Michigan

Ford Unveils Plans for Detroit Train Station Transformation at Public Event

by Kristin Harlow June 20, 2018

DETROIT — Employees of Ford Motor Co., city and state officials and Corktown residents gathered on Tuesday at Michigan Central Station for a celebration during which the auto giant officially announced its plan to breathe new life into the former train depot. Ford plans to transform the long-vacant property into a new Corktown campus for work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, parking and public transit. “We at Ford want to help write the next chapter, working together in Corktown with the best startups, the smartest talent, and the thinkers, engineers, and problem-solvers who see things differently — all to shape the future of mobility and transportation,” said Bill Ford, the company’s executive chairman. The acquisition of Michigan Central Station comes alongside the company’s purchase of the former Detroit Public Schools Book Depository, two acres of vacant land, the site of an old brass factory and the recent purchase of a refurbished former factory in Corktown, now home to Ford’s electric vehicle and autonomous vehicle business teams. Ford’s campus will span at least 1.2 million square feet of space in Corktown. Approximately 2,500 Ford employees, most from the mobility team, will call Corktown …

June 20, 2018

Loans Lument Michigan Midwest Multifamily RED Capital Group

RED Capital Provides $18.1M Refinancing for Apartment Community in Macomb Township, Michigan

by Kristin Harlow June 19, 2018

MACOMB TOWNSHIP, MICH. — RED Mortgage Capital has provided an $18.1 million Fannie Mae loan for the refinancing of Redwood Neighborhood in Macomb Township, about 30 miles north of Detroit. The apartment community features 132 units, all of which are single-story and include two bedrooms and an attached garage. Fannie Mae’s Green Building Certification Program was used for the financing. The borrower, Redwood Living Inc., currently manages over 10,000 units across the Midwest and the Carolinas.

June 19, 2018

Acquisitions Michigan Midwest Retail

Colliers Brokers Sale of 15,067 SF Building Formerly Occupied by Seafood Store in Suburban Detroit

by Kristin Harlow June 18, 2018

ROYAL OAK, MICH. — Colliers International has brokered the sale of a 15,067-square-foot retail building in Royal Oak, a northern suburb of Detroit. Previously owned by the family-run Superior Fish Co., the specialty seafood store was the source of octopus for Detroit Red Wings fans for over seven decades before closing on June 16. The company plans to host a garage sale where fans can purchase signage, memorabilia and frozen foods. Peter E. Kepic and Peter J. Kepic of Colliers represented Superior Fish in the sale. Robert Badgero and Steven Badgero of Colliers represented the buyer, Versa Real Estate, which plans to lease the property as either office or retail space.

June 18, 2018

Acquisitions Michigan Midwest

Ford Acquires Former Train Station in Detroit, Plans Revitalization

by Kristin Harlow June 12, 2018

DETROIT — Ford Motor Co. has acquired Michigan Central Station and the adjacent book depository building in Detroit, according to local media reports. The purchase price was not disclosed. The 18-story building opened in late December of 1913 as a passenger rail depot. Ford will revitalize the long-vacant property into the hub of a Corktown campus focused on advanced automotive technology. The property, which had become synonymous with urban blight, will give the automaker a hub near downtown and the ability to add hundreds of employees to the neighborhood. The seller, the Moroun family, has owned the station since the early 1990s. Executive Chairman Bill Ford Jr. will discuss plans for the building at an event on June 19. Ford’s operations will remain headquartered in Dearborn.

June 12, 2018

Loans Michigan Midwest Multifamily

Arbor Provides $10.6M Bridge Loan for Multifamily Property in Roseville, Michigan

by Kristin Harlow June 11, 2018

ROSEVILLE, MICH. — Arbor Realty Trust Inc. has provided a $10.6 million bridge loan for a multifamily property in Roseville, about 20 miles northeast of Detroit. The 266-unit property is comprised of two adjoining apartment communities built between 1965 and 1972. Amenities include laundry facilities, on-site management, a playground and swimming pool. Ari Short of Arbor originated the three-year loan. The borrower was not disclosed.

June 11, 2018

Acquisitions Industrial Michigan Midwest

NKF Negotiates Sale of 22,000 SF Industrial Warehouse in Troy, Michigan

by Kristin Harlow June 11, 2018

TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take occupancy in July.

June 11, 2018

Development Healthcare Michigan Midwest

HED to Serve as Architect, Engineer for New Hospital to Be Built in Lansing, Michigan

by Kristin Harlow June 8, 2018

LANSING, MICH. — Harley Ellis Devereaux (HED) has been selected to serve as the executive architect and engineer for a new hospital for McLaren Greater Lansing. The 500,000-square-foot, 240-bed medical center will be built adjacent to Michigan State University on a 39-acre site. The project is expected to move from the design phase into construction by the end of this year with a 2021 opening. McLaren is investing $450 million to consolidate its two current Lansing hospital facilities at the new campus.

June 8, 2018

Acquisitions Michigan Midwest Office

Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

by Kristin Harlow June 6, 2018

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.

June 6, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $14.5M Refinancing for Multifamily Property in Oak Park, Michigan

by Kristin Harlow June 5, 2018

OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.

June 5, 2018

Acquisitions Healthcare Michigan Midwest

Griffin-American Healthcare Acquires Medical Office Building in Suburban Detroit for $16.2M

by Kristin Harlow June 4, 2018

SOUTHFIELD, MICH. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired an 85,000-square-foot medical office building in Southfield, a northern suburb of Detroit. The purchase price was $16.2 million. The property was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group and Beaumont Health System. Rich Deptula and Todd Hawley of Friedman Integrated Real Estate Solutions represented the seller, Universal Properties FPMC LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand, a revolving line of credit with Bank of America NA and Keybank NA, and through the assumption of an existing mortgage loan.

June 4, 2018

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