine-story structure in addition to its new 300,000-sf office complex, which includes 18,000 sf of retail space.
BINGHAM FARMS, MI-Malan Realty Investors, Inc. says it will sell off property, stop buying and has settled a lawsuit with Grand Sakwa Properties of Farmington Hills, MI to begin raising needed funds.
LANSING, MI-A magazine says the state has the best track record for attracting new office and industrial projects, beating out California and New York, in its annual study of where businesses are expanding operations.
ANN ARBOR, MI-This college town is a hot market, says a developer who's pushing through plans for four mixed-use developments, priced at about $40 million, in the popular Downtown area.
SCIO TOWNSHIP, MI-The company making high-tech electronic paper may spend $29 million over three years to lease and equip a large facility with the assistance of tax abatements and other incentives worth more than $9 million.
SOUTHFIELD, MI-A multifamily property here sells for almost $17 million - nearly $100,000 per unit -- to a condominium developer. Meanwhile, 22 units in Lansing, MI trade for $500,000.
DEARBORN, MI-Older buildings need updating, infrastructure must be replaced and beds should be switched around to provide better care for the area, the hospital group says.