Friday, November 14, 2025
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MichiganMidwestMultifamily

NAI Wisinski Brokers $57M Sale of Luxury Apartment Community in Grand Rapids, Michigan

by Kristin Harlow

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Ridges of Cascade Apartments in Grand Rapids for $57 million. The 237-unit luxury apartment community opened in August 2016 at 100 percent occupancy. The $240,506 per unit represents the highest price per unit ever recorded in Michigan for a suburban market-rate multifamily asset, according to NAI Wisinski. Craig Black and Scott Nurski of NAI Wisinski represented both the buyer, a Michigan-based private equity group, and the seller, a local developer.

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LoansMichiganMidwestOffice

Bernard Financial Arranges $2.9M Refinancing for Office Building in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.

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MichiganMidwestOffice

Farbman Group Undertakes Renovation of 500,000 SF Office Property in Bingham Farms, Michigan

by Kristin Harlow

BINGHAM FARMS, MICH. — Farbman Group is renovating its Bingham Office Center in Bingham Farms, about 20 miles northwest of Detroit. Farbman Group owns and manages the 500,000-square-foot property, which is located at 30600, 30700 and 30800 Telegraph Road. Renovations include new lobbies with new floors, furniture, lighting and an updated lounge area. Additional updates throughout the property will include freshly painted corridors, upgraded Wi-Fi and an updated seating area. The renovation project is slated for completion in December.

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ArizonaColoradoIndianaMichiganMidwestMultifamilyOregonStudent HousingTop StoriesWashingtonWesternWisconsin

American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M

by Taylor Williams

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …

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MichiganMidwestOffice

Farbman Group to Renovate 500,000 SF Office Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — Farbman Group has unveiled plans to renovate Sheffield Office Park, a three-building, 500,000-square-foot office complex in Troy. The property is located at 3290 W. Big Beaver Road. Renovations will be made to the 3310 building, including an updated lobby space and deli as well as new interior finishings. The exteriors to all three buildings will be refaced and repainted different colors. Renovations were previously made to the 3250 and 3290 buildings.

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MichiganMidwestMixed-UseTop Stories

Bedrock Plans $2.1B in Developments in Downtown Detroit Totaling 3.2 MSF

by John Nelson

DETROIT — Bedrock, Dan Gilbert’s Detroit-based commercial real estate development and investment firm, has unveiled a package of four developments totaling $2.1 billion in new investment that will add to Detroit’s skyline. Totaling 3.2 million square feet, Bedrock expects to create both construction and permanent jobs totaling up to 24,000. “Detroit is going vertical,” says Gilbert, who also founded Quicken Loans Inc. and owns the Cleveland Cavaliers of the National Basketball Association. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.” Gilbert adds that “transformational” projects like these are necessary to both accommodate the expansion of current downtown businesses and make Detroit a legitimate competitor for new businesses and massive opportunities, including Amazon’s HQ2. Gilbert, Detroit Mayor Mike Duggan and other elected officials and community members gathered at the historic Book Tower to unveil the following projects: The Hudson’s Site — The approximately $900 million, 1 million square-foot redevelopment of the old Hudson’s site will include the tallest tower in Detroit. Crain’s Detroit Business reports that the building will rise 80 stories, which would top …

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MichiganMidwest

Stephen Ross Gives Additional $50M to University of Michigan, Brings Total Giving to $378M

by Kristin Harlow

ANN ARBOR, MICH. — Real estate developer and alumnus Stephen Ross has donated an additional $50 million to the University of Michigan, bringing his total lifetime giving to the academic institution to $378 million. The majority of the gift will support career development programs for students, learning experiences such as student-run investment funds and new business ventures as well as resources for attracting and developing junior faculty. The rest will go toward completing and maintaining the Ross School of Business. Ross continues to be the single largest donor to the university. He also chairs U-M’s Victors for Michigan Campaign, which has raised more than $4 billion since its beginnings in 2013. Ross is founder and chairman of the Related Cos. and owner of the Miami Dolphins. The Related Cos. is best known for the development of Time Warner Center in New York City and the 28-acre Hudson Yards development on Manhattan’s west side, and is also one of the largest owners of affordable housing nationally.

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IndustrialMichiganMidwest

MSC Industrial Supply Co. Signs 14,334 SF Industrial Lease in Livonia, Michigan

by Kristin Harlow

LIVONIA, MICH. — MSC Industrial Supply Co. has signed a 14,334-square-foot industrial lease in Livonia, a western suburb of Detroit. The warehouse property is located at 37007 Industrial Road. The building will serve as MSC’s vending machine division beginning in November. Gary Glotzhober of Colliers International represented the tenant in the lease transaction. MSC currently operates five locations in Michigan.

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MichiganMidwestNet LeaseRetail

Boulder Group Negotiates $2.4M Sale of Net Leased Retail Property in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — The Boulder Group has negotiated the sale of a retail property net leased to ATI Physical Therapy in Ann Arbor for $2.4 million. The 8,200-square-foot, single-tenant property is located at 4765 Jackson Road near the University of Michigan. ATI has over 11 years remaining on its lease, which expires in January 2029. The building recently underwent a complete renovation. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. The buyer was also a Midwest-based private partnership.

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Brennan Investment, Arch Street Acquire $100M Industrial Portfolio in Midwest, Southeast

by Taylor Williams

CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …

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