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PNC Chief Economist Gus Faucher: Retail Sales Partially Recover in February;

Michigan Business Network
March 14, 2024 2:00 PM

Big Increase in PPI

  • Retail sales rose 0.6% in February, making up about one-half of January’s decline; January sales were revised lower.
  • Sales excluding food and energy rose a solid 0.3%.
  • Consumer spending will continue to increase throughout 2024, although at a slower pace than last year.
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PNC Senior Economic Advisor Stuart Hoffman: Initial Jobless Claims Fell by 1K in Mid-March;

Michigan Business Network
March 14, 2024 12:00 PM

Continuing Claims Rose by 17K in Early March

  • Initial claims for unemployment insurance edged down by 1,000 to 209,000 in the week ending March 9. The four-week moving average also declined by 1,000 to 208,000.
  • Continuing claims rose by 17,000 to 1.811 million in the week ending March 2 and the four-week moving average rose by 2,000 to 1.799 million.
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Carolee Kvoriak Elected Chair of Citizens Research Council Board of Directors

Michigan Business Network
March 13, 2024 3:00 PM

Livonia, MI – The 108-year-old Citizens Research Council of Michigan is pleased to announce the election of Carolee Kvoriak as Chair of the Board of Directors at the March 13 board meeting. Ms. Kvoriak was elected to fill the balance of the term after Chase Cantrell resigned to become a candidate for the Mayor of Detroit.

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Douglas Capital Partners Expand to Ohio with $25 Million Acquisition

Michigan Business Network
March 13, 2024 10:00 AM

DOUGLAS CAPITAL PARTNERS EXPANDS PORTFOLIO ACQUIRING THREE COLUMBUS AREA PROPERTIES

$25.0 million acquisitions mark first investments outside of Michigan 

SOUTHFIELD MI, March 12, 2024 – Michigan based, Douglas Capital Partners, a value-add real estate investment firm founded in 2014, announces the acquisition of three Columbus area properties from American National Insurance Company and Brookfield. The $25.0 million portfolio is collectively 385,000 square feet, and is comprised of SouthPark XX, a Class A industrial property located at 3555 Gantz Rd in Grove City, and two high quality office buildings located in Dublin; the Emeral Professional Building at 5747 Perimeter Drive and Upper Metro Place located at 5200 Upper Metro Place South. 

The properties acquired are strategically located in key neighborhoods within the Columbus metropolitan area. This calculated move underscores Douglas Capital Partners' commitment to identifying and investing in properties with strong growth potential and significant value. 

SouthPark XX is located in the bustling industrial hub of Grove City.  This property offers institutional quality industrial space in a highly desirable market that has limited opportunities for new development. Boasting modern attributes and a strategic location, SouthPark XX provides a cornerstone for businesses seeking to optimize their operations and maximize efficiency. 

Upper Metro Place is nestled in the heart of the vibrant Metro Center business district of Dublin and sets the standard for sophisticated workspace solutions. With its contemporary design and premium location, it provides an ideal environment for businesses to thrive and innovate as well as the benefit of being part of Dublin’s Metro Center Revitalization, which is planned to include a diverse, walkable mix of offices along with unique places to live, work and enjoy.  Positioned for success in one of Ohio's most prestigious commercial districts, this property offers unparalleled opportunities for growth and professional excellence. 

The Emerald Professional Building, is situated in the center of Dublin's corporate corridor.  This premium office building exemplifies sophistication and prestige in a distinguished setting for businesses to elevate their operations and establish a commanding presence in the market.  

"We are thrilled to announce the expansion of our portfolio with the acquisition of these three exceptional properties in the Columbus area," said Glenn Pavey, Founder and Principal of Douglas Capital Partners. "These investments mark an exciting milestone for our firm as we extend our footprint beyond Michigan for the first time. We are confident that these acquisitions will not only enhance the value of our portfolio but also allow Douglas Capital Partners to contribute positively to the vibrant communities of Columbus."

"We see tremendous potential in the Columbus real estate market, and these acquisitions represent the beginning of our expansion efforts in the region," stated Ben Israel, Principal of Douglas Capital Partners. "We look forward to leveraging our expertise and resources to unlock value in these properties and deliver strong returns for our investors." 

With a proven track record of success and expertise in real estate investment and dedication to strategic and responsible investment practices, Douglas Capital Partners is well-positioned to maximize the value of these acquisitions and drive long-term growth. The firm expects this portfolio to kick off further investment throughout Columbus and is currently working on other opportunities.  A select few Michigan properties owned by the company include Stephenson Technology Park, Haggerty Manufacturing Center, Forum Flats (Summer 2024) and Southfield Crossing II. 

For more information about Douglas Capital Partners and its investment strategies, please visit www.douglascapital.com. 

IMAGES: Courtesy of Douglas Capital Partners

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About Douglas Capital Partners
Douglas Capital Partners is a premier real estate investment firm dedicated to identifying, acquiring, and improving commercial real estate assets. With a proven track record of success, Douglas Capital Partners specializes in strategic acquisitions, asset management, and value creation through innovative investment strategies. The firm's commitment to excellence, integrity, and responsible stewardship of capital ensures that investors achieve superior returns while contributing positively to the communities in which it operates. For more information, visit www.douglascapital.com.

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ICYMI: Clark Schaefer Hackett | Take Advantage of the QBI Deduction While You Can

Michigan Business Network
March 13, 2024 6:00 AM

QBI Deduction: Here Today and Gone Tomorrow?

The qualified business income (QBI) deduction is available for eligible individuals through 2025. After that it's scheduled to expire, unless Congress passes legislation to extend it. With 2024 underway, it's time to use-or-lose the lucrative write-off.

Read Brittany Lawrence's article to learn what you need to know to cash in on the QBI deduction.

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Clark Schaefer Hackett | Take Advantage of the QBI Deduction While You Can

Michigan Business Network
March 12, 2024 6:00 PM

QBI Deduction: Here Today and Gone Tomorrow?

The qualified business income (QBI) deduction is available for eligible individuals through 2025. After that it's scheduled to expire, unless Congress passes legislation to extend it. With 2024 underway, it's time to use-or-lose the lucrative write-off.

Read Brittany Lawrence's article to learn what you need to know to cash in on the QBI deduction.

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PNC Senior Economist Kurt Rankin: CPI Inflation Accelerated Further in February 2024,

Michigan Business Network
March 12, 2024 1:00 PM

Up 0.4% for the Month

  • Topline CPI grew at a 0.4% pace in February 2022 versus the month prior in seasonally adjusted terms.
  • Core CPI, less Food & Energy, also posted a 0.4% monthly gain in February 2024.
  • Energy prices spiked in February 2024, posting their first monthly gain since September 2023.
  • Services less Rent of Shelter continued its new year push with a second consecutive +0.6% monthly gain in February 2024.
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ICYMI: PNC Chief Economist Gus Faucher: Job Growth Runs Hot Again in February;

Michigan Business Network
March 11, 2024 1:00 PM

Small Increase in Wages Is Good News for Inflation

  • Job growth was 275,000 in February, above expectations, but there were large downward revisions to job growth in the previous two months.
  • The unemployment rate rose to 3.9%, with the labor force participation rate steady at 62.5%.
  • Average hourly earnings were up just 0.1% in February, and growth softened on a year-over-year basis; easing wage growth will help slow inflation.
  • The solid jobs report supports PNC’s forecast for a soft landing in the U.S. economy this year, with fed funds rate cuts in starting in the second quarter.
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ICYMI: Michigan Business Beat | Scott Hiipakka, Michigan Israel Business Accelerator, A Transformative Year

Michigan Business Beat
March 11, 2024 8:00 AM

Chris Holman welcomes back Scott Hiipakka, CEO, Michigan Israel Business Accelerator, Southfield, MI.

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Michigan Business Beat | Scott Hiipakka, Michigan Israel Business Accelerator, A Transformative Year

Michigan Business Beat
March 8, 2024 6:00 PM

Chris Holman welcomes back Scott Hiipakka, CEO, Michigan Israel Business Accelerator, Southfield, MI.

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