TROY, MICH. — Farbman Group has unveiled plans to renovate Sheffield Office Park, a three-building, 500,000-square-foot office complex in Troy. The property is located at 3290 W. Big Beaver Road. Renovations will be made to the 3310 building, including an updated lobby space and deli as well as new interior finishings. The exteriors to all three buildings will be refaced and repainted different colors. Renovations were previously made to the 3250 and 3290 buildings.
AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at..
DETROIT — Bedrock, Dan Gilbert’s Detroit-based commercial real estate development and investment firm, has unveiled a package of four developments totaling $2.1 billion in new investment that will add to Detroit's skyline. Totaling 3.2 million square feet, Bedrock expects to create both construction and permanent jobs totaling up to 24,000. "Detroit is going vertical," says Gilbert, who also founded Quicken Loans Inc. and owns the Cleveland Cavaliers of the National Basketball..
ANN ARBOR, MICH. — Real estate developer and alumnus Stephen Ross has donated an additional $50 million to the University of Michigan, bringing his total lifetime giving to the academic institution to $378 million. The majority of the gift will support career development programs for students, learning experiences such as student-run investment funds and new business ventures as well as resources for attracting and developing junior faculty. The rest will go toward completing and maintaining..
LIVONIA, MICH. — MSC Industrial Supply Co. has signed a 14,334-square-foot industrial lease in Livonia, a western suburb of Detroit. The warehouse property is located at 37007 Industrial Road. The building will serve as MSC’s vending machine division beginning in November. Gary Glotzhober of Colliers International represented the tenant in the lease transaction. MSC currently operates five locations in Michigan.
ANN ARBOR, MICH. — The Boulder Group has negotiated the sale of a retail property net leased to ATI Physical Therapy in Ann Arbor for $2.4 million. The 8,200-square-foot, single-tenant property is located at 4765 Jackson Road near the University of Michigan. ATI has over 11 years remaining on its lease, which expires in January 2029. The building recently underwent a complete renovation. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private..
CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham,..
Bernard Financial Arranges $42M Refinancing Loan for Industrial Facility in Delta Township, Michigan
DELTA TOWNSHIP, MICH. — Bernard Financial Group has arranged a $42 million loan for the refinancing of a 1.7 million-square-foot industrial facility in Delta Township, located just west of Lansing. Multiple tenants occupy the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan. Barings Real Estate Advisors provided the loan for the borrower, Ashley Delta LLC.
MARQUETTE, MICH. — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018. The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an..
FARMINGTON HILLS, MICH. — ElmTree Funds has acquired a 116,824-square-foot office property in Farmington Hills. Upon acquisition, ElmTree oversaw a $7 million renovation at the property, which is occupied by Sumitomo Electric Wiring Systems Inc. As part of the same sales transaction, ElmTree acquired eight other buildings in various states totaling 312,974 square feet for $74.1 million. Each property is 100 percent leased. Other properties acquired in the Midwest include a 16,668-square-foot..