In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.
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Industrial Market on the Upswing in Grand Rapids
Western Michigan’s industrial market is experiencing improvement with declining vacancies and steady rental rate growth. Demand for warehouse space is up and more than 1.5 million square feet of space has already been delivered this year.
Of all the projects in the pipeline, a recent one includes a two-building industrial site recently approved by the Michigan Strategic Fund (MSF). The potential project, led by the DEG Development Company, is expected to generate $12.3 million in investment. Construction will take place at 1810 Turner Ave. and will include one 70,150-square-foot building and one 126,750-square-foot building.
Meijer to Anchor Detroit Mixed-Use Development
Construction will soon begin on a new Meijer grocery store, one of the anchors to Detroit’s $60 million East Jefferson development. The 42,300-square-foot grocery store will sit below a number of multifamily units on the second through fifth floors. The store will add nearly 70 permanent jobs to the area when it opens in 2019.
The Meijer development and apartment buildings are just two pieces of the East Jefferson project. A renovation and expansion are planned for the Stone Soap Building, among other projects.
Plans Unveiled for New $44M Multifamily Development in Ann Arbor
Ann Arbor will soon add another residential community in the near future. The $44 million apartment development will be constructed at 2050 Commerce Blvd. and will include a mix of studio, one- and two-bedroom apartments geared toward young working professionals.
Apartment amenities may include a rooftop terrace with skyline views, a health and fitness club, lounges and a business center.
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