Michigan

South Korean Restaurant Bonchon to Open First Michigan Location

by Kristin Harlow April 24, 2018

GRAND RAPIDS, MICH. — South Korean-based restaurant chain Bonchon is opening its first Michigan location at the Knapp North retail development located at 2365 E. Beltline Ave. in Grand Rapids. The restaurant, whose signature dish is Korean fried chicken and wings, will occupy 2,644 square feet. Pinnacle Construction Group is constructing the three-building development. Other tenants include Sherwin Williams and Sara’s Sweets. Doug Taatjes and Hillary Taatjes-Woznick of NAI Wisinski of West Michigan represented Pinnacle in the lease transaction. Chris Prins of Colliers International represented Bonchon.

April 24, 2018

Industrial Loans Michigan Midwest

Bernard Arranges $4.8M Refinancing for Industrial Property in Chesterfield Township, Michigan

by Kristin Harlow April 20, 2018

CHESTERFIELD TOWNSHIP, MICH. — Bernard Financial Group has arranged a $4.8 million loan for the refinancing of a 145,063-square-foot industrial property in Chesterfield Township, about 30 miles north of Detroit. An undisclosed tenant occupies the building. David Dismondy of Bernard arranged the loan on behalf of the borrower, 50625 RWB LLC. Genworth Life Insurance Co. provided the loan.

April 20, 2018

Acquisitions Industrial Michigan Midwest

Marmo Meccanica Purchases 13,519 SF Industrial Building in Pontiac, Michigan

by Kristin Harlow April 20, 2018

PONTIAC, MICH. — Marmo Mecccanica NA has purchased a 13,519-square-foot industrial building in Pontiac for an undisclosed price. The company, which specializes in the manufacturing of edge polishing and bridge cutting machines used in granite fabrication, will relocate to the space at 1590 E. Highwood Blvd. Built in 1990, the building features overhead cranes and a flexible floor plan to accommodate expansion. Tom Jablonski of L. Mason Capitani CORFAC International represented Marmo Meccanica in the sales transaction. The seller was not disclosed.

April 20, 2018

Industrial Leasing Activity Michigan Midwest

Anytime Restoration Signs 10,500 SF Industrial Lease in Warren, Michigan

by Kristin Harlow April 20, 2018

WARREN, MICH. — Anytime Restoration Service Inc. has signed a 10,500-square-foot industrial lease in Warren. The disaster restoration company that specializes in both commercial and residential projects involving water, fire and mold cleanup will occupy the space at 6655 Chicago Road. Matthew Farrell and Kevin Tamer of CORE Partners represented the tenant in the five-year lease transaction. Brad Hitch of Deco Properties represented the undisclosed landlord.

April 20, 2018

Loans Michigan Midwest Multifamily

KeyBank Originates $14.7M Refinancing for Multifamily Property in Grand Blanc, Michigan

by Kristin Harlow April 18, 2018

GRAND BLANC, MICH. — KeyBank Real Estate Capital has originated a $14.7 million Fannie Mae loan for the refinancing of The Grand in Grand Blanc near Flint, Mich. Developed between 2014 and 2017, the multifamily property features 102 garden-style units. Todd Linehan of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.

April 18, 2018

Loans Michigan Midwest Multifamily

Love Funding Secures $7M HUD Loan for 232-Unit Affordable Seniors Housing Property in Detroit

by Kristin Harlow April 17, 2018

DETROIT — Love Funding has secured a $7 million HUD 223(f) loan for the refinancing of Central Towers Apartments in Detroit. The affordable seniors housing property features 232 units within two buildings. David Strachan and Bruce Gerhart of Love Funding secured the 35-year loan. Financing proceeds will be used to pay off current debt, complete repairs and fund the reserve account.

April 17, 2018

Acquisitions Georgia Hospitality Indiana Michigan Midwest Ohio Southeast

Hospitality Ventures, Investra Capital Purchase 12-Property Hotel Portfolio

by Kristin Harlow April 13, 2018

ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.

April 13, 2018

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Arranges Sale of 72,125 SF Self-Storage Facility in Waterford, Michigan

by Kristin Harlow April 10, 2018

WATERFORD, MICH. — Marcus & Millichap has arranged the sale of Secured Self Storage in Waterford, about 35 miles northwest of Detroit. The sales price was not disclosed. The 72,125-square-foot self-storage facility is located at 4303 Highland Road. Built in 1982, the property consists of 20 climate-controlled units and 535 standard units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the out-of-state buyer.

April 10, 2018

Acquisitions Michigan Midwest Multifamily Student Housing

Berkadia Arranges Sale of 896-Bed Student Housing Property Near the University of Michigan

by Kristin Harlow April 6, 2018

ANN ARBOR, MICH. — Berkadia has arranged the sale of The Courtyards Apartments in Ann Arbor for an undisclosed price. The 896-bed student housing property features 320 units ranging from one- to four-bedroom floor plans. Amenities include a game room, movie theater, fitness center, picnic area, study room and bike storage. The property is situated near the University of Michigan’s North Campus. Kevin Larimer and Greg Gonzalez of Berkadia represented the seller, Chicago-based Kensington Realty Advisors Inc. Harrison Street Real Estate Capital LLC purchased the asset.

April 6, 2018

Acquisitions Michigan Midwest Retail

NAI Wisinski Brokers Sale of 20,168 SF Shopping Center in Grand Rapids, Michigan

by Kristin Harlow April 3, 2018

GRAND RAPIDS, MICH. — NAI Wisinski has brokered the sale of Northland Plaza in Grand Rapids for an undisclosed price. The 20,168-square-foot shopping center is located at 3325 Plainfield Ave. NE. The property, currently home to a fitness center and tanning salon, will be renovated. Bill Tyson and Todd Leinberger of NAI Wisinski represented the buyer, 1923 Property LLC. Darrel Herweyer of DAR Development represented the undisclosed seller.

April 3, 2018

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