TROY, MICH. — Colliers International has brokered the sale of a 12,180-square-foot industrial warehouse in Troy. The sales price was not disclosed. The property is located at 1070 Livernois Road. John Lominack of Colliers represented the purchaser and the seller in the sale of the property formerly owned by 3DPolymers. DHM Associates, a machinery repair company that specializes in electronic control systems, purchased the building with plans to utilize the space immediately.
LIVONIA, MICH. — Ready Capital Structured Finance has provided an $8.9 million loan for the refinancing of Northridge Commons in Livonia, about 20 miles west of Detroit. The 119,000-square-foot retail property is located at 33523 W. Eight Mile Road. Kroger anchors the property. A portion of loan proceeds will be used to build out space for a recently completed lease with a local gym tenant. The non-recourse loan features a 36-month term with two extension options. The borrower was not disclosed.
WAYNE, MICH. — Marcus & Millichap has arranged the sale of EZ Storage in Wayne, about 25 miles west of Detroit. The sales price was not disclosed. The 68,840-square-foot self-storage facility is located at 34333 East Michigan Ave. The property consists of 588 units, 251 of which are climate-controlled. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap’s marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company. Steven Chaben assisted in closing the transaction.
STERLING HEIGHTS, MICH. — Flex-N-Gate Corp. has signed a 24,165-square-foot office lease in Sterling Heights. The building is located at 35819 Mound Road in Liberty Place, a five-building office campus. Illinois-based Flex-N-Gate manufactures products for the automotive industry. L. Mason Capitani CORFAC International arranged the five-year lease transaction.
WESTLAND, MICH. — Cohn Commercial Properties Inc. has arranged the sale of a 30,000-square-foot shopping center in Westland, about 16 miles west of Detroit. The sales price was not disclosed. The property is located at 35700 W. Warren Road across from Westland Mall. Prime Healthcare Services-Garden City LLC purchased the property from MI Westland Retail Center LLC. Cohn Commercial brokered the transaction on behalf of both parties.
AUBURN HILLS, MICH. — Bernard Financial Group has arranged an $11.2 million loan for the refinancing of a 137,994-square-foot office building in Auburn Hills. Multiple tenants occupy the building, located at 691 N. Squirrel Road. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the CMBS loan on behalf of Auburn Newco LLC.
DETROIT — Hunt Mortgage Group has provided a $5.3 million Freddie Mac small balance loan for the refinancing of Pasadena Apartments in Detroit. The 11-story multifamily property consists of 167 residential units and two retail units. The borrower, Pasadena Investments LLC, acquired the property in 2009. Improvements completed since the acquisition include kitchen renovations, exterior waterproofing and painting, a new laundry room, elevator cabs, Wi-Fi and security cameras. Originally built in 1902, Pasadena Apartments is currently 92 percent occupied. Matt Shane of Q10 | Lutz Financial arranged the 10-year loan, which features a 30-year amortization schedule.
You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have invested more than $3.5 billion in acquiring, renovating and developing slightly more than 100 properties totaling about 16 million square feet in downtown Detroit and Cleveland. Bedrock is commonly referred to as the real estate arm of billionaire businessman Dan Gilbert’s Rock Ventures. Gilbert is the chairman and founder of Rock Ventures and Quicken Loans Inc., the mortgage lending giant headquartered in Detroit. Diverse project portfolio In January, a joint venture between Shinola/Detroit LLC and Bedrock broke ground on the eight-story, 130-room Shinola Hotel. Located at 1400 Woodward Ave., the boutique hotel is scheduled to open in fall 2018. (Shinola, a Detroit-based company, is best known as a manufacturer of watches, bicycles and leather goods.) Chef Andrew Carmellini and Noho Hospitality are developing the food and beverage offerings to ensure …
ROMULUS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4 million loan for the refinancing of a single-tenant industrial property in Romulus, a western suburb of Detroit and home to Detroit Metropolitan Airport. The 121,500-square-foot building is 100 percent leased to a user that primarily services the automotive industry. Cathy Bronkema of Cohen Financial arranged the 15-year loan, which includes a 15-year amortization schedule. A life insurance company provided the loan.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 30,760-square-foot office property in Troy. Built in 2004, the multi-tenant building is located at 2150 Butterfield Drive. This is the sixth property acquisition in the Detroit area for California-based LSTC Michigan LLC. Mason L. Capitani represented both the buyer and seller, Wilson Real Estate II LLC. He will also continue to oversee leasing at the property for the new owner under the property’s new name, Butterfield Park Place. The final sales price was not disclosed, but the asking price was $3.99 million.
