REBusinessOnline

Law Firm Leases 13,285 SF at Office Park in Troy, Michigan

TROY, MICH. — Full-service law firm Garan Lucow Miller PC has leased 13,285 square feet at Timberlands IV, one of the three Class A office buildings within Timberlands Office Park in Troy. The building is situated at 1450 W. Long Lake Road. The law firm is relocating its Troy office after 25 years in its previous space at 1111 W. Long Lake Road. Bill Harvey, Chuck Howard and Neil Leising of Transwestern Commercial Services represented the landlord, FD Stonewater. Timberlands Office Park is …

Leasing Activity, Michigan, Midwest, Office

University of Michigan Student Center Reopens Following $85.2M Renovation

ANN ARBOR, MICH. — Michigan Union at the University of Michigan has reopened following an 18-month, $85.2 million renovation. The project included electrical, mechanical and plumbing system improvements; elevator replacements and upgrades; replacement of the roof and windows; and restroom upgrades. The building now features more social space, meeting options and a newly created IdeaHub. Project architects included Integrated Design Solutions, Workshop Architects and Hartman Cox Architects. …

Civic, Development, Michigan, Midwest

City Club Apartments Begins Redevelopment of 18-Story Multifamily Building in Detroit

DETROIT — City Club Apartments has broken ground on the redevelopment of the formerly named Elmwood Park Plaza, an 18-story apartment building in Detroit built in the early 1970s. Located at 750 Chene St. in the newly renamed Rivertown District, the redevelopment will comprise 202 apartment and penthouse units, 20 percent of which will be affordable for existing residents. The project will feature green space, a new HVAC system and new efficiency windows. Amenities will include a lobby …

Development, Michigan, Midwest, Multifamily

Marcus & Millichap Brokers $2.8M Sale of Net-Leased Childcare Property in Michigan

NEW HUDSON, MICH. — Marcus & Millichap has brokered the $2.8 million sale of a 9,451-square-foot property net leased to KinderCare in New Hudson, about 40 miles northwest of Detroit. The building is located at 30786 Lyon Center Drive. KinderCare has signed a new 15-year lease. Dominic Sulo and Chad Lieber of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Andrean Angelov, Chad Lieber, Dominic Sulo, Ryan Engle and Timothy Stephenson Jr. of Marcus …

Acquisitions, Michigan, Midwest, Retail

Bernard Financial Group Arranges $8.5M Refinancing for Industrial Property in Romulus, Michigan

ROMULUS, MICH. — Bernard Financial Group has arranged an $8.5 million loan for the refinancing of a 139,733-square-foot industrial property in Romulus, about 25 miles southwest of Detroit. Dan Duggan of Bernard arranged the loan with the life insurance company Aegon. The borrower was DNM Industrial Park

Industrial, Loans, Michigan, Midwest

Dominion Arranges Sale-Leaseback of 21,887 SF Office Building in Southfield, Michigan

SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes …

Acquisitions, Michigan, Midwest, Office

Out of the Box Ventures Acquires Lakeside Mall in Michigan, Plans to Bring in New Uses

STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in …

Acquisitions, Michigan, Midwest, Retail

Greystone Bel Arranges Sale of 94-Unit Apartment Property in Michigan

BERRIEN SPRINGS, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Park Manor Apartments in southwest Michigan’s Berrien Springs. The sales price was undisclosed. Built in 1971 and located on Rosehill Road, the 94-unit garden-style community is situated on nearly six acres. The property consists of nine separate buildings. Austin Hull of Greystone Bel represented the undisclosed buyer and

Acquisitions, Michigan, Midwest, Multifamily

Captain D’s to Open at Former Dunkin’ Property in Michigan

CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in …

Acquisitions, Michigan, Midwest, Restaurant, Retail

Hunt Real Estate Capital Provides $7.5M Refinancing for Multifamily Portfolio in Detroit

DETROIT — Hunt Real Estate Capital has provided a $7.5 million Fannie Mae loan for the refinancing of East Jefferson Portfolio, a three-property, 131-unit multifamily portfolio in Detroit. The 10-year loan features a fixed rate. Hibbard Tower is a nine-story building with 44 units; the Kean Building is a 15-story tower with 49 units; and Trombley Lodge is a four-story property with 38 units. The properties were constructed between 1926 and 1931. The current owners purchased the portfolio in …

Loans, Michigan, Midwest, Multifamily, ORIX
Content Partners
Lee & Associates
Walker & Dunlop

Conferences
Jan
23
THE Inland Empire Commercial Real Estate Conference 2020
Feb
3
Ancillary Retail 2020
Feb
11
Entertainment Experience Evolution 2020
Feb
18
InterFace Net Lease West 2020
Feb
19
InterFace Healthcare Real Estate West 2020
Feb
20
InterFace Seniors Housing West 2020
Apr
7
InterFace Student Housing 2020