ROCHESTER HILLS, MICH. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT IV Inc., have agreed to buy a medical office building in Rochester Hills for an undisclosed price. The 30,000-square-foot facility is approximately 93 percent leased to seven tenants, the largest of which is William Beaumont Hospital. An undisclosed seller disposed of the property located approximately 30 miles north of Detroit.
FARMINGTON HILLS AND DETROIT, MICH. — Berkadia has arranged a $13.5 million CMBS loan for EZ Storage, a portfolio of 1,108 self-storage units throughout Detroit and Farmington Hills. The 10-year, fixed-rate refinancing loan features a 30-year amortization schedule. Terry Halverson of Berkadia arranged the loan.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 27,225-square-foot industrial building in Livonia, approximately 20 miles northwest of Detroit, for an undisclosed price. Silvio Properties LLC sold the building to Smith-Watkins Investments LLC. The building is located at 31520 Pamco Drive. David Friedman and Phil Konopitski of Friedman Integrated Real Estate Solutions represented the seller in the transaction.
HIGHLAND TOWNSHIP, MICH. — Friedman Integrated Real Estate Solutions has negotiated the sale of a 45,538-square-foot retail center in Highland Township, approximately 45 miles northwest of Detroit. CGMT 2006-C5 Retail 2880 LLC sold Highland Town Center to North Michigan Hospitality Inc. through Ten-X.com. The retail center, located at 2780-2880 E. Highland Road, is situated on a 7.7-acre site. The center is comprised of three buildings and features tenants such as Rite Aid and ACE Hardware. Rich Deptula of Friedman represented both parties in the transaction.
DETROIT — Colliers International has arranged a 120,000-square-foot industrial lease in Detroit. Renaissance Global Logistics will occupy the space and use the facility for the distribution of auto parts. Detroit Holbrook Holdings LLC is the landlord. American Axle Manufacturing was the previous owner. Gary Glotzhober of Colliers International represented both parties in the transaction.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 155,433-square-foot industrial facility for an undisclosed price. EWI sold the building, which is located at 13211 Merriman Road in Livonia, approximately 20 miles northwest of Detroit. Alta Equipment Co., a Midwest forklift and heavy construction equipment provider, purchased the property. David Friedman and Phil Konopitski of Friedman Integrated Real Estate Solutions represented both parties in the transaction.
DETROIT — Image Capital LLC has purchased two out of three buildings belonging to the luxury Riverfront Towers property in Detroit for $79.5 million, according to Crain’s Detroit. Riverfront Tower Holding LLC was the seller. Tower 100, built in 1992, is 26 stories and contains 271 units. Tower 200, built in 1983, is 29 stories and contains 282 units. Tower 300, which was converted into 285 condominiums between 2005 and 2007, is not included in the sale. The property is situated on 11.7 acres and totals 571,831 square feet. Amenities include a fitness center, tennis and volleyball courts, a running track, indoor pool and spa, a dog run, jogging trails, a restaurant, picnic and grilling areas and a 722-space parking deck. Riverfront Towers offers a mix of one- and two-bedroom units that average 1,034 square feet. Apartment Management Professionals Residential will manage the property. Rick Vidrio and Rick Brace of Berkadia brokered the transaction.
DETROIT — Detroit’s M-1 Rail streetcar project, named the QLine after Dan Gilbert’s Quicken Loans, is on track to be completed by the end of the year. The 3.3-mile track is over 50 percent complete, and the program expects to be carrying passengers starting sometime next spring. The QLine will contain six streetcars, and the first streetcar is half complete. Brookville Equipment Corp. is building the streetcars, as well as providing spare parts and support services, for $32 million. In May, Turner Construction completed work on the Penske Tech Center, which will house the M-1 Rail administrative staff and serve as the maintenance and operations center for the streetcars. The first streetcar will be delivered to the Penske Tech Center by the end of the year, and testing and safety certification will begin at that time.
TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.
GRAND BLANC, MICH. — Bernard Financial Group has arranged a $14.5 million loan to refinance a 220-unit luxury apartment community in Grand Blanc, approximately eight miles south of Flint. Gateway Apartments of Grand Blanc offers six different floor plans and is situated on 21.9 acres. Gateway Apartment Company No. 1 LLC was the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan. Built in 2003, the apartment community features amenities such as a business center, clubhouse, fitness center, playground, swimming pool, tennis court, extra storage and covered parking. Apartment amenities include kitchen appliances, washers and dryers, vaulted ceilings, large closets and balconies or patios. Gateway Apartments of Grand Blanc is located at 5220 Baldwin Road.