TROY, MICH. — Bernard Financial Group has arranged a $21.1 million loan for the refinancing of an office property in Troy, a northern suburb of Detroit. The multi-tenant complex consists of 149,976 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Liberty Investments LLC. A CMBS firm provided the loan.
FARMINGTON HILLS, MICH. — GHD Services has signed a 24,480-square-foot office lease in Farmington Hills, west of Southfield. The company provides engineering, architecture, environmental and construction services for the water, energy, environment, property and transportation sectors. GHD will be located at 26850 Haggerty Road. John Fricke and Greg Hudas of Signature Associates represented the landlord, Michigan Five Office LLC, in the lease transaction. CBRE represented the tenant.
GRAND RAPIDS, MICH. — PREIT has unveiled plans to replace the Sears set to close in Woodland Mall with a 90,000-square-foot Von Maur store. This will be the first location for Von Maur in the Grand Rapids area. The portion of the mall to be redeveloped, consisting of Von Maur and additional retail and restaurant space, will open in 2019. Sears currently occupies 313,000 square feet and will close in March. Other tenants at the mall include Apple, Lush, North Face and Pottery Barn. Woodland Mall’s proximity to the high-income communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand.
MUSKEGON, MICH. — Signature Associates has arranged the sale of a 39,598-square-foot office building in Muskegon in western Michigan. The sales price was not disclosed. The property is located at 2389 Laketon Ave. Camcar Plastics, a full-service plastic injection molding company, purchased the building. Jim Olsen of Signature Associates represented the seller, Orchard View Public Schools.
DETROIT — Metro Detroiters are mourning the loss of a legend in the world of business and sports. Mike Ilitch, founder of Little Caesars Pizza, owner of the Detroit Tigers and Detroit Red Wings and chairman of Ilitch Holdings, died Friday, Feb. 10 at a local hospital. He was 87. Ilitch was not only known for his outstanding business acumen, but also his passion for all things Detroit. Thanks to a $40 million gift from he and his wife Marian, Wayne State University broke ground in July 2016 on the Mike Ilitch School of Business, a new academic building on the public university’s Detroit campus. It was the largest gift in the school’s history. “There is an initial desire to say that Mike Illitch’s greatest accomplishment has to surround real estate. He was a brilliant investor and ahead of his time in terms of his holdings. His greatest contribution to the City was his steadfast devotion to it. He invested when it seemed very few still did and his actions and that of his family and organization have served as a beacon of hope for the city. He worked tirelessly showing the world that Detroit belonged among the elite as a world-class city. The legacy …
ROCKWOOD, MICH. — Colliers International has arranged the sale of 41.5 acres of land located at 21702 Huron River Drive in Rockwood, approximately 25 miles south of Detroit. At one time an industrial and manufacturing facility stood on the site. The facility closed in 2001 and remained vacant for several years before being demolished. Infinity Homes & Co., a construction company based out of Southeast Michigan, purchased the property and has plans to build residential homes on the site. Brent Beshears of Colliers International represented the seller, Henry Acquisitions Inc., in the transaction.
AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.
DETROIT — Microsoft Corp. has unveiled plans to move its Michigan Microsoft Technology Center (MTC) from Southfield to downtown Detroit in early 2018. The company will occupy more than 40,000 square feet in Bedrock’s One Campus Martius building. There are more than 40 MTCs worldwide, which bring together resources to help clients explore their products. Bedrock is the real estate arm of Dan Gilbert’s business portfolio, specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to downtown Detroit.
WARREN, MICH. — Anji Logistics USA Inc. has signed a lease for 154,377 square feet of warehouse space in Warren, north of Detroit. The former OfficeMax warehouse and distribution center is located at 13301 Stephens Road. The facility will be Anji Logistics’ first location in the United States and serve as the company’s North American headquarters. Sister company Anji-CEVA Automotive Logistics Co. is the largest third-party logistics provider in China. Jason Capitani of L. Mason Capitani CORFAC International represented Anji Logistics in the transaction.
GRAND RAPIDS, MICH. — Third Coast Development and PK Development Group have broken ground on the $42 million Diamond Place project in Grand Rapids. Diamond Place is a 2.8-acre development that sits on land formerly used by Proos Manufacturing at Michigan Street. The development will offer 165 apartments, consisting of one- and two-bedroom units. Approximately 100 of the units will be designated as income-restricted. Ground-floor retail spaces will also be available. The project is slated for completion in summer 2018. Pioneer Construction is the construction manager and Progressive AE is the architect. Other partners in the project include Michigan Good Food Fund, JPMorgan Chase Bank, Cinnaire, Mercantile Bank, Capital Impact Partners, Michigan Economic Development Corp., Michigan State Housing Development Authority, Opportunity Resource Fund and the City of Grand Rapids.
