Wednesday, January 8, 2025
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AcquisitionsHealthcareMichiganMidwest

Dominion Negotiates Sale of Former Hospital in Tecumesh, Michigan

by Kristin Harlow

TECUMESH, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of the former Herrick Memorial Hospital property located at 500 E. Pottawatamie St. in Tecumesh, about 60 miles southwest of Detroit. The sales price was undisclosed. James Mitchell of Dominion represented the buyer, Greater Midwest Group LLC. The hospital operated as a 50-bed acute care facility until it closed in September 2020. The new owner plans to use the 188,179-square-foot property as a behavioral health facility.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Secures $4.2M Loan for Refinancing of Multifamily Property in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit multifamily property in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, One Durham LP. Symetra Life Insurance Co. was the lender.

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LoansMichiganMidwestMultifamily

PACE Loan Group Arranges $4M in C-PACE Financing for Short-Term Rental Condos in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — PACE Loan Group has arranged nearly $4 million in C-PACE financing for The Boardwalk, a short-term rental condominium project under construction in Traverse City. The property is being built in two phases. The first phase, which features 42 units with first-floor retail space, received $1.7 million in early 2023 and is slated for completion in March. The second phase, which features 48 units, received $1.8 million and is scheduled for completion in the second quarter. The project is utilizing modular construction methods. The senior lender for both C-PACE loans was a local credit union. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including increased building insulation, Energy Star windows, high-efficiency HVAC and plumbing fixtures, and LED lighting. The renewable and energy conservation measures are expected to save $120,140 annually in the payback period of 13.5 years. The Boardwalk marks the fourth PACE project in Grand Traverse County and the 76th in the state of Michigan. The PACE program is administered in a public-private partnership through Lean & Green Michigan. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing …

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MichiganMidwestMultifamily

Friedman Communities to Manage 717-Unit Multifamily Property in Oak Park, Michigan

by Kristin Harlow

OAK PARK, MICH. — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage The Loop on Greenfield in Oak Park, about 14 miles north of Detroit. Built in 1965, the multifamily property features 717 units with a mix of studios, one- and two-bedroom floor plans. Amenities include a fitness center, pool, playground and landscaped courtyard. The owner was not provided.

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MichiganMidwest

Cawley Commercial Real Estate Expands to Michigan with New Office in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Cawley Commercial Real Estate is expanding its footprint to Michigan with the opening of a new office in Grand Rapids. Commerce CRE, a Cawley Company, will be led by Frank Melchert, managing broker and principal of Cawley. The firm’s offices are now located in Chicago, Oakbrook Terrace and Grand Rapids. Cawley provides brokerage and property management services.

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AcquisitionsHealthcareMichiganMidwest

Marcus & Millichap Arranges $9.8M Sale of Medical Office Building in Midland, Michigan

by Kristin Harlow

MIDLAND, MICH. — Marcus & Millichap has arranged the $9.8 million sale of the Great Lakes Bay Surgery & Endoscopy Center in central Michigan’s Midland. The multi-tenant medical office building totals 23,420 square feet. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the undisclosed buyer and seller. The deal closed in 30 days with an all-cash buyer.

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Market ReportsMichiganMidwestMidwest Market ReportsMultifamily

Detroit Multifamily Market Gets Refresh with Significant Investments

by Kristin Harlow

By Adam Ferguson, Bernard Financial Group If 2022 was a lesson in how rapidly things can change in commercial real estate, 2023 was an exercise in adaptation for both borrowers and lenders alike. Detroit is no stranger to change or adaptation.  From becoming the Motor City and growing into the country’s fourth-largest city during the first half of the 20th century to a renaissance in the 2010s after several decades of bumps and bruises, Detroit continues to add to its storied history. With billions of dollars of investment within the city limits and growing suburban sectors, Detroit’s multifamily market is making significant advancements by adding fresh developments to a market where 38 percent of multifamily inventory is over 50 years old.  While certainly not the only catalyst, low interest rates help to spur development. Lower cost of capital is especially impactful in markets like Detroit where building costs are high and rents are low compared with other major markets. Southeast Michigan averaged over 3,800 units of multifamily housing building permits issued per year over the past decade. Compare that to an average of 988 from the decade prior and one can discern the growth in demand for multifamily housing financing …

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AcquisitionsIndustrialMichiganMidwest

Coldwell Banker Commercial Arranges $6.1M Sale of Manufacturing Facility in Jenison, Michigan

by Kristin Harlow

JENISON, MICH. — Coldwell Banker Commercial has arranged the $6.1 million sale of a 64,035-square-foot manufacturing facility in Jenison near Grand Rapids. The property is located at 2206 Pine Ridge Drive within Georgetown Industrial Center. The building features a clear height of 25 feet, cranes, four docks and four overhead doors. Jim Edewaard of Coldwell Banker Commercial Woodland-Schmidt represented the seller, Altron Automation. The company manufactures automated tooling and equipment and continues to operate two facilities in Hudsonville, Mich. Pleotint, a glass fabrication company, was the buyer.

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AcquisitionsMichiganMidwest

Colliers Arranges Sale of 79-Acre Land Site in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Colliers has arranged the sale of 79 acres of land at 4250 Interpark Drive in Auburn Hills for an undisclosed price. In the early 1960s, the site was developed as the Silver Bell Ski Lodge using fill materials with potential contaminants. Environmental controls for the site were minimal due to the remote location. The original developers went bankrupt in the late 1960s, and a new company took over. For about a decade, the new company operated a substandard landfill, lacking modern standards, proper liners and systems for leachate and methane gas treatment. Operations ceased in 1979, leaving an environmental mess. The buyer, Crown Enterprises LLC, is a metro Detroit-based firm that specializes in building and leasing turnkey properties for large companies. Paul Gyarmati and Chris Pochas of Colliers represented the buyer and seller in the transaction. The land sits within a key supply corridor for General Motors, according to Crain’s Detroit Business.

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AcquisitionsMichiganMidwestRestaurantRetail

Farbman Group Brokers Sale of Former Sportsmen’s Den Restaurant Building in Riverview, Michigan

by Kristin Harlow

RIVERVIEW, MICH. — Farbman Group has brokered the sale of the former Sportsmen’s Den restaurant building in Riverview, a southern suburb of Detroit. The sales price was undisclosed. Located at 15001 Sibley Road, the Sportsmen’s Den had been operated by the Orlando family for more than four decades. The 24,250-square-foot property, which includes a banquet hall, was listed for sale after previous owner, Joe Orlando, announced his retirement last year. The restaurant catered for the Detroit Tigers from 1982 to 2009. Local restaurateur Jeremy Syrocki was the buyer. Syrocki owns numerous restaurants such as Truago, Mamacitas, Rocky’s Roadhouse, Major Biddle’s and Lloyds. Nanci Tarpley of Farbman brokered the sale.

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