DELTA TOWNSHIP, MICH. — Bernard Financial Group has arranged a $42 million loan for the refinancing of a 1.7 million-square-foot industrial facility in Delta Township, located just west of Lansing. Multiple tenants occupy the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan. Barings Real Estate Advisors provided the loan for the borrower, Ashley Delta LLC.
MARQUETTE, MICH. — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018. The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round. “When we began this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” says Randy Churchey, CEO of EdR. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.” EdR is leasing the land from the university and owns the community through its on-campus equity plan titled the ONE Plan program. This public-private partnership is the largest construction project in the university’s history. EdR is one of America’s largest …
FARMINGTON HILLS, MICH. — ElmTree Funds has acquired a 116,824-square-foot office property in Farmington Hills. Upon acquisition, ElmTree oversaw a $7 million renovation at the property, which is occupied by Sumitomo Electric Wiring Systems Inc. As part of the same sales transaction, ElmTree acquired eight other buildings in various states totaling 312,974 square feet for $74.1 million. Each property is 100 percent leased. Other properties acquired in the Midwest include a 16,668-square-foot healthcare building in West Des Moines, Iowa, and a 16,694-square-foot healthcare building in O’Fallon, Mo. BioLife Plasma Services LP occupies both properties.
AUBURN HILLS, MICH. — The Palace of Auburn Hills, formerly home to the Detroit Pistons, is slated to close this fall. Bob Seger & The Silber Bullet Band will play the final show at the arena on Saturday, Sept. 23. Conceptualized and built in 1988 by Arena Associates, The Palace has experienced a series of upgrades and renovations during its history, including $40 million of capital improvements made during the ownership of Tom Gores. No decisions or timetable regarding future plans for the building or the property have been made at this time. Business operations for the Detroit Pistons and Palace Sports & Entertainment will continue to function and be headquartered inside the building. Basketball operations will commence at the team’s practice facility adjacent to the venue while the new Henry Ford Detroit Pistons Performance Center in Detroit is being constructed. The Pistons will play at the new Little Caesars Arena in Detroit starting this season.
ALLEN PARK, MICH. — KeyBank Real Estate Capital has provided a $12 million loan for the refinancing of an 809,918-square-foot industrial center located in Allen Park, a southern suburb of Detroit. The property consists of two buildings and a garage. The facilities were built in 1957 and 2000, with renovations in 2010 and 2014-2016. Roush Industries anchors the property. Robert Williams of KeyBank originated the 10-year CMBS loan, which features a 30-year amortization schedule.
GRAND RAPIDS, MICH. — Grand Valley Medical Specialists (GVMS) has signed a 14,180-square-foot lease to open a medical practice in Grand Rapids. The property, which will accommodate more physicians and patients than the former 10,363-square-foot location on Wealthy Street, is located at 1000 E. Paris Avenue Southeast. GVMS currently employs 15 doctors and five advanced practice providers. GVMS provides primary patient care to the whole family, from infants to adults, through its pediatric, family and internal medicine practices. Although GVMS began seeing patients at the East Paris location on July 18, renovations to the interior of the building are underway, including upgrades to the common areas and restrooms, as well as a remodeling of the lobby. MB Real Estate-health care, the lessor, is managing the renovation project. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan negotiated the lease transaction.
LANSING, MICH. — Pillar Financial has provided an $11 million loan for the acquisition of Mill Pond Village in Lansing. The manufactured housing community is located seven miles from Michigan State University and the State Capitol at 1500 Old Mill Lane. Built in 1973, the property contains 356 sites. The property was 93 percent occupied at time of sale. Adam Klingher of Pillar originated the 15-year Fannie Mae loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Chris San Jose of Yale Realty & Capital Advisors. A family-owned private investment company was the borrower.
WARREN, MICH. — Old Navy has signed a 12,688-square-foot at Warren Tech Plaza in Warren, a suburb of Detroit. The 311,00-square-foot retail center is now 90 percent leased. Other recent tenant additions include Marshalls, DSW, Five Below, Ulta and Walmart. Petzold Enterprises acquired the property in 2014. Originally opened in 1960, the shopping center has undergone extensive improvements including an L-shape design, improved site lines, covered sidewalks and upscale finishes. The renovations team included Tiseo Architects, design firm R. Berlin & Associates, and NCS Construction Services.
STERLING HEIGHTS, MICH. — Time Equities Inc. (TEI) has acquired Clinton Valley Shopping Center in Sterling Heights for $23.5 million. The 205,435-square-foot retail center is located at 44809 Schoenherr Road. The property is currently 91 percent occupied. Tenants include Hobby Lobby, Office Depot, DSW, OptimeEyes, Avenue, GameStop, Lifeway Christian, Carrabba’s Italian Grill and BD’s Mongolian Barbeque. Ami Ziff, Jonathan Kim and Adam Levitt of TEI represented TEI in the acquisition. Ben Wineman of Mid-America Real Estate Group represented the seller, Ramco-Gershenson Properties Trust. This is TEI’s fourth asset in Michigan.
MIDLAND, MICH. — Zolman Restoration has signed a 30,690-square-foot industrial lease in Midland, about 27 miles east of Mt. Pleasant. The property is located at 2520 Schuette Road. Zolman Restoration is a fire, flood and storm damage repair company. The company needed the space to house furnishings, equipment and fixtures while repairing a building damaged from fire. John Hamburger and Julie Strong of Signature Associates represented the tenant in the lease transaction. The landlord was not disclosed.
