SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated the lease of 26,607 square feet of office space for Metropolitan Life Insurance Co. in Southfield. Galleria Office Center is located at 300 Galleria Road. David Friedman and Robert Gagniuk of Friedman represented the landlord, Galleria Owner LLC, in the transaction.
SCIO TOWNSHIP, MICH. — Signature Associates has negotiated the sale of 104,590-square-foot office building located at 7322 Newman Blvd. in Scio Township, west of Ann Arbor. The sales price was not disclosed. The building was vacant at closing. The purchaser, Ari-El Enterprises, has hired Signature Associates to begin securing tenants for the complex. John Fricke of Signature Associates represented both the buyer and the seller, Thomsen Reuters.
DETROIT — The Detroit Pistons announced Tuesday agreements under which the team will move to downtown Detroit and begin playing at the new Little Caesars Arena starting next season. The move will include construction of a new state-of-the-art Pistons practice facility and corporate headquarters. With the Pistons and Red Wings playing under one roof just blocks from the Tigers’ Comerica Park and the Lions’ Ford Field, Detroit will be the only North American city to have each of its four major professional sports leagues housed within four blocks in its urban core. The Pistons are currently playing their 29th and final season at The Palace of Auburn Hills. The redevelopment of that area is yet to be determined. Little Caesars Arena is on track for a September 2017 opening. A 50-block, mixed-use development, The District Detroit, will surround the arena. Detroit Pistons Owner Tom Gores, Christopher Ilitch of Ilitch Holdings Inc. and Detroit Mayor Mike Duggan made the announcement in a press conference Tuesday.
GRAND RAPIDS, MICH. — The Boulder Group has brokered the sale of a single-tenant property net leased to Qdoba Mexican Eats in Grand Rapids for $1 million. The building is located at 3225 Alpine Ave. NW across from Green Ridge Square shopping mall. There are over five years remaining on the Qdoba lease, which expires in September 2021. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company, in the transaction. A high-net-worth individual from the West Coast was the buyer.
DETROIT — Ford and UAW-Ford have invested $6 million as lead donor in a $50 million expansion of Motown Museum in Detroit, according to the museum’s website. The museum is home to the famous Hitsville USA and Studio A. The expansion will increase the size of the museum to 50,00 square feet. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates. As part of the investment, the expanded museum will include: Ford Motor Company Theater, a state-of-the-art performance venue. Educational, music and other programming tied to Ford’s ongoing student and community outreach initiatives. CARaoke Experience, an interactive Ford-branded activity that incorporates music with Ford vehicles. Ford will be official vehicle of Motown Museum. The commitment is part of the $10 million that the Ford Fund is contributing to Detroit over the next five years.
DETROIT — Colliers International has arranged a 1,728-square-foot office lease in the Grand Park Centre building, a 20-story office tower, in Detroit. Nowak & Fraus Engineers, an engineering, surveying and planning company, will occupy the space at 28 W. Adams St. The company headquarters will remain in Pontiac, Mich. Nowak & Fraus expect its move into the Grand Park Centre building to be complete in January 2017. Peter McGrath of Colliers International Detroit represented Nowak & Fraus in the lease transaction.
LIVONIA, MICH. — Colliers International has brokered the sale of the Awrey’s Bakery building in Livonia, a western suburb of Detroit. The sales price was not disclosed. The 219,225-square-foot building sits on 20 acres and is located at 12301 Farmington Road. Raffi Derbabian of Colliers International represented the seller, NJ Ventures LLC. The buyer was undisclosed. Awrey’s bakery production will continue to operate out of the building. Originally founded in 1910, the bakery remains one of the largest, privately owned bakeries in the country.
ANN ARBOR, MICH. — Hunt Mortgage Group has provided an $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor. The 324-unit apartment community is located at the northeast corner of State Street and Eisenhower Parkway. Constructed in 1973, the complex consists of seven two-story buildings with 36 studio units, 198 one-bedroom units and 90 two-bedroom units. The 30-year loan includes a 30-year amortization schedule. Cardinal HVC LLC was the borrower. Matt Shane of Q10/Lutz Financial Services was the mortgage broker in the transaction.
WALLED LAKE, MICH. — Gerdom Realty & Investment has arranged the sale of a 19,798-square-foot office building in Walled Lake, a northern suburb of Detroit. The sales price was not disclosed. The office building is situated on 4.1 acres at Ladd Road, just south of Maple Road. A Detroit-based church was the buyer. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the seller in the transaction.
ALMA, MICH. — Lamb Net Lease LLC has brokered the sale of a net leased Walgreens pharmacy in Alma in central Michigan for $5.8 million. The 14,820-square-foot property is located at 1420 Wright Ave. The buyer, Riverlawn Properties LLC, completed the deal as part of a 1031 exchange. Joe Patti of Roaring Fork Holdings LLC represented the buyer. Mike Lamb of Lamb Net Lease represented the seller, Retail Development Inc.