TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 11,800-square-foot retail building in Trenton, approximately 20 miles southwest of Detroit. Land Holding LLC sold the building, named Animal Crackers, to Trinity Realty Group LLC for an undisclosed price. The property is located at 124 Elm St. Paul Feldman of Friedman Integrated Real Estate Solutions represented the seller in the transaction.
DETROIT — Bernard Financial Group has arranged a $15.5 million refinancing loan for Broderick Tower, a 34-story mixed-use building in Detroit. The high-rise, located at the southeastern corner of Woodward Avenue and Grand Circus Park, features office space on floors 2-4, apartment units on floors 5-34, with floors 25-34 consisting of penthouses. Motown Construction Partners LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing through Fifth Third Bank.
DETROIT — Bernard Financial Group has arranged a $4.2 million refinancing loan for Glen Cove and Parkside Apartments, both multifamily properties in Detroit. Parkside I LLC was the borrower. Glen Cove, built in 1970, has 54 one-bedroom/one-bathroom units and 54 two-bedroom/one-bathroom units. Parkside Apartments, built in 1967, includes a total of 138 units. Kevin Kovachevich of Bernard Financial arranged the CMBS loan.
Detroit has become a five-sport town: The Pistons, Red Wings, Lions and Tigers have been joined by Dan Gilbert’s Bedrock Real Estate Services LLC, the entity that has made a sport out of assembling a downtown Detroit portfolio of commercial buildings. In the process, Gilbert is becoming the city’s biggest advocate. Talking about Detroit’s office market without including Gilbert’s latest investment is akin to discussing Detroit’s economy and excluding the automotive industry. The Quicken Loans founder and principal shareholder of the Cleveland Cavaliers put himself on the region’s real estate game board when the recession ended and he started buying up properties. To date, Gilbert and his team have amassed a portfolio of more than 85 properties in and around the downtown comprised of more than 13 million square feet and valued in excess of $2.2 billion. The March 2015 acquisition of the 43-story One Detroit Center at 500 Woodward Ave. — which has since been renamed Ally Detroit Center — and attached 2,070-space parking deck for well over $100 million was his biggest deal during the acquisition spree. Ally Financial is completing its relocation to the building this spring from the nearby Renaissance Center, as well as bringing employees …
WARREN, MICH. — Colliers International has brokered the sale of an 18,820-square-foot industrial building in Warren, approximately 20 miles north of Detroit, for an undisclosed price. Z & Z Properties LLC sold the property, located at 6795 E. 9 Mile Road, to Holman Holdings 2 LLC. Brent Beshears of Colliers represented the seller in the transaction.
MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 4,320-square-foot retail building in Mount Clemens, approximately 30 miles northeast of Detroit. Johnny G’s Bar & Grill occupies the building located at 27 N. Walnut St. Macomb Development Group LLC sold the building to JWH Capital IX LLC, a Royal Oak-based affiliate of Hanna Development & Management Co., for an undisclosed price. The purchaser bought the Macomb Music Theatre, which is next door and shares an interior door with Johnny G’s Bar & Grill, in February. Josh Miller of Friedman represented the seller in the transaction.
MILAN, MICH. — Wabash & Main LLC will redevelop over 10,000 square feet of retail space in Milan, approximately 17 miles south of Ann Arbor. The $5.3 million project, located at 2 E. Main St., will also include the addition of 15 loft-style apartments in addition to the eight retail spaces. The property is part of the Milan Main Street Historic District and was the first brick building built in the town. Jim Chaconas, Paul Godek and Gerald O’Connor of Colliers International represented the developer in the deal.
SOUTHGATE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 14,238-square-foot strip retail center in Southgate, approximately 15 miles southwest of Detroit, for an undisclosed price. Metropolitan Real Estate – Wyandotte LLC sold the multi-tenant building, located at 16134-16146 Eureka Road, to Southgate Property LLC for an undisclosed price. The property was built in 1963. Greg Hornby of Friedman represented both parties in the transaction.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged a 6,300-square-foot office lease in downtown Grand Rapids. Modustri, a digital precision measurement tool company, will occupy the entire sixth floor at the 35 Oakes building. Mary Anne Wisinski-Rosely and Hillary Woznick of NAI Wisinski of West Michigan represented the landlord, Project 35 LLC, in the transaction. Adam Vranian of North Star Commercial represented Modustri.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 16,454-square-foot office lease in Troy, approximately 30 miles north of Detroit. Law firm Dinsmore & Shohl LLP will occupy space at Wilshire Plaza North, which is located at 900 Wilshire Drive. Steve Eisenshtadt and Keith Grebinski of Friedman represented the landlord in the transaction.