Michigan

Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

by Kristin Harlow June 6, 2018

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.

June 6, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $14.5M Refinancing for Multifamily Property in Oak Park, Michigan

by Kristin Harlow June 5, 2018

OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.

June 5, 2018

Acquisitions Healthcare Michigan Midwest

Griffin-American Healthcare Acquires Medical Office Building in Suburban Detroit for $16.2M

by Kristin Harlow June 4, 2018

SOUTHFIELD, MICH. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired an 85,000-square-foot medical office building in Southfield, a northern suburb of Detroit. The purchase price was $16.2 million. The property was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group and Beaumont Health System. Rich Deptula and Todd Hawley of Friedman Integrated Real Estate Solutions represented the seller, Universal Properties FPMC LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand, a revolving line of credit with Bank of America NA and Keybank NA, and through the assumption of an existing mortgage loan.

June 4, 2018

Industrial Leasing Activity Michigan Midwest

Polymer Process Development Signs 75,000 SF Industrial Lease in Shelby Township, Michigan

by Kristin Harlow May 30, 2018

SHELBY TOWNSHIP, MICH. — Polymer Process Development has signed a 75,000-square-foot industrial lease in Shelby Township, about 30 miles north of Detroit. The provider of plastic injection moldings will occupy the space at 11969 Shelby Tech Drive. The company plans to vacate two facilities in Clinton Township and Chesterfield Township and consolidate into the new building later this summer. Jason Capitani of L. Mason Capitani CORFAC International represented PPD in the lease transaction.

May 30, 2018

Development Michigan Midwest Mixed-Use

Michigan Strategic Fund Approves Bedrock’s $2.1B Financing for Four Development Projects in Detroit

by Kristin Harlow May 23, 2018

DETROIT — The Michigan Strategic Fund has provided the final approval for Bedrock’s use of the MIthrive financing tool, clearing the final hurdle that locks in $2.1 billion in new investment in downtown Detroit for four projects. Plans call for redevelopment of the iconic Hudson’s site, transformation of the Monroe Blocks site, restoration of the historic Book Building and Book Tower, and expansion of One Campus Martius building. The projects are expected to create a total of 22,000 jobs, of which 15,000 are construction-related and 7,000 are permanent. The State of Michigan is estimated to capture a $2.5 billion increase in tax revenue, according to Bedrock. Construction has already begun on Hudson’s and Book Tower. Bedrock expects to break ground on Monroe and One Campus Martius later this year. Read more about each of the projects here.

May 23, 2018

Development Michigan Midwest Retail

Northern Diamond Management to Develop 50 Smoothie King Locations in Michigan

by Kristin Harlow May 21, 2018

MICHIGAN — Northern Diamond Management has signed an agreement with Smoothie King to develop 50 locations to be occupied by Smoothie King in Michigan. The firm plans to open three of those locations by the end of this year. Smoothie King expects to open 150 new locations in 2018, the most it has ever opened in the United States in a single year, according to Smoothie King Franchises Inc. There are currently more than 900 Smothie King locations worldwide. Northern Diamond Management is a Brighton, Mich.-based limited liability company.

May 21, 2018

Loans Michigan Midwest Multifamily

Arbor Provides $13M HUD-Insured Loan for Apartment Refinancing in East Lansing, Michigan

by Kristin Harlow May 21, 2018

EAST LANSING, MICH. — Arbor Realty Trust Inc. has provided a $13 million HUD-insured loan for the refinancing of Glenwood Apartments in East Lansing. The 138-unit apartment property is located near Michigan State University. Amenities include a pool, fitness center, clubhouse and laundry facilities. Michael Jehle of Arbor originated the 35-year loan.

May 21, 2018

Industrial Leasing Activity Michigan Midwest

Corrigan Worldwide Signs 21,600 SF Industrial Lease in Grand Rapids, Michigan

by Kristin Harlow May 21, 2018

GRAND RAPIDS, MICH. — Corrigan Worldwide Inc. has signed a 21,600-square-foot industrial lease in Grand Rapids. The company, which specializes in residential and commercial relocation services, is in the process of expanding its Grand Rapids facility. The property is located at 1120 36th St. Kevin Tamer of CORE Partners represented the tenant. John Kupier of Colliers International represented the undisclosed landlord.

May 21, 2018

Acquisitions Indiana Industrial Michigan Midwest Net Lease Ohio

Global Net Lease Acquires Five Industrial Assets in Midwest for $83M

by Kristin Harlow May 18, 2018

MICHIGAN, INDIANA AND OHIO — Global Net Lease Inc., a real estate investment trust focused on the acquisition of net lease industrial properties, has acquired five industrial assets representing approximately 1.4 million square feet for $83 million. Three of the buildings are located in Michigan with one in Indiana and one in Ohio. The properties are leased to Contractors Steel Co., a steel service supplier. The industrial buildings included in this transaction comprise all of Contractors Steel Co.’s facilities and also house the company’s offices, central inventory and processing depot.

May 18, 2018

Loans Michigan Midwest

KeyBank Provides $24M CMBS Loan for Refinancing of Parking Garage in Detroit

by Kristin Harlow May 17, 2018

DETROIT — KeyBank Real Estate Capital has provided a $24 million CMBS loan for the refinancing of Port Atwater parking garage in Detroit. Built in 1989, the seven-level parking garage features 1,086 parking stalls. William Cassidy of KeyBank originated the 10-year loan, which features a 25-year amortization schedule.

May 17, 2018

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