FARMINGTON HILLS, MICH. — Lee & Associates has brokered the sale of a 187,235-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. The building is located at 23333 Commerce Drive and was constructed in 1979. Features include a 30-foot clear height and 17 docks. Great Lakes Ace Hardware sold the asset to an undisclosed buyer. Jon Savoy of Lee & Associates represented both parties in the transaction.
DETROIT — Pillar has closed a $15.4 million HUD 221(d)(4) construction and permanent financing loan for a multifamily development in Detroit. The Griswold will be an 80-unit market-rate property located downtown. Roxbury Group is the project developer. The apartment building will sit on top of an existing 10-story parking structure that is adjacent to the Westin Book Cadillac Detroit. The Griswold will be the first newly contructed market-rate multifamily development in downtown Detroit in more than 20 years. The property will feature one-, two- and three-bedroom apartments that will range from 750 to 1,600 square feet. Mark Wiedelman of Pillar originated the loan. The construction loan will convert to a fixed-rate, 40-year fully amortizing loan. Leasing for The Griswold will begin at the end of 2016.
PLYMOUTH, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 22,252-square-foot industrial building for an undisclosed price. The property is located at 46301 Port St. in Plymouth, approximately 27 miles west of Detroit. Venture Aerospace LLC sold the building to E Group LLC, which will occupy the space along with Regional General Contracting LLC. Phil Konopitski of Friedman represented the buyer in the transaction.
BATTLE CREEK, MICH. — Bernard Financial Group has completed a $10 million loan for River Apartments and River Oaks Apartments located in Battle Creek. There are 288 units between the two properties. BC River Oaks Apartments LLC is the borrowing entity. Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender. River Apartments is a five-building, 120-unit property that was built in 1980. River Oaks Apartments is a seven-building, 168-unit complex that was built in 1976.
AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.3 million refinancing loan for Five Point Medical Office Building in Auburn Hills, approximately 33 miles northwest of Detroit, and is 53,000 square feet. Five Points Professional Office Building LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan.
ROCHESTER HILLS, MICH. — Colliers International has arranged a 26,280-square-foot flex lease in Rochester Hills, approximately 30 miles north of Detroit. Nichols Paper & Supply Co. leased the space from ADCO Investments LLC and will use the property as a warehouse for distributing paper and janitorial supplies. Gary Glotzhober of Colliers International represented the tenant in the transaction. The property is located at 1685 Northfield Drive.
TAYLOR, MICH. — Colliers International has arranged a 15,000-square-foot industrial lease for A&R Logistics Inc. in Taylor, a southwest suburb of Detroit. A&R Logistics specializes in dry bulk transportation and will use the space to store and clean bulk tanker trucks. The facility is located at 25086 Brest Road. Thomas Schoenberger of Colliers International represented the tenant in the transaction. The landlord, Gordon Mobley, was self-represented.
Traverse City may be known as a small resort town on the shores of Lake Michigan, but each year it grows in popularity. And more commercial real estate players are taking notice. In the past year, Traverse City has been named one of the “Top 20 Best Small Towns in the U.S. to Visit” (Smithsonian); “One of the 50 Best Places to Live in America” (Men’s Journal); “One of the 10 Must See Cities in America” (Horizon Travel Magazine); “One of 10 U.S. Destinations on the Rise” (TripAdvisor); and “One of America’s 20 Most Romantic Towns” (Travel + Leisure). Tourism is on the rise as we become known as a region not only for cherries, but also for great restaurants, wineries, microbreweries, recreational trails for hiking and biking, skiing, festivals and a great place to live. With increasing notoriety comes pressure for development, and Traverse City is no exception. We have seen more development and projects in the pipeline in the past 12 months than we have seen since the height of the real estate boom 10 years ago. Tourists will be happy to note more hotel rooms in the downtown area as the new Hotel Indigo nears completion. The …
TROY, MICH. — Signature Associates has arranged a 32,686-square-foot lease of high-tech industrial space in Troy, a northern suburb of Detroit. SGS North America Inc. is leasing the space located at 894 Maplelawn Drive from Troy Industrial LLC. John Boyd and Paul Hoge of Signature Associates represented the landlord in the transaction. Anthony Leeds of Signature Associates and Ben Brenner of Cushman & Wakefield represented the tenant.
ANN ARBOR, MICH. — Colliers International has arranged the sale of two attached office buildings in downtown Ann Arbor to Wickfield Properties for an undisclosed amount. The Barden family sold both buildings, located at 307-311 N. Main St., which span a total of 8,943 square feet. The Ann Arbor Credit Bureau, which formerly occupied the space, is relocating to a property it acquired at 2090 S. Main St. A ballet studio has begun occupying the building at 307 N. Main St., and Atwell LLC will occupy the building at 311 N. Main St. Jim Chaconas and Brendan Cavender of Colliers International represented both parties in the transaction. Chaconas and Cavender also represented the Ann Arbor Credit Bureau in the purchase of its new building at 2090 S. Main St.