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.
Anji Logistics Signs 154,377 SF Industrial Lease for North American Headquarters in Warren, Michigan
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.
HOLLY, MICH. — Signature Associates has arranged the sale of a 27,420-square-foot industrial building in Holly, south of Flint. The sales price was not disclosed. The building is located at 4101 E. Baldwin Road. Zito Construction, a local construction company, was the buyer. Paul Saad and Joe Banyai of Signature Associates represented the seller, LN Real Estate LLC.
GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the sale of the Women’s Health Center of West Michigan in Grand Rapids for $43.5 million. The four-story, 106,806-square-foot medical office building was built in 2008. The facility, which is 93 percent occupied, is anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health. The University of Michigan recently acquired Metro Health. Haron and Ashish Vakhariya of Marcus & Millichap represented the seller, Pinnacle Construction Group. The team also procured the buyer, a private real estate investment trust. The transaction was the largest sale by dollar value for a medical office property in Michigan since 2014.
SOUTHFIELD, MICH. — Arriba Capital has negotiated a $17.3 million bridge loan for the refinancing of Metro Office Complex in Southfield. Built in the late 1980’s, the four-building, 565,000-square-foot office complex will undergo comprehensive capital improvements by the borrower, a Toronto-based real estate investor. Nick Barbaria of Arriba Capital negotiated the fixed-rate, bridge loan.
MIDLAND, MICH. — Westwood Net Lease Advisors has brokered the sale of an office building in Midland, about 27 miles east of Mt. Pleasant, for $92.6 million. The building serves as the headquarters for Dow Chemical Co., a manufacturer of plastics, chemicals and agricultural products. David Clary of Stan Johnson Co. represented the seller, Wells Fargo. Vince Vatterott and Jason Simon of Westwood Net Lease Advisors represented the buyer, a Northeast-based real estate investor. The transaction was completed as a 1031 exchange.
FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 35,090-square-foot retail automotive facility in Farmington Hills. The sales price was not disclosed. The facility, previously used as a sales and service center for Motor City Harley Davidson, is located at 34900 Grand River Ave. Farmington Hills-based Coretek Services, an IT services and consulting company, will lease the property as its new corporate headquarters. Paul Gobeille of Colliers represented the purchaser, an undisclosed LLC.
CANTON, MICH. — Dental One Partners and Sport Clips have joined the Shops of Canton. The 3,200-square-foot dental office and 1,740-square-foot men’s hair salon are located in the shopping center on Ford Road across from IKEA. With the new leases, the center is now fully leased. Other tenants include Starbucks, Sprint, Tom+Chee and MOD Pizza. Tjader Gerdom and Larry Siedell of Gerdom Realty represented the owner and procured the new tenants.