JACKSON AND GRAND RAPIDS, MICH. — Mid-America Real Estate-Michigan has negotiated two retail leases totaling 28,146 square feet. Party City has inked a deal for a 25,746-square-foot freestanding building located at 1510 North West in Jackson. The lease term is for 10-years. Brad Rosenberg, Tony Schmitt and Adam Goodman of Mid-America represented Party City in the transaction. CBRE represented the landlord who is undisclosed. Potbelly Sandwich Shop signed a 10-year, 2,400-square-foot lease in Knapp’s Crossing in Grand Rapids. Rosenberg and Goodman represented Potbelly. The landlord in the transaction is undisclosed.
ANN ARBOR, MICH. — Hunter Pasteur Homes recently broke ground on a new condominium community in Ann Arbor. Arbor Chase will consist of 12 buildings with a total of 92 condominiums. Each building will feature up to eight units with sizes ranging from 1,290 square feet to 1,550 square feet. Each unit will include two bedrooms and up to two-and-a-half baths. Amenities include private entrances, private parking, updated flooring, granite countertops, tiled showers and studio ceilings on the second floor. Sales prices range from $225,000 to $255,000 per unit. Completion of the first buildings is slated for early 2016.
LAKE CITY, MICH. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, approximately 40 miles southeast of Traverse City. The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion. Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula. Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.
PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged a 7,784-square-foot retail lease at a property located at 832 Lenox Ave. in Portage, approximately seven miles south of Kalamazoo. ServePro of East and West Kalamazoo is the tenant. Stancati & Lambright LLC is the landlord. The flex space, which is under renovation, is slated to open Dec. 1. ServePro is a nationwide fire and water cleanup and restoration business. Marc Tourangeau of NAI Wisinski represented the tenant and the landlord in the transaction.
DETROIT — The Henry Ford Health System has begun planning a new $110 million cancer center as part of its $500 million expansion and improvement of 300 acres in Detroit. The 144,000-square-foot cancer center will be five stories and include a rooftop garden and skywalk to connect it to Henry Ford Hospital. Completion is slated for summer 2018. Site planning for the facility will be completed by the end of the year. Groundbreaking is slated for spring of 2016. The cancer center will anchor Henry Ford Hospital’s South Campus expansion project. The 10- to 15-year vision for the expansion project includes adding green space and commercial, retail and housing developments. Clinical and support services for each type of cancer diagnosis will be located on the same floor in the new facility, offering a multidisciplinary experience to patients. Surgery will continue to be performed at Henry Ford Hospital. The facility will be funded by internal and philanthropic support.
DETROIT — Lear Corp. has acquired a historic six-story, 35,000-square-foot building located at 119 State St. in Detroit from Bedrock Real Estate Services for an undisclosed price. Lear Corp. has plans to turn the building in Capitol Park into an innovation and design center described as a “think tank.” The building was constructed in 1887 and originally housed Brown Brothers Cigar Manufacturers. Construction will begin soon, and the project is slated for completion in 2016.
MOUNT PLEASANT, MICH. — A $10.8 million renovation and expansion of Grawn Hall at Central Michigan University in Mount Pleasant is in the preliminary stages. Exterior preparations for a two-story addition and renovation of the college’s business administration building began this past summer. The building was built in 1915 and is the oldest facility on campus. Recent renovation work included relocating an electrical transformer and adding a receiving space and dumpster enclosure. In summer 2016, work will start on the 6,600-square-foot, two-story addition. A new main entry and multifunctional space will be added. The renovation of 16,200 square feet of existing space will include updated corridors, the addition of a fire suppression system, window replacements as well as new student service and collaboration spaces. The project is slated for completion in 2017.
MOUNT PLEASANT, MICH. — Construction is underway on a $95 million biosciences building at Central Michigan University in Mount Pleasant. Clark Construction Co. began working on the four-story, 169,000-square-foot building in July with a projected completion date of September 2016. The first academic classes are scheduled to begin in the new building in January 2017. The facility is the largest capital project ever in CMU’s 120-plus year history. The building will provide classrooms, laboratories and faculty offices. The research facilities will include equipment storage, prep areas, a laboratory to research infectious diseases, an isotope laboratory, imaging center, herbarium and vivarium to replicate aquatic conditions for research.
GIBRALTAR, MICH. — Brown Gibbons Lang (BGL) Real Estate Advisors has arranged a $22.3 million financing for an industrial property for Ferragon Corp. The multi-phased financing will support improvements to create a continuous annealing toll processing operation in Gibraltar, which is approximately 30 miles south of Detroit. The processing center will become operational in late 2016. Once complete, the project will bring a largely vacant 550,000 square foot industrial complex back into EPA compliant condition. The $22.3 million financing consisted of a $10 million building improvement loan, an $8.2 million Brownfield Tax Increment Financing (TIF) and job creation grant from the Michigan Economic Development Corporation and the Michigan Department of Environmental Quality, and $4.1 million for building and property acquisition. BGL was the exclusive real estate advisor for the borrower, Ferragon in the transaction. BGL Real Estate Advisors provides comprehensive real estate investment banking services to the middle market, which includes real estate advisory, debt and equity placements, financial restructuring, and asset acquisition and disposition. Ferragon Corporation is a provider of comprehensive toll processing services for hot rolled and cold rolled steel that operates four other facilities in the Midwest and Southern regions.
DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services. Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender. The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces. Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan. Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.