Michigan

Partnership Sells 107-Room Hotel Indigo in Traverse City, Michigan

by Kristin Harlow August 29, 2018

TRAVERSE CITY, MICH. — A partnership between JS Capitol and Hadidi Capital has sold the 107-room Hotel Indigo in Traverse City for an undisclosed price. The property, built in 2016, is located at 263 W. Grandview Parkway. Situated in the city’s waterfront Warehouse District, the hotel features heated underground parking, 5,500 square feet of meeting space, a ground-floor restaurant, business center and fitness center. Nate Sahn, James Johnson, Jack Johns and Anthony Leeds of CBRE represented the owners in the sale. The buyer was not disclosed.

August 29, 2018

Loans Michigan Midwest Multifamily

Cohen Financial Arranges $10.6M HUD Loan for Refinancing of Multifamily Property in Michigan

by Kristin Harlow August 23, 2018

PORTAGE, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.6 million HUD 223(f) loan for the refinancing of Timberwood Crossing in Portage, just south of Kalamazoo. The multifamily property includes 254 units. The fixed-rate loan, which features a 35-year term, will refinance the original short-term loan Cohen secured for the acquisition of the property. Trillium Investments was the borrower.

August 23, 2018

Acquisitions Michigan Midwest Retail

RCG Acquires 224,479 SF Shopping Center in Grandville, Michigan

by Kristin Harlow August 22, 2018

GRANDVILLE, MICH. — RCG Ventures has acquired Grandville Marketplace in Grandville, located about eight miles southeast of Grand Rapids. The purchase price was not disclosed. The 224,479-square-foot shopping center is located just off I-196. Hobby Lobby, Office Max, PetSmart, Cost Plus, Party City and Dollar Tree anchor the property. Amy Sands and Clinton Mitchell of HFF represented the seller, a public REIT.

August 22, 2018

Development Michigan Midwest Mixed-Use

Kraemer Design Group to Serve as Architect for Conversion of Historic Office Building to Mixed-Use Property in Detroit

by Kristin Harlow August 21, 2018

DETROIT — Kraemer Design Group PLC will serve as architect, designer and historic consultant for the landmark Park Avenue building project in Detroit. The former office building dates back to the 1920s and is located at 2001 Park Ave. in Grand Circus Park. The building will be transformed into a mixed-use project with apartment units and 5,000 square feet of first-floor retail space. Designed by Albert Kahn and once known as the General Necessities Building, the 104,500-square-foot structure rises 12 stories. The developer is Rino Soave, owner of Infinity Homes & Co. who purchased the building in April. The building has been vacant for decades and will require structural updates and new infrastructure to accommodate future residents and retail tenants. Project costs are estimated at $7 million to $10 million, according to Crain’s Detroit Business. A timeline for completion was not disclosed.

August 21, 2018

Development Michigan Midwest Retail

PREIT’s Redevelopment of Woodland Mall in Grand Rapids Gets Under Way

by Kristin Harlow August 21, 2018

GRAND RAPIDS, MICH. — PREIT is underway on an extensive redevelopment of the 1.1 million-square-foot Woodland Mall in Grand Rapids. Construction has commenced on a 90,000-square-foot Von Maur department store. The space was formerly home to Sears. This will be the first Von Maur store in the region and is expected to open in October 2019. Other stores expected to open next year at Woodland Mall include Urban Outfitters and REI. Renovations will be made to Victoria’s Secret and Hollister stores. Black Rock Bar & Grill has signed a new lease to occupy 9,000 square feet at Woodland Mall. Diners at Black Rock cook their meat or seafood on hot volcanic granite at their tables. The mall will remain open throughout the renovation process, which is estimated to cost $100 million, according to local media reports.

August 21, 2018

Acquisitions Michigan Midwest Net Lease Retail

Encore Brokers Sale of Property Net Leased to Sherwin Williams in Farmington Hills, Michigan

by Kristin Harlow August 17, 2018

FARMINGTON HILLS, MICH. — Encore Real Estate Investment Services has arranged the sale of a 5,000-square-foot retail property net leased to Sherwin Williams in Farmington Hills. The sales price was not disclosed. Sherwin Williams has 6.5 years left on its lease. Matt Weber, Deno Bistolarides, Brandon Hanna and Ryan Vinco of Encore represented the seller, a California-based limited liability company. A California-based private investor purchased the asset.

August 17, 2018

Acquisitions Michigan Midwest Office

Farbman Group Brokers $1.5M Sale of Office Building in Dearborn, Michigan

by Kristin Harlow August 16, 2018

DEARBORN, MICH. — NAI Farbman has arranged the sale of a 35,800-square-foot office building in Dearborn for $1.5 million. The property, originally built in 1972 and formerly the United Airlines building, spans two stories on a 4.5-acre site at 17501 Michigan Ave. Ali Haidar of Farbman represented the buyer, 17501 Michigan Ave. Acquisitions LLC. UA Investment Group LLC was the seller. Farbman will handle management and leasing for the property, which will be rebranded as Dearborn Office Centre.

August 16, 2018

Loans Michigan Midwest Multifamily

SunTrust Provides $8.8M Bridge Loan for Acquisition of Multifamily Property in Suburban Detroit

by Kristin Harlow August 14, 2018

WESTLAND, MICH. — SunTrust Banks Inc. has provided an $8.8 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, a suburb of Detroit. Built in 1974, the 172-unit multifamily property features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool and clubhouse. A Michigan-based commercial real estate owner and operator was the borrower.

August 14, 2018

Loans Michigan Midwest Multifamily

Citi Real Estate Funding Arranges $80M Refinancing for Multifamily Portfolio in Metro Detroit

by Kristin Harlow August 10, 2018

DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers and game rooms. Property names were not disclosed.

August 10, 2018

Acquisitions Michigan Midwest Self-Storage

Marcus & Millichap Brokers Sale of 94,115 SF Self-Storage Facility in Suburban Detroit

by Kristin Harlow August 10, 2018

ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale of Rochester Mini Storage in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 94,115-square-foot self-storage facility includes units that range in size from 25 to 400 square feet. Both climate-controlled and non-climate-controlled options are available. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap brokered the transaction. An out-of-state buyer purchased the asset. The seller was a local owner.

August 10, 2018

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