YPSILANTI, MICH. — KeyBank Real Estate Capital has provided an $8.5 million refinancing loan through Freddie Mac for a multifamily property in Ypsilanti, about 10 miles southeast of Ann Arbor. Fairway Trails Apartment Homes is a 231-unit, garden-style apartment complex that was constructed in 1972. Dirk Falardeau of KeyBank Real Estate Capital arranged the financing for the undisclosed borrower.
KALAMAZOO, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 96-unit apartment building in Kalamazoo for an undisclosed price. Ravine Apartments LLC sold the building to Ravine Apartment Limited Partnership and Princeton Enterprises. The property is located at 3510 N. Drake Road. Rick Tabbi of Friedman represented both parties in the transaction.
GRAND RAPIDS, MICH. — Entre Commercial Realty LLC, along with First Cos. Inc., has completed the development of a 65,000-square-foot industrial building in Grand Rapids. The build-to-suit facility for Holland, a Michigan-based regional transportation company that is a subsidiary of YRC Worldwide, features a 110-door truck terminal, 6,000 square feet of office space and a separate 16,000-square-foot drive-thru maintenance facility. The building is located at 10151 S. Division St. and is situated on 25 acres of land. Holland has signed a 15-year lease for the facility. First Cos. acted as the construction manager, Dixon Architecture provided architectural services and Exxel Engineering performed civil engineering services. Ken Szady of Newmark Grubb Knight Frank represented the development group and procured the funding, which WP Carey Inc. provided.
DETROIT — Urban Land Institute, a nonprofit education and research organization representing all aspects of land use and development disciplines, has selected Detroit to host the organization’s international 2018 Spring Meeting. The conference is expected to bring more than 3,000 people to the city and will run Tuesday, May 1 through Thursday, May 3, 2018. The ULI Spring Meeting is an annual gathering exclusively for ULI members.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 6,994-square-foot office lease in Troy, a northern suburb of Detroit. Guardian Mortgage Co., a mortgage lending company focused on residential home loans, will occupy the space located at 900 Wilshire Drive. West Huron Joint Venture owns the property, Wilshire Plaza North. Steve Eisenshtadt and Keith Grebinski of Friedman represented the landlord in this transaction.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the lease of a 2,675-square-foot office building in Grand Rapids. Simple Truth Chiropractic is relocating to the building at 2757 Leonard St. NW from its current location at 831 Fuller Ave. The space is currently undergoing renovations, which are expected to be complete by the end of the first quarter. Mary Anne Wisinski-Rosely, Jason Makowski and Cameron Timmer of NAI represented the landlord, Leonard Street Properties LLC, in the transaction. Olga Halstead of Results by Olga represented Simple Truth Chiropractic.
AUBURN HILLS, MICH. — SVN/ Stewart Commercial Group LLC has brokered the sale of a 15,600-square-foot shopping center for $6.9 million, or $445 per square foot. The property, located at 4901-4931 Baldwin Road in Auburn Hills, was 100 percent leased at the time of sale. Tenants in the shopping center, which is 33 miles northwest of Detroit, include Sherwin Williams, Chipotle, Aspen Dental, Potbelly Sandwich Shop and Visionworks. The property was built in 2015. Vladimir Hritcu and Dan Stewart of SVN/Stewart Commercial represented the undisclosed buyer in the transaction. The seller in the transaction was also undisclosed.
DETROIT — Woodward Center LLC, a subsidiary of Farbman Group, has sold Lofts @ Woodward Center, a 61-unit apartment building in Detroit. A subsidiary of Bedrock Real Estate Services, 1448 Webward Avenue LLC, acquired the property for an undisclosed price. Farbman Group purchased the building located at 1448 Woodward Ave. in 1999. Lofts @ Woodward Center features 18-foot ceilings, washers and dryers in each unit, on-site parking, open loft style floor plans and is pre-wired for cable and high-speed Internet access. The residential community also includes 15,000 square feet of ground-floor retail.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the $12 million sale of 3.1 acres in downtown Grand Rapids that will serve as the future site of a 68-unit residential complex. The Woda Group LLC purchased the land located at 936 Front St. NW. Ryder Transportation Services, which sold the property, previously occupied a building on the land that is being demolished to make room for the housing project. Construction on Grand View Place is scheduled to start this summer. The housing development is expected to occupy two acres out of the 3.1-acre parcel. The remaining 1.1 acres will be used for a future mixed-use development. Stan Wisinski of NAI Wisinski of West Michigan represented The Woda Group in the transaction.
WAYLAND, MICH. — NAI Wisinski of West Michigan has arranged a 2,500-square-foot office lease in Wayland, approximately 20 miles south of Grand Rapids. Salingue Agency Inc. will rent the space from Puhalski Family Farmers Insurance LLC. The formerly vacant space, located at 201 Clark St., will be renovated prior to Salingue Agency taking occupancy. Salingue Agency will relocate its insurance office from Hastings to the building in Wayland. Jason Makowski and Rod Alderink of NAI Wisinski of West Michigan represented the landlord in the transaction. Makowski also represented the tenant.