Michigan

CCA Sells Three Apartment Properties in Illinois, Michigan for $125M

by Kristin Harlow November 3, 2017

ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …

November 3, 2017

Michigan Midwest Self-Storage

Marcus & Millichap Brokers Sale of 65,810 SF Self-Storage Building in Eastpointe, Michigan

by Kristin Harlow November 2, 2017

EASTPOINTE, MICH. — Marcus & Millichap has brokered the sale of EZ Storage in Eastpointe, about 10 miles north of Detroit. The sales price was not disclosed. The 65,810-square-foot self-storage building is located at 21500 Gratiot Ave. Brett Hatcher of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. He also secured and represented the buyer, an out-of-state limited liability company.

November 2, 2017

Michigan Midwest Retail

Costco Opens 165,000 SF Membership Warehouse in East Lansing, Michigan

by Kristin Harlow October 31, 2017

EAST LANSING, MICH. — Costco Wholesale Corp. has opened a 165,000-square-foot membership warehouse in East Lansing. The property is situated on a 64-acre parcel near I-69 that is the site of a former golf course. Shawn O’Brien of CBRE|Martin began working with Costco in 2012 for site selection in the Lansing market. This is Costco’s 15th store in the state of Michigan. A grand opening took place on Friday, Oct. 27.

October 31, 2017

Michigan Midwest Office

Liberty Property to Manage Seven-Building Office Portfolio in Metro Detroit

by Kristin Harlow October 30, 2017

DETROIT — Liberty Property & Asset Management has been awarded the property management contract for a portfolio of seven office buildings located in metro Detroit. The properties, owned by California-based LSTC Michigan/LSTC California LLC, include: Berkshire Office Building in Beverly Hills; Haverhill Office Building in Troy; Butterfield Park Place in Troy, Hampton Professional Park in Rochester Hills; and Westridge Office Center in West Bloomfield. Liberty will be responsible for all aspects of the management and operation of the properties, while sister company L. Mason Capitani CORFAC International will continue to oversee leasing.

October 30, 2017

Industrial Loans Michigan Midwest

Kennedy Funding Provides $1.2M Loan for Development of Industrial Park in Macomb Township, Michigan

by Kristin Harlow October 26, 2017

MACOMB TOWNSHIP, MICH. — Kennedy Funding Financial has provided a $1.2 million loan for the development of an industrial park in Macomb Township, a northern suburb of Detroit. The 55-acre property is located at 17300 23 Mile Road. The borrower, Elite Sport Ventures LLC, acquired the property in December 2014 with plans to develop it into smaller parcels. A 2.5-acre portion of the site located near 23 Mile Road will be sold and developed into a hotel.

October 26, 2017

Michigan Midwest

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

Loans Michigan Midwest Multifamily Student Housing

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

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