NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.
FRASER, MICH. — Colliers International has arranged the sale of an 11,840-square-foot industrial building in Fraser. The property is located on 15 Mile Road. Jack Williams of Colliers International represented the seller, a private trust. The buyer, Royal Oak Ford, intends to use the property as a warehouse to support its main operations.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 10 retail properties for $17.5 million. Located in seven states, the properties are net leased to five different tenants operating in three retail sectors. The transactions were completed at a weighted-average cap rate of 8.3 percent and have a weighted-average remaining lease term of 17.8 years. The recently closed transactions include sale-leaseback transactions involving multiple Taco Bell and Wendy’s locations, as well the acquisition of a Jiffy Lube service center, a KFC restaurant and a Dollar General store. Bloomfield, Mich.-based Agree Realty currently owns and operates a portfolio of 233 properties located in 39 states and containing 4.7 million square feet of gross leasable space.
DETROIT — Olympia Development of Michigan plans to renovate and restore Detroit’s historic Eddystone Hotel into affordable housing units. The Eddystone is located at 110 Sproat St. at Park Avenue. The hotel opened in 1924 and Louis Kamper designed the building. Under plans to be submitted to the City of Detroit Historic District Commission, Olympia will completely renovate the property. Approximately 20 percent of the Eddystone’s roughly 100 units would be reserved as affordable housing. The Eddystone will also feature first-floor retail space. Work on the Eddystone Hotel could begin as early as fall of 2015. The project is near the site of the new Detroit Events Center, a mixed-used development and arena for the Detroit Red Wings hockey team. The new event center is slated for completion in 2017.
MUSKEGON, MICH. — Signature Associates, an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the lease of 204,012 square feet of industrial space in Muskegon. The property is located at 1450 E. Laketon Ave. Bryan Bench of Cushman & Wakefield | Signature Associates represented the tenant, Intracity Dispatch Inc.
GRAND RAPIDS, MICH. — Cohen Financial has arranged $10.3 million in loans through Pillar’s lending program for the acquisition of two Grand Rapids multifamily properties. Cathy Bronkema of Cohen Financial secured an $8.2 million HUD 223(f) loan for the acquisition of Richmond Hills Apartments, a 222-unit property. Bronkema also secured a $2.16 million Fannie Mae loan for the acquisition of Eagle Nest Apartments, a 48-unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.
WIXOM, MICH. — Newmark Grubb Knight Frank (NGKF) has arranged the lease of a 117,709-square-foot manufacturing facility in Wixom. ATW Automation Inc. is relocating its Michigan manufacturing facility from 12841 Stark Road in Livonia, Mich., to this facility located at 31077 Durr Drive. The Ontario-based company designs and builds factory automation solutions. Anthony Avendt, Rob Renaud and Cam Graham of NGKF represented ATW in the lease. The building is situated on more than 12 acres and includes 27,800-square-feet of office and administrative space. ATW will take occupancy of the new facility immediately and is currently working with the city of Wixom to rename the street in honor of its long-term commitment to the community and its clients.
CLINTON TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 32,280-square-foot industrial building located at 19000 Fifteen Mile Road in Clinton Township. Pneumatic Feed Service purchased the property for an undisclosed sales price. Pneumatic Feed Service is a manufacturer of coil handling and press feed equipment. Jason Capitani and Joe DePonio of L. Mason Capitani represented the buyer in the transaction.
SOUTHFIELD, MICH. — Fourmidable Real Estate Services, a Bingham Farms-based national Commercial and Residential Real Estate Brokerage division, has brokered sale of Solaire Active Adult Community in Southfield for $20 million. Solaire, which was built in 1970, features 382 one-, two- and three-bedroom apartment units. The community is for the 55-year-old-plus senior population. Solaire is located less than a mile from Southfield’s Providence Hospital and Medical Center. Fourmidable will provide complete management services to the residents of Solaire.
HOWELL TOWNSHIP, MICH. — Capital One Multifamily Finance has provided a $9.5 million Freddie Mac fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-space Class A manufactured home community (MHC) in Howell Township near Detroit. Damon Reed of Capital One Multifamily originated the transaction. The 10-year, fixed-rate loan has one year of interest-only payments and a 30-year amortization schedule. Proceeds from the loan will be used to retire higher-rate debt and to return cash to the partnership in order to acquire additional homes and enhance amenities for residents. Burkhart Ridge was developed in three phases between 1999 and 2005. All sites can accommodate a doublewide home, attached garage and parking area. Amenities at the community include a clubhouse, pool, fitness center and facilities for volleyball, basketball, soccer and hockey.