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.
ANN ARBOR, MICH. — Signature Associates has brokered the sale of a 23,000-square-foot industrial property in Ann Arbor. CSFB 2005-C6 Highland Industrial LLC sold the building located at 4260 Varsity Drive to Budget Truck Lease LLC for an undisclosed price. Jay Chavey of Signature Associates represented the seller in the transaction. Cody Bowlds of Sperry Van Ness/Stewart Commercial represented the buyer.
UNIONDALE, N.Y. — Arbor Commercial Mortgage LLC has funded six loans totaling $29.8 million for multifamily properties across Michigan. All of the loans fall under the Fannie Mae, Freddie Mac and FHA 223(f) programs. Mike Jehle of Uniondale-based Arbor Commercial originated all of the loans. Here are the details of each financing transaction: Aspen Lakes Estates Apartments in Holt, Mich., is a 213-unit complex. The borrower received $20.4 million under the FHA 233(f) loan program. The 35-year refinancing loan features a 20-year amortization schedule. Oakwood Villa Apartments in Royal Oak, Mich., is a 100-unit property. The borrower received a $2.7 million Fannie Mae refinancing loan that features a 20-year amortization schedule. Garfield Park Apartments in Fraser, Mich., is a 110-unit apartment complex. The borrower received a $2.2 million Freddie Mac refinancing loan. The loan includes a seven-year term and 30-year amortization schedule. Danbury Apartments is a 66-unit property in Grand Rapids, Mich. The borrower received a $1.9 million Freddie Mac acquisition loan that features a 20-year term and 30-year amortization schedule. North Park Cooperative in Detroit is a 94-unit multifamily property. The borrower received a $1.6 million Fannie Mae acquisition loan that has a 10-year term and 10-year amortization schedule. …
ANN ARBOR, MICH. , COLUMBIA, MO., AND AMES, IOWA — The Opus Group has completed the development of three luxury, off-campus student housing projects. The projects are ArborBLU near the University of Michigan in Ann Arbor; District Flats near the University of Missouri in Columbia; and The Foundry near Iowa State University in Ames. Opus Development Co. was the developer, Opus Design Build was the design builder, and Opus AE Group was the architect and structural engineer of record for all three projects. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect for The Foundry and District Flats, and J. Bradley Moore & Associates was the design architect for ArborBLU. All three of the luxury apartments feature a variety of amenities including fitness centers, study lounges, clubrooms, garage parking, tanning and other shared community spaces. Residents of the new buildings will also have access to in-unit washers and dryers, granite countertops, stainless steel appliances and flat-screen televisions in the fully furnished apartments. ArborBLU was built on top of an existing Pizza House restaurant, which stayed open throughout construction. The 13-story student housing complex features 242 beds. In addition to the amenities described, the building also has a rooftop terrace …
TROY, MICH. — Colliers International has arranged the sale of a 50,000-square-foot flex building in Troy, a northern suburb of Detroit. The property is located on West Maple Road. Wild Bills Tobacco purchased the building from Atlas Building LLC for an undisclosed amount and plans to renovate the entire building and relocate its corporate offices to the facility. Raffi Derbabian of Colliers represented Wild Bills Tobacco.