REBusinessOnline

Ford Unveils Plans for Detroit Train Station Transformation at Public Event

DETROIT — Employees of Ford Motor Co., city and state officials and Corktown residents gathered on Tuesday at Michigan Central Station for a celebration during which the auto giant officially announced its plan to breathe new life into the former train depot. Ford plans to transform the long-vacant property into a new Corktown campus for work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, …

RED Capital Provides $18.1M Refinancing for Apartment Community in Macomb Township, Michigan

MACOMB TOWNSHIP, MICH. — RED Mortgage Capital has provided an $18.1 million Fannie Mae loan for the refinancing of Redwood Neighborhood in Macomb Township, about 30 miles north of Detroit. The apartment community features 132 units, all of which are single-story and include two bedrooms and an attached garage. Fannie Mae’s Green Building Certification Program was used for the financing. The borrower, Redwood Living Inc., currently manages over 10,000 units across the Midwest and the …

Colliers Brokers Sale of 15,067 SF Building Formerly Occupied by Seafood Store in Suburban Detroit

ROYAL OAK, MICH. — Colliers International has brokered the sale of a 15,067-square-foot retail building in Royal Oak, a northern suburb of Detroit. Previously owned by the family-run Superior Fish Co., the specialty seafood store was the source of octopus for Detroit Red Wings fans for over seven decades before closing on June 16. The company plans to host a garage sale where fans can purchase signage, memorabilia and frozen foods. Peter E. Kepic and Peter J. Kepic of Colliers represented …

Ford Acquires Former Train Station in Detroit, Plans Revitalization

DETROIT — Ford Motor Co. has acquired Michigan Central Station and the adjacent book depository building in Detroit, according to local media reports. The purchase price was not disclosed. The 18-story building opened in late December of 1913 as a passenger rail depot. Ford will revitalize the long-vacant property into the hub of a Corktown campus focused on advanced automotive technology. The property, which had become synonymous with urban blight, will give the automaker a hub near downtown …

Arbor Provides $10.6M Bridge Loan for Multifamily Property in Roseville, Michigan

ROSEVILLE, MICH. — Arbor Realty Trust Inc. has provided a $10.6 million bridge loan for a multifamily property in Roseville, about 20 miles northeast of Detroit. The 266-unit property is comprised of two adjoining apartment communities built between 1965 and 1972. Amenities include laundry facilities, on-site management, a playground and swimming pool. Ari Short of Arbor originated the three-year loan. The borrower was not

NKF Negotiates Sale of 22,000 SF Industrial Warehouse in Troy, Michigan

TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take …

HED to Serve as Architect, Engineer for New Hospital to Be Built in Lansing, Michigan

LANSING, MICH. — Harley Ellis Devereaux (HED) has been selected to serve as the executive architect and engineer for a new hospital for McLaren Greater Lansing. The 500,000-square-foot, 240-bed medical center will be built adjacent to Michigan State University on a 39-acre site. The project is expected to move from the design phase into construction by the end of this year with a 2021 opening. McLaren is investing $450 million to consolidate its two current Lansing hospital facilities at the …

Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe …

Bernard Arranges $14.5M Refinancing for Multifamily Property in Oak Park, Michigan

OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the

Griffin-American Healthcare Acquires Medical Office Building in Suburban Detroit for $16.2M

SOUTHFIELD, MICH. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired an 85,000-square-foot medical office building in Southfield, a northern suburb of Detroit. The purchase price was $16.2 million. The property was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group and Beaumont Health System. Rich Deptula and Todd Hawley of Friedman …