WESTBURY, N.Y. AND TROY, MICH. — New York Community Bancorp Inc. (NYSE: NYCB) and Flagstar Bancorp Inc. (NYSE: FBC) have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger valued at $2.6 billion. The new company will have more than $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28-state footprint. The main headquarters will be located on Long Island, N.Y., with regional headquarters in Troy, Mich., including Flagstar’s mortgage operations. The combined company will maintain the Flagstar Bank brand in the Midwest. The transaction is expected to close by the end of 2021. Based in Westbury, N.Y., New York Community Bancorp is a multifamily lender in New York City and is the parent company of New York Community Bank. As of March 31, the company reported assets of $57.7 billion and loans of $43.1 billion. It operates 236 branches through eight local divisions. The company’s stock price closed at $12.54 per share Monday, April 26, up from $10.16 per share one year ago. Flagstar Bancorp is a $29.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank …
NORTON SHORES, MICH. — Marcus & Millichap has arranged the $4.2 million sale of Bel Air Estates in the western Michigan town of Norton Shores. The 116-site manufactured home community is located at 2481 W. Sherman Blvd., one mile from Muskegon Beach. Glenn Esterson and Vasili Arvanitidis of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Dylan Hellberg, Glenn Esterson and Parker Kelly of Marcus & Millichap secured and represented the buyer, a limited liability company.
SOUTHFIELD, MICH. — Quint Group, a private real estate investment firm headquartered in Quebec, Canada, has purchased Mars Corporate Center in Southfield. The purchase price was undisclosed. The 185,788-square-foot office building is currently 64 percent occupied by eight tenants, including Mars Advertising and IBI Group. Built in 1974, the property features a café and a five-story atrium. Friedman Real Estate represented the undisclosed seller and will represent the new ownership group in the management and leasing of the property. Quint has purchased or developed more than 10 million square feet of retail, industrial and office properties across Canada and the United States.
HOWELL, MICH. — Gerdom Realty & Investment has negotiated the sale of Bankers Square in Howell, about 55 miles northwest of Detroit, for an undisclosed price. The 10,772-square-foot office building is situated on the northeast corner of Michigan Avenue and Clinton Street. Howell Orthodontics and KNE Realty will occupy a portion of the property. Additional space remains available for lease. Bill McLeod of Gerdom represented the undisclosed buyer.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors has arranged the sale of a 9,744-square-foot office building in Southfield for an undisclosed price. Located at 17251 W. Twelve Mile Road, the property will become the new home of Grand and Grand PLLC, a law firm engaged in debt collection and landlord/tenant representation. Eric Banks of Dominion represented the buyer, Carpco Development LLC. Kevin Jappaya of KJ Commercial represented the seller, SS&A Property Management LLC.
LEXINGTON, MICH. — In a sale-leaseback transaction, MAG Capital Partners LLC has purchased a 196,000-square-foot industrial manufacturing facility in Lexington, part of Michigan’s Thumb region. The purchase price was undisclosed. Situated on 27.5 acres along Lake Huron and located approximately 80 miles northeast of Detroit, the facility provides direct access to Route 25. Built in 1960 and fully renovated in 2017, the property features nine dock doors, 10 drive-in doors and ceiling heights ranging from 18 to 26 feet. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Newmark’s JC Ascensio, Tyrell McGee, Andrew Sandquist and Briggs Goldberg represented the seller, an undisclosed manufacturing company. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.
BLOOMFIELD HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Stoneridge II, an office building located at 40950 Woodward Ave. in Bloomfield Hills. The sales price and seller were undisclosed. The 110,000-square-foot property was recently renovated and was fully leased at the time of sale. Mason L. Capitani of the brokerage firm represented the buyer, LREH Michigan LLC.
TROY, MICH. — Turbo Mortgage Funding 2 LLC has signed a 2,800-square-foot office lease at North Troy Corporate Park in Troy. Jordan Friedman of Friedman Real Estate represented the tenant in the lease transaction. Robert Gagniuk and Marc Hames of Friedman represented the undisclosed landlord. Turbo Mortgage Funding is a Farmington Hills, Mich.-based mortgage broker.
MINNEAPOLIS — Minneapolis-based Fabcon Precast, a provider of structural precast wall panels, has acquired Kerkstra Precast for an undisclosed price. Kerkstra is a producer of high-quality precast and prestressed concrete products in Michigan. From its two manufacturing facilities in Grand Rapids and Detroit, Kerkstra serves the industrial, commercial, residential and infrastructure markets across the Midwest. Its comprehensive product offering includes structural and architectural wall panels, hollowcore planks, beams, columns, double tees, stairs and other specialty products. With the addition of Kerkstra, Fabcon will offer an expanded portfolio of products and operate out of seven total manufacturing locations throughout Minnesota, Michigan, Kansas, Ohio, Pennsylvania and New York. Fabcon provides end-to-end integrated capabilities, from engineering and design to production, project management and construction.
ROMULUS, MICH. — Meridian Design Build is nearing completion of two speculative industrial buildings at Ecorse Commons Industrial Park in Romulus. NorthPoint Development is the developer. The scope of the projects involved the redevelopment of a 69.5-acre parcel that was previously home to a General Motors engine test facility. Building 1 spans 409,158 square feet with a clear height of 36 feet, four drive-in doors, 213 auto parking spaces and 107 trailer parking stalls. Building 2 spans 245,390 square with a clear height of 32 feet, 195 auto parking spaces and 68 trailer parking stalls. Eugene Agnone III and Lauren Scarpace of CBRE marketed the buildings, which have been fully leased. Studio North Architecture and Hennessey Engineers made up the project team.