Michigan

Detroit Pistons, Henry Ford Health System Break Ground on 175,000 SF Training Facility

by Kristin Harlow October 25, 2017

DETROIT — The Detroit Pistons and Henry Ford Health System have broken ground on a 175,000-square-foot training, rehabilitation and sports medicine complex in the New Center area of Detroit. The Henry Ford – Detroit Pistons Performance Center, slated to open during the summer of 2019, will house a new training facility and corporate headquarters for the NBA franchise. A comprehensive sports medicine, treatment and rehabilitation facility will be managed by the health system. The property will also incorporate public spaces for community relations, networking receptions and team hosted events. The facility is located on a land parcel owned by Henry Ford one block north of its corporate offices and approximately two miles north of the new Little Caesars Arena. Project costs are estimated at $65 million, according to Crain’s Detroit Business.

October 25, 2017

Calmwater Provides $12.6M Acquisition Loan for Student Housing Conversion in Auburn Hills, Michigan

by Kristin Harlow October 20, 2017

AUBURN HILLS, MICH. — Calmwater Capital has provided a $12.6 million loan for the acquisition and conversion of a 144-unit multifamily property to student housing near Oakland University in Auburn Hills. The property, located at 2770 Pine Knoll Drive, will soon be upgraded and converted into student housing and be known as The Edge. Some of the loan proceeds will be used for physical upgrades in addition to the implementation of student-focused marketing and resident programming. Formerly known as Knollwood Place and built in 1990, the property comprises six three-story buildings. A joint venture between Andover Real Estate Partners and M Group was the borrower. Campus Village will manage the property.

October 20, 2017

Loans Michigan Midwest Multifamily

Love Funding Provides $6.6M Loan for Refinancing of Apartment Property in Detroit

by Kristin Harlow October 19, 2017

DETROIT — Love Funding has provided a $6.6 million HUD loan for the refinancing of Greenhouse Apartments in Detroit. The affordable seniors housing property consists of 208 one-bedroom units. Built in 1981, the 10-story building was renovated in 2008. KMG Prestige will continue to manage the property. Bruce Gerhart of Love Funding secured the loan.

October 19, 2017

Michigan Midwest Retail

Gerdom Realty Brokers Sale of 230,500 SF Former Sears Building in Waterford Township, Michigan

by Kristin Harlow October 16, 2017

WATERFORD TOWNSHIP, MICH. — Gerdom Realty & Investment has brokered the sale of a 230,500-square-foot former Sears building at Summit Place Mall in Waterford Township, about 30 miles north of Detroit. The sales price was not disclosed. The building is positioned on 22.5 acres of land on Telegraph Road. Tjader Gerdom and Mike Murphy of Gerdom Realty, along with Nicholas Kanich of Cushman & Wakefield, represented the undisclosed seller. New ownership is looking to redevelop the property and offer pad site opportunities, according to a news release.

October 16, 2017

Michigan Midwest Office

Service Express Signs 60,361 SF Office Lease in Grand Rapids, Michigan

by Kristin Harlow October 16, 2017

GRAND RAPIDS, MICH. — Service Express Inc. has signed a 60,361-square-foot office lease at Bridge Pointe Office Park in Grand Rapids. The computer support company will occupy 39,617 square feet on the first floor, while holding an additional 20,744 square feet on the second floor for future expansion. The six-story property, located at 3855 Sparks Drive Southeast, is now fully leased. Nate Scherpenisse and Blake Rosekrans of CBRE represented the landlord, Bridge Pointe Office Equities LLC.

October 16, 2017

Michigan Midwest Multifamily

NAI Wisinski Brokers $57M Sale of Luxury Apartment Community in Grand Rapids, Michigan

by Kristin Harlow October 9, 2017

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Ridges of Cascade Apartments in Grand Rapids for $57 million. The 237-unit luxury apartment community opened in August 2016 at 100 percent occupancy. The $240,506 per unit represents the highest price per unit ever recorded in Michigan for a suburban market-rate multifamily asset, according to NAI Wisinski. Craig Black and Scott Nurski of NAI Wisinski represented both the buyer, a Michigan-based private equity group, and the seller, a local developer.

October 9, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $2.9M Refinancing for Office Building in Sterling Heights, Michigan

by Kristin Harlow October 9, 2017

STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.

October 9, 2017

Michigan Midwest Office

Farbman Group Undertakes Renovation of 500,000 SF Office Property in Bingham Farms, Michigan

by Kristin Harlow October 3, 2017

BINGHAM FARMS, MICH. — Farbman Group is renovating its Bingham Office Center in Bingham Farms, about 20 miles northwest of Detroit. Farbman Group owns and manages the 500,000-square-foot property, which is located at 30600, 30700 and 30800 Telegraph Road. Renovations include new lobbies with new floors, furniture, lighting and an updated lounge area. Additional updates throughout the property will include freshly painted corridors, upgraded Wi-Fi and an updated seating area. The renovation project is slated for completion in December.

October 3, 2017

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American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M

by Taylor Williams September 25, 2017

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …

September 25, 2017

Michigan Midwest Office

Farbman Group to Renovate 500,000 SF Office Complex in Troy, Michigan

by Kristin Harlow September 21, 2017

TROY, MICH. — Farbman Group has unveiled plans to renovate Sheffield Office Park, a three-building, 500,000-square-foot office complex in Troy. The property is located at 3290 W. Big Beaver Road. Renovations will be made to the 3310 building, including an updated lobby space and deli as well as new interior finishings. The exteriors to all three buildings will be refaced and repainted different colors. Renovations were previously made to the 3250 and 3290 buildings.

September 21, 2017

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