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.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the acquisition of an office building located at 3330 Grand Ridge Drive NE in Grand Rapids. Redstone Homes, a West Michigan-based homebuilder, acquired the 4,800-square-foot building for an undisclosed sum. The buyer plans to consolidate its sales and operations offices at the property. Jeremy Veenstra of NAI Wisinski of West Michigan represented the buyer, while Anne Wisinski-Rosely and Joshua Jacobs, also of NAI Wisinski, represented the undisclosed seller in the transaction.
DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.
WIXOM, MICH. — Signature Associates has negotiated the investment sale of a high-tech space located at 51229 Century Court in Wixom, a northwest suburb of Detroit. Synergy Investments acquired the 39,262-square-foot space from CRS for an undisclosed sum. Jim Montgomery and John Fricke of Signature Associates represented the seller, while Montgomery also represented the buyer in the deal.
PINCKNEY, MICH. — Colliers International has arranged the sale of a multifamily property located at 10592 Whitewood Drive in Pinckney. Whitewood Duplex LLC sold the 14-unit property to an undisclosed buyer. Situated on 8.7 acres, the 10,896-square-foot complex features seven duplexes. Jim Chaconas of Colliers represented the seller in the transaction. The acquisition price was not released.
TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.