Michigan

Encore Arranges Sale of Property Leased to Applebee’s in Roseville, Michigan for $3.4M

by Kristin Harlow July 5, 2018

ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment group. Encore also represented the buyer, a private investor from Eldersburg, Md.

July 5, 2018

Market Reports Michigan Midwest Midwest Market Reports Office

Detroit Office Market Development Quickly Accelerates

by Kristin Harlow July 5, 2018

The most exciting story in Michigan’s overall recovery from the Great Recession has been the revitalization of downtown Detroit. For locals and out-of-towners, Detroit’s development boom is surprising, exciting, refreshing, and at times, hard to believe. This real estate cycle may go down as the most important and consequential in 50 years. Indeed, the numbers and the anecdotal evidence demonstrate that we are not just witnessing a hot market — we are witnessing a once-in-a-generation shift in Detroit’s office market. Where we were What makes Detroit’s renaissance so amazing is how far the city has come in just eight years. For decades, downtown Detroit’s office market was effectively in the Detroit River. The central business district (CBD) continuously bled tenants to suburban markets, and heavy concessions along with incentives were required to lure office users to the city. Office tenants tended to be law firms, city, county and federal government agencies, non-profits, and city contractors — generally users that had to be downtown for proximity to the courts and City Hall. While the real estate statistics were not strong, the larger issue was the overall look and feel of the setting. Many buildings sat ominously vacant, the restaurant scene was …

July 5, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $17M Refinancing for Apartment Property in Detroit

by Kristin Harlow July 3, 2018

DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the loan.

July 3, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $14.4M Freddie Mac Loan for Acquisition of Manufactured Housing Community in Michigan

by Kristin Harlow June 27, 2018

KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

June 27, 2018

Development Michigan Midwest Multifamily

NAI Wisinski Brokers Sale of 1.5-Acre Development Site for Apartment Project in Grand Rapids, Michigan

by Kristin Harlow June 26, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 1.5-acre development site located at 745 Stocking Ave. in Grand Rapids. The sales price was not disclosed. The buyer, Woda Cooper Cos., plans to tear down the current building onsite and develop a four-story, 50-unit apartment complex. Known as Seven45, the property will feature affordable apartments intended for those who make 30 to 60 percent of the area median income. The unit mix will include one-, two- and three-bedroom units. Stan Wisinski of NAI Wisinski represented the buyer and the seller, John VanTongeren, president of Ferris Nut & Coffee.

June 26, 2018

Development Michigan Midwest Office

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

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