MADISON HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a single-tenant retail property net leased to Sprint in Madison Heights for an undisclosed price. The 3,038-square-foot building is located at the southwest corner of 12 Mile and Dequindre roads. Michael Murphy and Tjader Gerdom of Gerdom Realty marketed the property for sale and procured the buyer, a local investor.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Grand Central Plaza in Grand Rapids for an undisclosed price. The 91,225-square-foot shopping center is home to Buffalo Wild Wings, Bluff Banquet, Rent-A-Center and Capital Cities Hobbies. Russ Bono, Todd Leinberger and Cameron Timmer of NAI Wisinski represented the buyer, a Michigan-based investor, and the seller, California-based SDLT Investments VII LLC.
In 2018, the Detroit real estate market had a banner year for transactions, new developments and big headlines. Chief among these was Ford Motor Co.’s acquisition of the vacant Michigan Central Station, a major media event that attracted attention from all over the world. Other notable news stories predominantly revolved around Quicken Loans founder Dan Gilbert and his Bedrock Real Estate Services. In 2018 alone, Bedrock delivered the 129-key Shinola Hotel, began construction on the 847,000-square-foot Monroe Blocks and laid the foundation for the 912-foot tall Hudson’s tower. The combined costs of these projects exceed $2 billion. From a brokerage standpoint, it also was a successful year. Q10|Lutz Financial Services, a Birmingham-based commercial mortgage banking firm, had its best year on record. Similarly, Farmington Hills-based Friedman Real Estate’s investment sales division had transaction volume of a half-billion dollars, according to the firm’s manager of opportunities, Jared Friedman. Some highlights and market insights into the Great Lakes State’s commercial real estate market are below. Multifamily redevelopment Downtown Detroit has received most of the notable press this cycle, in particular for the flock of millennials and young professionals who up-ended trends and brought their skinny jeans and electric scooter habits to …
ROYAL OAK, MICH. — Fast-casual restaurant 2941 Mediterranean Street Food has signed a 3,105-square-foot lease in Royal Oak. The property is located at 30278 Woodward Ave. Lou Frango, Brian Whitfield and Tom Lasky of Colliers International represented the undisclosed landlord in the lease transaction. The restaurant has five locations in metro Detroit.
DAVISON, MICH. — Marcus & Millichap has brokered the $1.6 million sale of a net-leased childcare property in Davison, about 10 miles east of Flint. The 12,324-square-foot building is located at 9203 Lapeer Road. Rainbow Child Care has operated at the facility for 12 years and recently signed a lease renewal. Dominic Sulo and Eric Luhrsen of Marcus & Millichap marketed the property and represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.
DETROIT — iBorrow has provided an $8.8 million loan for the refinancing of a three-property multifamily portfolio in suburban Detroit. The properties, located in Cherry Hill, Riverview and Lincoln Park, total 281 units and 238,000 square feet. The borrower, the Reda family, plans to make capital improvements to the buildings, which were built in the 1960s and 1970s. The one-year loan features a fixed rate.
EAST LANSING, MICH. — Crunch Fitness has signed a lease to occupy a 27,835-square-foot building near Michigan State University. The property is located at 2535 E. Grand River Ave. This is the seventh location in Michigan for Crunch. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate brokered the lease transaction. There are more than 265 franchised Crunch locations across the United States, Canada and Australia.
GRAND RAPIDS, MICH. — Arbor Realty Trust Inc. has provided a $14 million Fannie Mae loan for the permanent financing of The Gateway at Belknap Apartments in Grand Rapids. Built in 2017, the apartment property features 88 units and ground-floor retail space. Michael Jehle of Arbor originated the 15-year, fixed-rate loan, which features a 30-year amortization schedule.
DETROIT — Cohn Commercial Properties has brokered the sale of El Tovar Apartments in Detroit’s Islandview neighborhood for $1.4 million. Located at 320-340 E. Grand Blvd., the apartment property consists of 72 units. The property was originally built in 1928 and is scheduled to undergo renovations. Harry Cohn and Marcel Pearl of Cohn Commercial represented both the buyer, Midwest Capital, and the seller, El Tovar Limited Dividend Housing Association LP.
CLARKSTON, MICH. — Crispelli’s Bakery & Pizzeria has signed a 3,892-square-foot lease in Clarkston. This will be the restaurant’s fourth location in Michigan. Crispelli’s will join T-Mobile, Great Clips and Jersey Mike’s at the new Shoppes of Clarkston development. Tjader Gerdom and Michael Murphy of Gerdom Realty represented the tenant in the lease transaction. Chris Jonna of CMP Real Estate Group represented the undisclosed landlord.