DETROIT — Columbia Construction Services has signed a 6,145-square-foot industrial lease at 2633-2637 Russell St. in Detroit. Zach Cummings of Friedman Real Estate represented the tenant, which plans to renovate the space and utilize it as a central storage facility. The landlord was undisclosed.
MOUNT PLEASANT, MICH. — The Boulder Group has arranged the $3.5 million sale of a single-tenant retail property net leased to Caliber Collision in Mount Pleasant within central Michigan. The property at 1005 Corporate Drive features a newly renovated, 15,800-square-foot automotive building on two acres. Caliber Collision maintains a 15-year lease. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, an Iowa-based corporation. The seller was a Delaware-based limited liability company.
RIVERVIEW, MICH. — Friedman Real Estate has brokered the $10.5 million sale of Huntington House Apartments in Riverview, a southwest suburb of Detroit. The 129-unit multifamily property is located at 17400 Fort St. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller. The buyer was also undisclosed.
WYOMING, MICH. — Marcus & Millichap has brokered the $3.3 million sale of Gardentown Apartments in Wyoming near Grand Rapids. The 40-unit multifamily property, built between 1966 and 1968, consists of four buildings. The asset was 90 percent occupied at the time of sale. Chase Gilewski and Chris Futo of Marcus & Millichap represented the seller. Steve Chaben, broker of record in Michigan, assisted in closing the transaction. The buyer is planning to invest significant capital on both interior and exterior renovations. Both the buyer and seller completed 1031 exchanges.
DETROIT — Bernard Financial Group (BFG) has arranged an $11 million Freddie Mac loan for the refinancing of a 103-unit apartment building in Detroit. The property is located at 40 Davenport St. Joshua Bernard and David Ruff of BFG arranged the loan on behalf of the borrower, an entity doing business as 40 Davenport LLC.
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026. Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.
SOUTHGATE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $51.3 million bridge loan for the refinancing of Southgate Apartments, a 624-unit garden-style multifamily property in the Detroit suburb of Southgate. The asset consists of 12 buildings with studio, one- and two-bedroom units across more than 21 acres. Amenities include a fitness center, pet grooming station, dog park, clubhouse, pool and barbecue area. The loan proceeds will retire existing debt and finance community improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.
SHELBY TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of a 0.78-acre retail development site located at 56166 Van Dyke Road in Shelby Township for an undisclosed price. Andrew Boncore of Dominion represented the seller. Steven Murphy of Century 21 Campbell Realty represented the buyer, a local business owner who plans on redeveloping the site into a retail center to expand his existing business.
By Andy Gutman, Farbman Group Until recently, the post-pandemic headlines and trend lines have been clear: the office market is struggling. Lower volumes and businesses closely evaluating their operational models and space needs in the wake of a COVID-altered world have prompted concerned conversations about what’s next for an evolving office sector. Here’s the good news, however: the Detroit office landscape reflects a changing narrative around not only the commercial climate, but the entire city of Detroit. To be clear, the office resurgence in Detroit has been modest, and is clearly still in its early stages. Whether you are entering a recession or starting a recovery, there is always a transitional period where sector activity is starting to change before the shift becomes impossible to deny. Motown momentum While the understandable indecision and uncertainty of the last few years has led to some stagnation in the office space, many of the COVID-era lease expirations seem to have resolved and activity has been gradually, but steadily, picking up in the last six to 12 months. Decisions are being made and lease volume is trending up — but deals and leases are moving slower, are taking longer to get done and we …
DETROIT — The Community Builders has broken ground on Phase I of Preserve on Ash, which will consist of a 69-unit mixed-income housing development in Detroit. The new development marks the first groundbreaking for what will ultimately comprise nearly 600 new and preserved units of affordable housing in the greater Corktown area made possible thanks to a $30 million Choice Neighborhoods grant that the U.S. Department of Housing & Urban Development awarded to the city in 2021. The city had sought the grant anticipating the rising rents that would be coming to Corktown as a result of Ford’s revitalization of Michigan Central Station. Preserve on Ash Phase I will include five buildings and more than 5,800 square feet of retail space. Of the 69 units, 48 will be reserved for those who earn up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin construction next year.
