Michigan

L. Mason Capitani CORFAC International Brokers Sale of 55,528 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow April 2, 2018

AUBURN HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Oakland Euro Center in Auburn Hills. The 55,528-square-foot office building is located at 3201 University Drive. The property is 97 percent leased by 10 tenants. The sales price was not disclosed, but the asking price was reported to be $5.7 million. Mason L. Capitani represented the buyer, LSTC Michigan LLC, in the transaction. This sale represents the seventh acquisition in metro Detroit for the California-based buyer. L. Mason Capitani CORFAC International will oversee leasing at the building, while its affiliated company, Liberty Property & Asset Management, will manage the property.

April 2, 2018

Acquisitions Michigan Midwest Multifamily

Franklin Property Acquires 43-Unit Multifamily Property in Sterling Heights, Michigan

by Kristin Harlow April 2, 2018

STERLING HEIGHTS, MICH. — Franklin Property Corp., in partnership with Cranbrook Investment Partners LLC, has acquired Plumbrook Greens Townhouses in Sterling Heights for an undisclosed price. The property features 43 townhouse rental units with private garages and basements. Franklin plans to make minor improvements to the property over the next several months. Citi Real Estate Funding provided mortgage financing for the transaction. Franklin acquired the asset directly from the original developer’s family.

April 2, 2018

Development Michigan Midwest Office

Jonna Breaks Ground on 180,000 SF Tech Office Building for Autoliv in Southfield, Michigan

by Kristin Harlow March 28, 2018

SOUTHFIELD, MICH. — Jonna Construction has broken ground on a 180,000-square-foot tech office building for Autoliv in Southfield near American Drive and I-696. Autoliv, an automotive safety systems company, will use the facility as its North American electronics technical center. Approximately 600 workers will relocate to the site. The landlord is Jonna Realty Ventures. John Gordy of Signature Associates brokered the lease transaction between the two parties. Completion is slated for the first half of 2019. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $40 million construction loan for the project.

March 28, 2018

Leasing Activity Michigan Midwest Office

Henry Ford Health System Signs 276,250 SF Office Lease in Troy, Michigan

by Kristin Harlow March 26, 2018

TROY, MICH. — Henry Ford Health System has signed a 276,250-square-foot office lease in Troy. The health system will occupy the space at 1414 E. Maple Road. John Boyd and Grant Bruce of Signature Associates represented the landlord, Sure Holdings LLC, in the lease transaction.

March 26, 2018

Development Michigan Midwest Office

$56M Renovation of Office Complex in Southfield, Michigan Nears Completion

by Kristin Harlow March 23, 2018

SOUTHFIELD, MICH. — 601W Cos., the owner of the 2.2 million-square-foot Southfield Town Center, is nearing completion of a $56 million renovation to the office complex. Property manager Transwestern is overseeing the renovations. Improvements include updates to the walkway that connects the buildings, complete renovations to the front lobby and entranceway and upgrades to the parking structures. A new entrance to the 3000 building has also been added. Expanded tenant amenities include the addition of multiple green spaces, collaborative areas, a new conference center and Starbucks coffee bar. 601W Cos. purchased Southfield Town Center for $177.5 million in 2014. The five-building property was originally completed in 1989.

March 23, 2018

Loans Michigan Midwest Multifamily

Hunt Mortage Group Provides $16M Acquisition Loan for Multifamily Property in Ann Arbor

by Kristin Harlow March 21, 2018

ANN ARBOR, MICH. — Hunt Mortgage Group has provided a $16 million Fannie Mae loan for the acquisition of Woodchase Apartments in Ann Arbor. The 144-unit garden-style apartment community, located at 1100 Rabbit Run Circle, features 11 buildings and is currently 98 percent occupied. Amenities include a pool, clubhouse and laundry room. Matt Shane of Q10 | Lutz Financial Services arranged the 15-year loan, which features a 30-year amortization schedule. Woodchase Acquisition LLC was the borrower.

March 21, 2018

Michigan Midwest Mixed-Use

Bagley Forest Properties to Redevelop Former Department Store in Detroit

by Kristin Harlow March 16, 2018

DETROIT — Bagley Forest Properties plans to redevelop the former B. Siegal department store building in Detroit into retail and multifamily space. The property is located at the intersection of Livernois Avenue and 7 Mile Road. Construction of the 29,000-square-foot project is expected to begin in the next 45 days with completion slated for early 2019. Matt Hessler of Bagley Forest Properties owns the property. Arthur Itkis and Aaron Moore of JLL will market the property for lease.

March 16, 2018

Leasing Activity Michigan Midwest Office

Signature Associates Negotiates 68,305 SF Office Lease for Marketing Firm in Dearborn, Michigan

by Kristin Harlow March 15, 2018

DEARBORN, MICH. — Signature Associates has negotiated a 68,305-square-foot office lease renewal and expansion for Jackson Dawson Communications Inc. and its subsidiary Benmar Communications in Dearborn. The creative marketing and branding company, headquartered in Dearborn, occupies the space at 1 Parklane Blvd. Chris Secontine of Signature Associates represented both the tenant and the landlord, Fairlane Venture One LLC, in the lease transaction.

March 15, 2018

Michigan Midwest Student Housing

Core Spaces Breaks Ground on Student Housing Property Near Michigan State University

by Kristin Harlow March 9, 2018

EAST LANSING, MICH. — Core Spaces has broken ground on Hub on Campus East Lansing, a 347-unit student housing property near Michigan State University. The project is located downtown at 918 E. Grand River Ave. The apartments will range from studio to three-bedroom units and will all be fully furnished. Amenities will include a study lounge, clubroom, fitness center and rooftop amenity deck. Retail space will include a 7-Eleven and Georgio’s Pizzeria. A timeline for completion was not disclosed.

March 9, 2018

Industrial Michigan Midwest

NKF Arranges 126,194 SF Industrial Lease for Hydrofarm in Lyon Township, Michigan

by Kristin Harlow March 2, 2018

LYON TOWNSHIP, MICH. — Newmark Knight Frank (NKF) has arranged a 126,194-square-foot industrial lease for Hydrofarm in Lyon Township, which is located in central northern Michigan. The property, situated at 30104 Research Drive, features a clear height of 28 feet. Constructed in 1999, the warehouse originally served as a build-to-suit for Keebler Cookie Co. Geoffrey Kasselman and Geoff Hill of NKF represented Hydrofarm, a wholesaler and manufacturer of hydroponics equipment and high-intensity grow lights, in the lease transaction. Jon Savoy of Lee & Associates represented the undisclosed landlord.

March 2, 2018

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