REBusinessOnline

Granger Construction Breaks Ground on $70M Justice Complex in Mason, Michigan

MASON, MICH. — Granger Construction has broken ground on a new $70 million justice complex in Mason, about 15 miles south of Lansing. BKV Group designed the 169,472-square-foot project, which will be situated at the intersection of Buhl and Cedar streets. Plans call for a new Ingham County sheriff’s office, correctional facility and district court facilities. The project is being built adjacent to the existing justice complex, which will remain in operation throughout construction. …

Lutz Real Estate, Northern Equities Complete $70M Conversion of Detroit’s Albert Kahn Building into Apartments

DETROIT — Lutz Real Estate Investments and Northern Equities Group have completed the $70 million conversion of The Albert Kahn Building in Detroit into a multifamily property named The Kahn Apartments. The 11-story, 320,000-square-foot office building was constructed by The Fisher Brothers and designed by famed architect Albert Kahn. It first opened its doors in 1931 and later became listed on the National Register of Historic Places. The building was home to Kahn’s architectural firm for …

Colliers Arranges Sale of Two Industrial Buildings in Detroit

DETROIT — Colliers International has arranged the sale of two industrial buildings in Detroit for an undisclosed price. The first property at 13901 Joy Road spans 456,156 square feet. The second building at 8211 Decatur Road totals 113,332 square feet. Peter E. Kepic and Peter J. Kepic of Colliers represented the buyer, Schostak Brothers & Co. Inc., as well as the seller, Joy Road Holdings LLC. Schostak has retained the duo to market the buildings for lease. Schostak says the purchase …

Bernard Financial Group Arranges $10M Loan for Refinancing of Michigan Multifamily Property

BROWNSTOWN, MICH. — Bernard Financial Group has arranged a $10 million loan for the refinancing of a 394-unit multifamily property in Brownstown Charter Township, about 20 miles southwest of Detroit. Dennis Bernard and Joshua Bernard of Bernard Financial arranged the loan on behalf of the borrower, Hamptons of Brownstown LP. Securian Life Insurance Co. provided the loan, terms of which were

Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed.Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live …

Stan Johnson Co. Brokers $7.6M Sale of Manufacturing Facility in Suburban Detroit

FRASER, MICH. — Stan Johnson Co. has brokered the sale of a 186,443-square-foot manufacturing facility in the northeast Detroit suburb of Fraser for $7.6 million. AAM Metal Forming, an automotive supplier, fully leases the facility, which is located at 18450 15 Mile Road in Macomb County. Situated on 14 acres, the property was renovated in 2020. At the time of sale, there were 15 years remaining on the primary lease term. Asher Wenig of Stan Johnson represented the seller, ACW Fraser American …

City Club Apartments Completes 18-Story Redevelopment Project in Detroit

DETROIT — City Club Apartments LLC has opened City Club Apartments Lafayette Park, an 18-story redevelopment project in Detroit. Formerly named Elmwood Park Plaza, the apartment property was built in the early 1970s and included a Detroit Public Library branch. The library remains a tenant today. The original building was developed by the father and uncle of current City Club Apartments CEO Jonathan Holtzman. Located at 750 Chene St. in the newly renamed Rivertown District, the property …

Dwight Capital Provides $34.5M HUD-Insured Loan for Refinancing of Townhome Property in Novi, Michigan

NOVI, MICH. — Dwight Capital has provided a $34.5 million HUD 223(f) loan for the refinancing of Central Park Estates, a 254-unit townhome-style apartment property in Novi. Built between 2001 and 2003, the property consists of 43 buildings. Amenities include a clubhouse, basketball court, community room, fitness center, playground and tennis court. Josh Hoffman and Kevin Lifshitz of Dwight Capital originated the loan, which qualified for a Green Mortgage Insurance Premium reduction set at 25 …

Cohn Commercial Properties Brokers Sale of Former Kroger Store in St. Clair Shores, Michigan

ST. CLAIR SHORES, MICH. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.

Cohn Commercial Properties Brokers Sale of Former Target Store in Monroe, Michigan

MONROE, MICH. — Cohn Commercial Properties has brokered the sale of a former Target store spanning 96,000 square feet in Monroe, about 40 miles southwest of Detroit. The building is located at 2121 N. Monroe St. The sales price and seller were undisclosed. Harry Cohn of Cohn Commercial represented the buyer, Richmond Main LLC, which will occupy the building for its auto parts

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