Alliant Provides $16M Loan for Refinancing of Industrial Building in Sterling Heights, Michigan

STERLING HEIGHTS, MICH. — Alliant Credit Union has provided a five-year, $16 million loan for the refinancing of a 370,656-square-foot industrial building in Sterling Heights, about 20 miles north of downtown Detroit. The property includes 47,856 square feet of office space. The borrower was a private investor group that closed an original loan with Alliant in December

May 23, 2022Alliant Credit Union, Industrial, Loans, Michigan, Midwest

Developer Mark Bennett Breaks Ground on $150M Residential Project in Detroit’s Lafayette Park

DETROIT — Detroit developer Mark Bennett has broken ground on Lafayette West, a $150 million apartment and condominium project in Detroit’s historic Lafayette Park neighborhood. The 318-unit development will offer floor plans ranging in size from 436 to 1,223 square feet. Amenities will include a fitness center, pool, clubroom, coworking space and electric vehicle charging stations. Twenty percent of the 230 apartment units will be reserved as affordable housing. The starting price for the …

May 19, 2022Development, Michigan, Midwest, Multifamily

Nonprofit World Renew Opens New Headquarters in West Michigan

BYRON CENTER, MICH. — Nonprofit World Renew has opened a new headquarters at 8970 Byron Commerce Drive in Byron Center, about 13 miles south of Grand Rapids. World Renew works to end global poverty through food security, economic livelihoods, peace building and health. The organization also repairs homes after natural disasters and provides shelter, food and water to those who have lost their homes. The new headquarters is situated within a 31,000-square-foot building constructed by Pinnacle …

May 17, 2022Leasing Activity, Michigan, Midwest, Office

Bedrock Reveals New Renderings for Hudson’s Site Project in Detroit

DETROIT — Detroit-based developer Bedrock has revealed new renderings for its development on the site of the former Hudson’s department store in downtown Detroit. The renderings showcase the office, retail, event spaces, public rooftop amenities and public plaza spaces of the 1.5 million-square-foot mixed-use project. The second and third floors of the office portion have been designed to incorporate a 126,000-square-foot events and meeting venue. Overall, the development will include more …

May 13, 2022Development, Michigan, Midwest, Mixed-Use

Mno-Bmadsen Acquires Ownership Stake in Michigan’s City Center Lofts

BENTON HARBOR, MICH. — Mno-Bmadsen, the independent, non-gaming investment entity of the Pokagon Band of Potawatomi Indians, has acquired a 50 percent stake in City Center Lofts in downtown Benton Harbor, a city in Southwest Michigan. Cressy Commercial Real Estate sold the stake for an undisclosed price and will retain a 50 percent stake in the property.Originally constructed in the 1880s, City Center Lofts sits on the corner of Main and Pipestone streets. The two-story, …

May 12, 2022Acquisitions, Michigan, Midwest, Multifamily

Dominion Brokers Sale of 14,500 SF Industrial Building in Michigan

NEW BALTIMORE, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,500-square-foot industrial building in New Baltimore, about 37 miles northeast of Detroit. The sales price was undisclosed. The property, located at 51528 Industrial Drive, previously served as the corporate home of Flood and Fire Solutions Inc. Andrew Boncore of Dominion represented the seller, 2CM Investments LLC. Mathew Cole of L. Mason Capitani CORFAC International represented the buyer, Jennifer Bethany …

May 9, 2022Acquisitions, Industrial, Michigan, Midwest

Berkadia Arranges $38.4M Sale of Apartment Community in Auburn Hills, Michigan

AUBURN HILLS, MICH. — Berkadia has arranged the sale of Bloomfield Square in Auburn Hills for $38.4 million. The 259-unit, garden-style apartment community is located at 3161 Bloomfield Lane. Amenities include a pool, fitness center and pet park. Kevin Dillon, Jason Krug, Corey Krug, Rick Brace and Charley Henneghan of Berkadia Detroit represented the seller, Michigan-based Bloomfield Square Acquisition Partners LLC. New York-based Halt Management was the buyer. The sales price represented a …

April 28, 2022Acquisitions, Michigan, Midwest, Multifamily

Three New Retail Tenants Sign Leases at Green Oak Village Place in Brighton, Michigan

BRIGHTON, MICH. — Three new retail tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all slated to open this summer.Athleta will occupy 4,400 square feet. Part of the Gap Inc. portfolio, Athleta is an athletic retailer that sells women’s apparel and operates more than 220 stores across the United States and Canada.F45 will occupy 2,838 square feet. The “F” stands for …

April 26, 2022Leasing Activity, Michigan, Midwest, Retail

Colliers Arranges Sale of 60,362 SF Office Building in Ann Arbor, Michigan

ANN ARBOR, MICH. — Colliers Detroit has arranged the sale of a 60,362-square-foot office building located at 5220 S. State St. in Ann Arbor. The sales price was undisclosed. Jim Chaconas and Joey Gatliff of Colliers represented the seller. The buyer, New Eagle LLC, provides specialized engineering services focusing on mechatronic control

April 26, 2022Acquisitions, Michigan, Midwest, Office

Bernard Financial Group Arranges $6.5M in Permanent Financing for Michigan Office Building

BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged $6.5 million in permanent financing for a 23,500-square-foot, Class A office building in Birmingham, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Chester Street Partners LLC. American United Life Insurance Co. provided the loan, the terms of which were

April 25, 2022Loans, Michigan, Midwest, Office