BELLEVILLE, MICH. — Gerdom Realty & Investment has brokered the sale of Meridian Medical Plaza in Belleville, 29 miles southwest of Detroit. The sales price was not disclosed. The 12,000-square-foot medical facility is 100 percent leased to multiple tenants. The buyer, a local private investor, also acquired additional land for a second phase of development. Larry Siedell and Tjader Gerdom represented both parties in the transaction.
DETROIT — Developers Karp and Associates and Prater Development have completed a $30 million conversion of a former retail and office building into Capitol Park Lofts, a 63-unit apartment property in Detroit’s Capitol Park neighborhood. Floor plans range from studios to two-bedroom units with monthly rents starting at $998. The 80,800-square-foot building was originally constructed in 1912. The property, located at 1145 Griswold St., also features second-floor office space and Prime + Proper restaurant. The project team included architecture and design firm Kraemer Design Group and construction manager Buildtech.
MIDLAND, MICH. — Realty Income has acquired a 102,513-square-foot retail building in Midland, located in central Michigan, for $10.2 million. Home Depot owns the building and currently has a long-term ground lease at the property, which is located at 1100 Joe Mann Blvd. near the Midland Mall. Home Depot has six years remaining on a 20-year lease. Jon Busse and Earl Clements of Colliers International represented the seller, Burlingame Midland LLC. Realty Income was self-represented in the transaction.
HOLT, MICH. — Greystone has provided a $2.3 million Freddie Mac loan for the refinancing of Whispering Pines in Holt, 10 miles south of Lansing. The property features 104 apartment units. Cary Belovicz, Austin Hull and John Marr of Greystone originated the 10-year loan, which features a fixed rate.
JACKSON, MICH. — Home2 Suites by Hilton has opened in Jackson, about 35 miles south of Lansing, the capital of Michigan. The extended-stay hotel consists of 83 suites. Ontario Hospitality Inc. developed, owns and manages the property, which features fully equipped kitchens, complimentary Internet, breakfast, a combined laundry and fitness area, and indoor pool. The hotel is located at 2704 Bob McClain Drive off I-94.
TROY, MICH. — Hayman Co. has unveiled plans for a $10 million upgrade of a 732,000-square-foot office complex in Troy. The company purchased the five-building property earlier this year for $55 million. Along with external updates to the complex, renovations will be made to the lobbies and bathrooms. A conferencing center will also be added. The name change to PentaCentre is part of the rebranding process for the property, which is located along East Big Beaver Road and was originally built in the mid 1980s. Hayman Co. will handle management and leasing of the property.
Steady employment gains and new households in metro Detroit have boosted optimism in the retail sector. The local economy added 36,500 nonfarm payroll jobs in the 12-month period that ended September 30, 2017, an expansion of 1.8 percent and in line with employment growth nationally. Job gains were led by the professional and business services sector, which filled more than 12,400 positions. This segment includes many well-paying tech jobs as companies such as Penske Logistics and Lear Corp. increase staffing. As of August, Detroit’s seasonally adjusted unemployment rate stood at 3.2 percent, down from 5.3 percent a year earlier, according to the Bureau of Labor Statistics. Amazon.com is rapidly expanding in the metro area. Amazon opened a fulfillment center in Livonia this fall, creating 1,000 positions, and has additional facilities planned in 2018 for Romulus and Shelby Township that will create a combined 2,600 jobs when fully staffed. The combination of job creation and increasing wages is boosting household incomes and contributing to rising retail sales. The median household income in the third quarter stood at $59,600 per year, slightly higher than the U.S. level. The gain in spending power is benefiting existing retail operations and attracting new businesses such …
DETROIT — Bernard Financial Group has arranged a $67.5 million CMBS loan for the refinancing of a 489,786-square-foot office building in Detroit. The multi-tenant, 25-story building is located at 150 W. Jefferson Ave. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan on behalf of the borrower, 150 West Jefferson Owner LLC.
INDIANA AND MICHIGAN — KeyBank Real Estate Capital has provided a $69.9 million CMBS loan for the refinancing of an eight-property hotel portfolio in Indiana and Michigan. The 694-room portfolio consists of four extended-stay Homewood Suites by Hilton hotels and four limited-service Hilton Hampton Inn hotels located in various cities across Indiana and Michigan. Jake Proctor of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. HRC Hotels was the borrower.
ROMEO, MICH. — Newmark Knight Frank (NKF) has brokered the sale of a 90,000-square-foot industrial build-to-suit land site in Romeo, about 45 miles north of Detroit. The parties closed on the land and signed a construction agreement. The property is located at 100 Peyerk Court. Lanzen, Inc., a defense contractor, will relocate to the property from its current location at 30980 Groesbeck Highway in Roseville in 2018. Lanzen has occupied 34,000 square feet in Roseville since 1966. The company also has manufacturing facilities in Mancelona and Petoskey, which it will continue to occupy. Mike Davidson of NKF represented both the buyer, Lanzen, and the seller, Kemp and Peyerk LLC. Kemp Building & Development began construction on the property in October with completion scheduled for mid-summer 2018.