NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 2.8-acre industrial lot located on Heslip Drive in Novi. Alpha Industries sold the site to M.J.W. Investments for an undisclosed price. Phil Konopitski of Friedman represented the seller in the transaction.
SAN CLEMENTE, CALIF. — Pillar has arranged a $172 million, fixed-rate loan for the acquisition of 11 manufactured home communities. The portfolio consists of 10 properties located in Michigan and one property located in Alabama. The 10 Michigan-based communities include a total of 5,352 sites with varying amenities and occupancy rates. All of the Michigan properties feature clubhouses/leasing offices and many offer swimming pools and fitness centers. Eight of the Michigan-based properties are located within 30 to 60 miles of Detroit. Arthur Tuverson of San Clemente-based Pillar, along with Yale Capital Advisors, arranged the Fannie Mae financing, which features a 10-year term.
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.
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.
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.
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.
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.
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.
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.
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.