ANN ARBOR, MICH. — Signature Associates has arranged the sale of four office buildings in Ann Arbor Commerce Park. The sales price was not disclosed. The buildings total 115,104 square feet and are located at 4220 Varsity Drive, 1050 Highland Drive, 1665 Highland Drive and 1777 Highland Drive. M.V. Ventures LLC purchased the buildings and now owns six buildings within the park. Jay Chavey and Bruce Morrison of Signature Associates represented the seller, CSFB 2005-C6 Highland Industrial LLC.
FLINT, MICH. — Mid-America Real Estate Corp. has brokered the sale of Oak Brook Square in Flint for $14.2 million. The 152,073-square-foot center is located near Linden and Miller roads, across from Genesse Valley Mall. Hobby Lobby and TJ Maxx anchor the center. Other tenants include Dollar Tree, Shoe Carnival, Buffalo Wild Wings, Plato’s Closet and Sally Beauty Supply. Atlanta-based RCG Ventures purchased the center. Ben Wineman and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, Ramco-Gershenson Properties Trust.
DETROIT — The Griswold, a $24 million apartment community, has opened in Detroit. The apartments, which sit atop a 10-story parking garage and retail structure, occupy floors 11 through 15 and consist of 80 one-, two- and three-bedroom units. The apartment homes feature open floor plans with nine-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances and concrete floors. Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500. The community is located at 1117 Griswold St. The Griswold is Detroit’s first new residential downtown construction project in 25 years, according to Fourmidable, which is managing the property. Roxbury Group was the developer, Walbridge was the construction manager and Kraemer Design Group served as the architect.
FERNDALE, MICH. — Detroit City Skateboards has signed a 1,000-square-foot retail lease in Ferndale in the northern Detroit metro area. The local skateboard shop, which sells skate accessories and apparel, will be located off of 9 Mile Road. Ben Hubert of Colliers International arranged the lease transaction. Hubert also recently leased the space next door to Maestros Dog Haus on behalf of the landlord.
DETROIT — The Detroit Lions have unveiled plans for the Ford Family to invest approximately $100 million into Ford Field for new video boards and several other renovations to be completed in time for the 2017 season. Upgrades will be made to the sound system, The Corner Lounge, stadium suites and premium club areas. In each end zone, the Daktronics main video displays will be more than twice the size of the current displays and measure 39.5 feet high by 152 feet wide. Four additional displays, measuring 13 feet high by 59 feet wide, can be used individually or coordinated with the main displays for one continuous 270-foot presentation to show live video, instant replays, statistics, graphics, animations and sponsorship messages. In the coming months, Meyer Sound will install the full LEO Family Linear Sound Reinforcement System to replace the original stadium sound system in its entirety. It will feature 182 separate loudspeakers. In addition, the Lions consulted with Rossetti, the original architectural firm for Ford Field, to identify opportunities to renovate areas of the stadium to enhance and modernize the guest experience as well as better utilize the existing space. A total of 210,000 square feet of suites, lounge …
TROY, MICH. — Bernard Financial Group has arranged a $21.1 million loan for the refinancing of an office property in Troy, a northern suburb of Detroit. The multi-tenant complex consists of 149,976 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Liberty Investments LLC. A CMBS firm provided the loan.
FARMINGTON HILLS, MICH. — GHD Services has signed a 24,480-square-foot office lease in Farmington Hills, west of Southfield. The company provides engineering, architecture, environmental and construction services for the water, energy, environment, property and transportation sectors. GHD will be located at 26850 Haggerty Road. John Fricke and Greg Hudas of Signature Associates represented the landlord, Michigan Five Office LLC, in the lease transaction. CBRE represented the tenant.
GRAND RAPIDS, MICH. — PREIT has unveiled plans to replace the Sears set to close in Woodland Mall with a 90,000-square-foot Von Maur store. This will be the first location for Von Maur in the Grand Rapids area. The portion of the mall to be redeveloped, consisting of Von Maur and additional retail and restaurant space, will open in 2019. Sears currently occupies 313,000 square feet and will close in March. Other tenants at the mall include Apple, Lush, North Face and Pottery Barn. Woodland Mall’s proximity to the high-income communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand.
MUSKEGON, MICH. — Signature Associates has arranged the sale of a 39,598-square-foot office building in Muskegon in western Michigan. The sales price was not disclosed. The property is located at 2389 Laketon Ave. Camcar Plastics, a full-service plastic injection molding company, purchased the building. Jim Olsen of Signature Associates represented the seller, Orchard View Public Schools.
DETROIT — Metro Detroiters are mourning the loss of a legend in the world of business and sports. Mike Ilitch, founder of Little Caesars Pizza, owner of the Detroit Tigers and Detroit Red Wings and chairman of Ilitch Holdings, died Friday, Feb. 10 at a local hospital. He was 87. Ilitch was not only known for his outstanding business acumen, but also his passion for all things Detroit. Thanks to a $40 million gift from he and his wife Marian, Wayne State University broke ground in July 2016 on the Mike Ilitch School of Business, a new academic building on the public university’s Detroit campus. It was the largest gift in the school’s history. “There is an initial desire to say that Mike Illitch’s greatest accomplishment has to surround real estate. He was a brilliant investor and ahead of his time in terms of his holdings. His greatest contribution to the City was his steadfast devotion to it. He invested when it seemed very few still did and his actions and that of his family and organization have served as a beacon of hope for the city. He worked tirelessly showing the world that Detroit belonged among the elite as a world-class city. The legacy …