STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a 26,128-square-foot industrial lease for Superior Cam, a sheet metal manufacturer, in Sterling Heights. The facility is located at 35120 Stanley Drive. Superior Cam is based in Madison Heights, Mich., and operates out of 200,000 square feet collectively. Jason Capitani of L. Mason Capitani CORFAC International represented the landlord on the multi-year lease transaction.
GRAND RAPIDS, MICH. — The Woda Group has broken ground on Grand View Place, a 68-unit apartment building in Grand Rapids. The groundbreaking ceremony took place on Thursday, Nov. 3. Grand View Place will be the first major residential development in the existing commercial and industrial sector of the Grand River between the 6th Street Bridge and Leonard Avenue. The primary source of funding for the project was tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Stan Wisinski of NAI Wisinski West Michigan represented The Woda Group in the purchase of land at the former Ryder Truck terminal at 936 Front St.
ALLENDALE, MICH. — NorthPoint Capital Funding Inc. has arranged a $21.3 million loan on a purpose-built student housing development in Allendale. The 192-unit, 576-bed property is expected to finish the first phase of construction in time for the 2017-2018 school year. Zimmer Development Co. and Orion II Construction Inc. are executing the development and construction. To meet the requirements of the project’s experienced developer, NPCF was able to arrange a construction line of credit converting to a commercial real estate loan with Flagstar Bank. The loan term was undisclosed. Mark Perkowski of NPCF was the loan originator. The borrower was from out of state.
DETROIT — Cushman & Wakefield has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit. The purchase price was not disclosed. The properties include Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. An affiliate of Chicago-based private equity firm Green Courte Partners LLC purchased the portfolio. Green Courte has retained the existing management firm, an affiliate of Spectrum Retirement Communities LLC, to operate the properties. The portfolio was stabilized with occupancy exceeding 95 percent at the time of sale. Allen McMurtry and David Rothschild of Cushman & Wakefield represented an institutional seller in the disposition.
BLOOMFIELD HILLS, MICH. — Hilton and Kingsley Hospitality LLC have unveiled plans for a $10 million renovation of the Kingsley Inn in Bloomfield Hills. The historic hotel will reopen as a DoubleTree by Hilton in the fall of 2017. The updated hotel will feature a full-service restaurant, indoor pool and 11,396 square feet of meeting space. Neumann/Smith Architecture is designing the hotel’s exterior renovation. Hotel Investment Services Inc. will operate the hotel, which is expected to open in fall 2017. The hotel will remain open during the renovation.
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.
