Detroit

VICI is acquiring a market-leading property, and leasing it out at an effective 7.9% cap rate to Penn National Gaming.

Greystone leveraged Fannie Mae's Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.

As space availability in top tech submarkets continues to tighten, expect large tech companies to continue expanding outside their headquarters markets.

This was Detroit's 30th consecutive quarter of positive absorption and the vacancy rate stayed below two percent, at 1.93%, for the third consecutive quarter.

The deal, inclusive of assumed debt, calculated out to an initial cap rate of 7.5% and an average GAAP cap rate of 8% and brings the company's portfolio in the Detroit area to a total approaching 1 million square feet.

Last mile/in-fill development product are now the most highly-sought after opportunities.

Developers in the Detroit region seem more confident, and recently launched five new projects.

After several years of redeveloping older, underutilized buildings, new construction has begun.