Michigan

Friedman Arranges 5,319 SF Office Lease Near Detroit

by Christina Cannon August 31, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged a 5,319-square-foot office lease in Southfield, approximately 15 miles northwest of Detroit. The landlord, 26711 Office Associates LLC, will lease space to Real Estate Services Solutions Company (RESSCO), which will occupy the space this November. RESSCO will continue to occupy space at its current location in the Omni Officecentre until its lease expires in late 2017. David Friedman and Dan Verderbar of Friedman represented both parties in the transaction.

August 31, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 37,800 SF Industrial Property Near Detroit

by Christina Cannon August 30, 2016

WALLED LAKE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 37,800-square-foot industrial building in Walled Lake, approximately 35 miles northwest of Detroit. Martin Rd Investments LLC sold the asset, located at 850 Ladd Road, to RW Farmington LLC for an undisclosed price. Phil Konopitski, and Mike Koenigbauer of Friedman represented both parties in the transaction.

August 30, 2016

Loans Michigan Midwest Multifamily Student Housing

CBRE Secures Acquisition Financing for Student Housing Property in Big Rapids, Mich.

by Christina Cannon August 29, 2016

BIG RAPIDS, MICH. — CBRE Group Inc. has secured acquisition financing for a 264-bed student housing property in Big Rapids, approximately 55 miles north of Grand Rapids. Vision Real Estate Investment purchased Venlo Place Apartments, which serves Ferris State University. The property features amenities such as a 24-hour fitness center, a sand volleyball court and river access. Venlo Place Apartments offers two- and four-bedroom units. The fixed-rate loan features a 20-year term. Jason Brown and Dan Gable of CBRE placed the financing with a national balance sheet lender. The seller and loan amount were undisclosed.

August 29, 2016

Michigan Midwest Restaurant Retail

Colliers Arranges 2,339 SF Restaurant Lease in Metro Detroit

by Christina Cannon August 29, 2016

SOUTHFIELD, MICH. — Colliers International has arranged a 2,339-square-foot lease for Naf Naf Grill, a Middle Eastern, fast-casual restaurant chain. Naf Naf Grill will occupy space beginning next spring in an 11,500-square-foot building which is situated on an outlot to Travelers Tower, a 810,460-square-foot office complex. The restaurant will be located at 26555 Evergreen Road in Southfield and will be the company’s third location in metro Detroit. Brian Whitfield, Lou Frango and Matthew Seeley of Colliers International represented the tenant in the transaction.

August 29, 2016

Industrial Michigan Midwest

Friedman Negotiates 36,400 SF Industrial Lease in Grand Rapids

by Christina Cannon August 29, 2016

GRAND RAPIDS, MICH. — Friedman Integrated Real Estate Solutions has negotiated the lease of 36,400 square feet of industrial space in Grand Rapids. Clark’s White Glove Delivery will occupy the climate-controlled warehouse, located at 7458 Expressway Drive, beginning in October. Expressway Dr LC – Robert Grooters Development Co. is the landlord. Larry Schultz of Friedman Integrated Real Estate Solutions represented the tenant in the transaction.

August 29, 2016

Iowa Michigan Midwest Multifamily Student Housing

Triad Real Estate Arranges Sale of Two Student Housing Properties for $26.1M

by Christina Cannon August 24, 2016

CEDAR FALLS, IOWA, AND BIG RAPIDS, MICH. — Triad Real Estate Partners has arranged the sale of two student housing properties located in Iowa and Michigan. Dispositions included Venlo Place, a 264-bed student housing community located near Ferris State University in Big Rapids; and University Mills, a 481-bed student housing property located near the University of Northern Iowa in Cedar Falls. A Grand Rapids-based development company sold Venlo Place to Vision Real Estate Investment for $9.7 million. An undisclosed owner of student housing properties sold University Mills to a Minnesota-based private investment group for $16.4 million.

August 24, 2016

Michigan Midwest Multifamily

Commercial Property Advisors Brokers Sale of Three Apartment Communities for $19.7M

by Christina Cannon August 22, 2016

WEST BLOOMFIELD, MICH. — Commercial Property Advisors has brokered the sale of three apartment communities across the Midwest for a total of $19.7 million. The 42-unit Calhoun Shores Apartments in Minneapolis sold for $10.9 million. Located at 3101 E. Calhoun Parkway, the property offers one- and two-bedroom units and features amenities such as a clubhouse, sundeck and on-site laundry facility. Cornerstone Apartments, located in Detroit, sold for $7.7 million and includes 476 one- and two-bedroom units. The property features amenities such as basketball courts, a clubhouse, gated access and a playground. Hampton Square Apartments is located in Allen Park, roughly 13 miles southwest of Detroit. The property has 28 units and sold for $1.1 million. The buyers and sellers in the transactions were undisclosed.

August 22, 2016

Hospitality Michigan Midwest

NAI Wisinski Arranges Sale of Two Land Parcels in Grand Rapids for Hotel Developments

by Christina Cannon August 22, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the sale of two vacant parcels of land in Grand Rapids for the future development of two hotels. West Michigan Investment Properties sold the property, located at 4888 Town Center Drive, to Grand Hospitality Management, which plans to build a Holiday Inn Express on the 5.4-acre site. Grand Hospitality Management also acquired a 2.7-acre land parcel from Mitul Patel and plans to build a Marriot hotel on the site. Construction on both hotels in slated to start next year. Dave Denton of DAR Development represented Grand Hospitality Management in both deals. Rod Alderink of NAI Wisinski represented Wes Michigan Investment Properties in the first transaction, and Bill Tyson and Todd Leinberger of NAI Wisinski represented Mitul Patel in the second deal.

August 22, 2016

Michigan Midwest Retail

J-Bees Opens SIZE Retail Concept in Dearborn, Michigan

by Christina Cannon August 19, 2016

DEARBORN, MICH. — Mid-America Real Estate-Michigan Inc. has arranged a 1,388-square-foot retail lease for J-Bees in Dearborn, approximately 10 miles west of Detroit. J-Bees will open a new high-end specialty apparel concept called SIZE at Fairlane Town Center, a 125-store shopping center located at 18900 Michigan Ave. SIZE, which will open by the end of the year, carries designers such as Balmain, Rock Revival, UGG Australia, Salvatore Ferragamo, Adidas, Ralph Lauren, Cole Haan and Kanye West’s fashion line Yeezy. This store will be J-Bees’ first SIZE location in Michigan. Brad Rosenberg and Aleyciuss Al-Ali of Mid-America represented the tenant in the transaction.

August 19, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 8,084 SF Industrial Property in Metro Detroit

by Christina Cannon August 19, 2016

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 8,084-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. Sebastian & Sam Land Development Company LLC sold the property, located at 32945 Folsom Road, to Excalibur Managements and Investments LLC. The facility was previously occupied by a tow truck manufacturing company and was used as a truck repair shop for a waste management company before that. The new buyers will use the facility to store construction equipment and materials. Robert Frank of Friedman Integrated Real Estate Solutions represented the seller in the transaction.

August 19, 2016

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