Michigan

NAI Wisinski Brokers Sale of 180-Unit Apartment Complex in Kalamazoo

by Christina Cannon November 2, 2015

KALAMAZOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 180-unit apartment complex in Kalamazoo for an undisclosed price. Trillium Ventures MSV purchased The Landing, a 156,395-square-foot property located at 3306 W. Main St. near Western Michigan University. The complex was built in 1967 and includes a clubhouse, an outdoor swimming pool, volleyball court, central air conditioning and a laundry room in each building. Craig Black and Scott Nurski of NAI represented the undisclosed seller and procured the buyer.

November 2, 2015

Industrial Michigan Midwest

Colliers Arranges Sale of 30,000 SF Industrial Building in Rochester Hills, Michigan

by Christina Cannon October 30, 2015

ROCHESTER HILLS, MICH. — Colliers International has arranged the sale of a 30,000-square-foot industrial building in Rochester Hills, a northern suburb of Detroit. JAS Commodities LLC sold the facility to 1655 Hamlin Acquisition LLC for $1.1 million. Deborah’s Stage Door was built in 2007 and is a dance and performing arts studio.The asset is located at 1655 W. Hamlin Road. Peter J. Kepic and Peter E. Kepic of Colliers represented both parties in the transaction.

October 30, 2015

Michigan Midwest Office

Friedman Brokers Sale of 14,050 SF Office Property in Farmington Hills, Michigan

by Christina Cannon October 30, 2015

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 14,050-square-foot office building located at 30375 Northwestern Highway in Farmington Hills, a northwest suburb of Detroit. 30375 Northwestern Highway LLC sold the building to Northwestern Investment Co. for an undisclosed price. Todd Hawley and Rick Kaplan of Friedman represented the seller in the transaction.

October 30, 2015

Michigan Midwest Office

Friedman Brokers Sale of 19,346 Medical Office Building Near Detroit

by Christina Cannon October 29, 2015

LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 19,346-square-foot medical office building in Livonia, a northwest Detroit suburb. PAK Real Estate Properties LLC sold the building to Premiere Offices LLC for an undisclosed amount. Premiere Offices is the existing tenant and will continue to use the space as psychiatric offices. Dan Verderbar of Friedman represented the seller in the transaction.

October 29, 2015

Michigan Midwest

Ilitch Family To Donate $40M for Business School Building at Wayne State University in Detroit

by Christina Cannon October 28, 2015

DETROIT — Detroit’s Ilitch family plans to donate money and land totaling $40 million for a new business school building for Wayne State University, according to Crain’s Detroit Business and the Detroit Free Press. It would be the largest donation in the school’s history. The donation reportedly includes $35 million to build the school and a $5 million endowment. The plan calls for construction of a single 120,000-square-foot, multi-story building of classrooms, offices and other spaces for the business school at the southwest corner of Woodward Avenue and Temple Street. The business school will be built on land the Ilitches have acquired for their District Detroit mixed-use development around the $532.5 million arena being built for the Detroit Red Wings, according to Crain’s. The arena is slated to open in time for the 2017 hockey season. The Ilitches are expected to retain ownership of the land and lease it to the business school for a nominal fee. Mike Ilitch is the owner of the Detroit Red Wings and Detroit Tigers. He and his wife, Marian, co-founded Little Caesars Pizza in 1959.

October 28, 2015

Michigan Midwest Office

NAI Wisinski Arranges 1,482 SF Office Lease in Grand Rapids

by Christina Cannon October 27, 2015

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the lease of a 1,482-square-foot office property in Grand Rapids. Lectronix Inc. signed a five-year lease at an office property located at 2627 E. Beltline Ave. The facility was formerly a Bank of America retail branch and will now serve as the engineering and design center for Lectronix. Mary Anne Wisinski Rosely and Jason Makowski of NAI Wisinski represented the landlord, Goudzwaard Financial Center LLC. Patrick Mohney of Berkshire Hathaway represented the tenant. Lectronix will occupy the building starting Nov. 1 of this year.

October 27, 2015

Market Reports Michigan Midwest Midwest Market Reports Office

Resurgence of Downtown Grand Rapids Is Occurring on Many Fronts

by Christina Cannon October 22, 2015

Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …

October 22, 2015

Michigan Midwest

Friedman Brokers Sale of 1.2 Acres of Commercial Land in Suburban Detroit

by Christina Cannon October 21, 2015

COMMERCE TOWNSHIP, MICH. – Friedman Integrated Real Estate Solutions has arranged the sale of 1.2 acres of commercial land in Commerce Township for an undisclosed price. Haggerty Development Co. sold the land located on Loop Road in Commerce Township, approximately 35 miles northwest of Detroit, to T & M Investment LLC. T & M Investment plans to build a restaurant on the site. Phil Konopitski of Friedman represented the buyer in the transaction. Thomas Duke Realtors represented the seller.

October 21, 2015

Michigan Midwest Multifamily Student Housing

Triad Arranges Sale of Block 36 near Michigan State University for $13.3M

by Christina Cannon October 20, 2015

EAST LANSING, MICH. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property located three miles north of the Michigan State University campus in East Lansing, for $13.3 million. The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate. The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package. The buyer was a San Diego-based family investment trust that already owned several apartment properties in Michigan. The seller was a private ownership group based in San Francisco whose plan was to sell the asset following the renovation and full stabilization of the property.

October 20, 2015

Michigan Midwest Office

Friedman Brokers Sale of 142,295 SF Office Building in Southfield, Michigan

by Christina Cannon October 20, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 142,295-square-foot office building in Southfield, a northwestern suburb of Detroit, for an undisclosed price. Wulin Realty purchased the building known as Nine Mile Crossing from an undisclosed seller. Located at 17515 W. Nine Mile Road, the property consists of a 12-story, Class B office building and a two-story parking structure. Nine Mile Crossing was built in 1969 and was renovated in 2012. Features of the building include an on-site sundry shop, vending machines and a hair salon. The property is situated on 5.7 acres. Rich Deptula of Friedman represented both parties in the transaction. Friedman will continue to lease and manage the building for the new owners.

October 20, 2015

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