LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 34,965-square-foot retail center in Livonia, approximately 20 miles northwest of Detroit, for an undisclosed price. CRE REO LLC – Gearing Capital Partners sold L.A. Plaza, to Cantor Real Estate Income and Opportunity Fund II LLC through Auction.com. The single-story, L-shaped building is located at 36083-36175 Plymouth Road. The shopping center includes tenants such as Lily Nails, The Hair Doctor, Cozy Corner Café, Quizno’s Subs, The Jewelry Factory, KDI and The Bike Tri Shop. The center is 60 percent occupied and is situated on 4.4 acres. Rich Deptula and Josh Miller Friedman Integrated Real Estate Solutions represented both parties in the transaction.
LIVONIA, MICH. — Schostak Brothers & Co. has formed a joint venture with Schoolcraft College to develop a 91,220-square-foot corporate headquarters for Masco Corp., which is relocating its operations to Livonia from Taylor, Mich. The building is slated for completion in the spring of 2017. The facility will be located between Six Mile Road and Seven Mile Road on the Schoolcraft College campus. Masco is a designer, manufacturer and distributer of branded home improvement and building products.
Associated Bank Provides $9M Acquisition Loan for Three Manufactured Housing Communities in Michigan
CANTON, BELLEVILLE AND CARLETON, MICH. — Associated Bank has provided a $9 million acquisition loan for three manufactured housing communities in the Ann Arbor area. Zeman Homes is acquiring Wagon Wheel at 51000 Mott Road in Canton, Wagon Wheel South at 51000 Michigan Ave. in Belleville and Carleton Mobile Home Park at 12500 Jones St. in Carleton. The Wagon Wheel properties were constructed in the 1970s and have a total of 377 sites. The Carleton Mobile Home Park features 228 sites. All three properties include both single-wide and double-wide homes. Jerry Rotunno of Associated Bank originated and managed the loan transaction.
CLINTON TOWNSHIP, MICH. — FM Capital has acquired a $2.8 million non-performing loan that is secured by three K&S industrial buildings in Clinton Township, approximately 25 miles northeast of Detroit. The three facilities total 54,000 square feet and were constructed between 1989 and 2002.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 109,000-square-foot office building in Livonia, approximately 20 miles northwest of Detroit, for an undisclosed price. CEM Wildcat LLC c/o Miller Investment Co. sold the building, located at 31100 Plymouth Road, to D&E Ventures LLC. Steve Eisenshtadt and Phil Konopitski of Friedman Integrated Real Estate Solutions represented the seller in the transaction.
AUBURN HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged an industrial lease in Auburn Hills, approximately 30 miles north of Detroit. Axis Technology Group, a company specializing in automotive trim and packaging, will occupy 34,500 square feet of space at 20 Corporate Drive. Charrington Estates LLC is the landlord. Bob Dabrowski of Friedman represented the tenant in the transaction.
FARMINGTON AND HOWELL, MICH. — Capital Finance LLC, a subsidiary of Baltimore-based Capital Funding Group (CFG), has arranged a $7 million working capital line of credit for the operator of Farmington Health Care Center in Farmington and Howell Care Center in Howell. Both towns are northwest suburbs of Detroit. The two skilled nursing facilities, which were recently acquired, total 273 beds. The credit line provides the borrowers with additional commitment capacity while they work to obtain their new provider numbers from the Centers for Medicare and Medicaid Services, according to CFG.
COMSTOCK PARK, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 9,333-square-foot office building in Comstock Park, a northern suburb of Grand Rapids, for an undisclosed price. OPMA Properties LLC sold the building, located at 4211 N. Division Ave., to Sun Coast Packaging Inc., a provider of bags and packaging materials. Sun Coast Packaging acquired the facility through the acquisition of the company Shapiro Packaging. Mary Anne Wisinski and Dave Smies of NAI Wisinski of West Michigan represented the seller in the transaction, and Chip Bowling of X Ventures represented the buyer.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has arranged a 35,020-square-foot office lease in Livonia, approximately 20 miles northwest of Detroit. Exel, a third-party logistics company, will occupy the space at Seven Mile Crossing. Universal Properties Three LLC owns the building located at 38701 Seven Mile Road. Steve Eisenshtadt and Todd Hawley of Friedman represented the landlord in the transaction.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a three-building flex park in Farmington Hills, approximately 22 miles northwest of Detroit, for an undisclosed price. Garrison Investment Group LP sold Discovery Centre to Haggerty 4 LLC. The 165,016-square-foot property was 81 percent occupied at the time of sale and is located on Country Club Drive. Rich Deptula of Friedman represented the seller in the transaction, and Todd Hawley of Friedman represented the buyer.