SOUTHFIELD, MICH. — Commercial Property Advisors has brokered the sale of Providence Place and Tower Apartments in Southfield for $23 million. The 576-unit property is located adjacent to St. John Providence Hospital-Southfield and encompasses approximately 729,000 net rentable square feet. An undisclosed Michigan-based real estate investment firm purchased the property and plans to upgrade the apartment units and common areas. Cary Belovicz of Commercial Property Advisors marketed the property on behalf of Parkstone Capital Partners LP.
SOUTHFIELD, MICH. — Raleigh Officentre Southfield LLC selected Friedman Integrated Real Estate Solutions to manage, lease and oversee planned improvements for Raleigh Officentre in Southfield, a suburb of Detroit. Located at 25300 and 25330 Telegraph Road, the 297,000-square-foot Raleigh Officentre consists of two connected six-story office buildings on 14.6 acres. Friedman’s construction and design team will oversee the planned improvements, including landscape enhancements and fully remodeled lobbies. Spaces available for lease range from 1,000 to 280,000 square feet.
EAST LANSING, MICH. — Michigan State University alumni Dan and Jennifer Gilbert are donating $15 million from their family foundation to support a new addition and renovation of the Breslin Center at MSU. The renovation will enhance the fan experience for the more than 500,000 people who attend basketball games and other events at the arena each year. The gift will also support two MSU programs: the Detroit Scholars Program (DSP) and the Resource Center for Persons with Disabilities (RCPD). The donation is one of the largest in MSU’s Empower Extraordinary campaign, which has raised more than $1.26 billion since 2011 to support global problem-solving research, endowed faculty positions, enhanced facilities and student opportunities. Dan Gilbert is founder and chairman of Quicken Loans Inc. and Rock Ventures LLC, the umbrella entity for Gilbert’s portfolio of companies and investments, including his commercial real estate holdings. He is also majority owner of the Cleveland Cavaliers. His wife, Jennifer, is founder and CEO of Amber Engine, a business-to-business cloud-based platform that seeks to transform the way manufacturers and retailers of home furnishings and décor conduct business.
AUBURN HILLS, MICH. — Axilla Capital has arranged a $6 million CMBS loan to refinance the TownePlace Suites Detroit Auburn Hills. The 10-year loan features a fixed interest rate of 4.25 percent. TownePlace Suites Detroit Auburn Hills is a three-story, 82-room, extended-stay lodging facility built in 2015. The property is located on the southwest corner of Great Lakes Crossing Outlets, an enclosed, super-regional shopping mall in Auburn Hills. Joel Mazur, managing principal of Axilla Capital, originated the transaction and secured the financing.
ROMULUS, MICH. — Colliers International has arranged a 77,500-square-foot industrial lease for third-party logistics provider DB Schenker in Romulus, a western suburb of Detroit. The facility, located at 27501 Hildebrandt St., will serve as a logistics and distribution center for the company. The building was previously home to Nippon Express USA for its logistic services. Christian Hill and Jim Roberts of Colliers represented the landlord, Airport Industry Center LLC, in the transaction.
BIG RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Sattler Square, a 95,000-square-foot shopping center in Big Rapids, to a Cincinnati-based buyer. Sattler Square is located at 754 Perry Ave., between U.S. 131 and the campus of Ferris State University. The center, which is currently 96 percent occupied, is anchored by Tractor Supply and Big Lots and includes well-known brands such as Maurice’s, GNC, rue21 and H&R Block. NAI brokers Russ Bono and Cameron Timmer represented both the seller and buyer in the transaction.
AUBURN HILLS, MICH. — Colliers International has arranged a 35,000-square-foot industrial lease for Faurecia Interior Systems in Auburn Hills, about 33 miles north of Detroit. The manufacturing facility, located at 2325 Featherstone Road, will serve as a “pilot plant” for Faurecia, a Tier 1 automotive supplier whose North American headquarters is nearby. The property was previously occupied by Martinrea International Inc. as a warehouse for the manufacturing of automotive parts. Broker Michael Bennett of Colliers represented the tenant in the transaction.
ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.
BRIGHTON, MICH. — Marcus & Millichap has brokered the sale of The Shoppes at Green Oak, a regional power center located at 6650 Whitmore Lake Road in Brighton. A private investor acquired the property for $13.1 million, or $127 per square foot. Built in 2005 on nearly 11 acres, the 103,231-square-foot center is occupied by Kohl’s, TGI Fridays, Fifth Third Bank, Wendy’s, Olive Garden and Discount Tire. Simon Jonna and Mike James of Marcus & Millichap represented the undisclosed seller, while Ashish Vakhariya, also of Marcus & Millichap, represented the buyer. Steven Chaben is Marcus & Millichap’s broker of record in Michigan for the deal.