LINDEN, MICH. — Associated Bank has provided a $3.8 million construction loan to Chicago-based Zeman Homes for the construction of Pine Ridge Manufactured Housing Community in Linden. The 195-site manufactured housing community, located at 9348 Silver Lake Road, about 17 miles south of Flint, Mich., features a clubhouse and children’s playground. Jerry Rotunnno of Associated Bank originated the loan.
ANN ARBOR, MICH. — Armada Real Estate Services has brokered the $12 million sale of an 84,000-square-foot office complex located at 3027 Miller Road in Ann Arbor. Constructed in 2000, Forest Cove is 100 percent occupied with 17 tenants, including ETAS Inc., Enlighten and Perficient Inc. Darryl and Bruce Goodwin of Armada Real Estate Services represented both the buyer, Oxford Co., and the undisclosed seller.
Detroit is in a state of transition. It’s a process that has been simmering for some time, but really began in earnest about five years ago. This article discusses some of the property types, developments and neighborhoods that continue to reshape downtown Detroit and offers some insight into what the city might look like in five to 10 years. Fueled by a strengthening economy, there is an air of excitement in the Motor City, and the development climate is increasingly vibrant. The nexus of development and redevelopment activity is occurring in the same places — Downtown, Midtown, New Center — that were at the core of the city’s renaissance a century ago. In some respects, today’s Detroit is reinventing itself in the same way. Residential leads the way The foundation of Detroit’s development resurgence is residential growth. People are continuing to move to Detroit to work and to live — a trend that has accelerated dramatically in the last few years with downtown apartment buildings reporting upwards of 98 percent occupancy. It’s a phenomenon that shows no real sign of slowing down. It’s also an important and natural first phase. With residential comes the corresponding demand for dining, retail and …
CHESTERFIELD TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has signed Eclipse Mold Inc. to a seven-year, 86,772-square-foot industrial lease in Chesterfield Township, about 30 miles northeast of Detroit. A family-owned business for nearly 40 years, Eclipse Mold is headquartered in Clinton Township, Mich. The company specializes in the manufacturing of plastic injection molding. Located at 50300-50320 Patricia St., the industrial building will enable Eclipse Mold to expand its operations while satisfying the needs of its Tier 1 automotive customers. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed landlord in the transaction.
MARYSVILLE, MICH. — Armada Real Estate Services has negotiated a 21,209-square-foot retail lease in Marysville Plaza in Marysville, about five miles south of Port Huron. Tractor Supply Co. plans to open a new store in the retail center, located at 3200 Gratiot Ave., in September. The lease is for 10 years. Harry Barash of Armada Real Estate Services represented the landlord, Marysville Plaza LCC, in the transaction. Derek Marine and Chris Kettler of Kettler Real Estate in Norton Shores represented Tractor Supply Co.
KANSAS CITY, MO. — Berkadia has brokered the sale of Northeast View Apartments located at 222 Garfield Ave. in Kansas City. Built in 1972, the 137-unit property features one-, two- and three-bedroom floor plans. Trinity-Northeast View LLC of Chicago sold the property to California-based Kci-Northeast View. The property is less than three miles from LEGOLAND Discovery Center and two miles from downtown Kansas City. Additionally, Berkadia brokered the sale of Arbor Crossings located at 834 Sheridan Road in Muskegon Township, Mich., approximately 46 miles north of Grand Rapids. Built in 1995, the 18-unit property sold for $4.25 million and offers one-, two- and three-bedroom floor plans. Arbor Crossings is less than four miles from downtown Muskegon and less than two miles from Muskegon Community College. Read Property Group of New York bought the property from Sterling Group Inc. of Mishawaka, Indiana.
TROY, MICH. — Signature Associates has brokered the sale of a 38,000-square-foot industrial building located at 1731 Thorncroft Drive in Troy, a northern Detroit suburb. Terms of the transaction were not disclosed. The building is located off West Maple Road with several automotive tenants nearby, including Midas, Belle Tire and Troy Auto Glass. Joe Banyai of Signature Associates represented the buyer, Troy Industrial Properties LLC, and the seller, First Industrial LP.
GRAND RAPIDS — NAI Wisinski of West Michigan has brokered a 14,400-square-foot industrial lease for MBL Tool & Die LLC in Grand Rapids. The property is located at 3650 Broadmoor Ave in a very industrialized area of Southeast Grand Rapids and is part of a 43,200-square-foot flex building. The lease is for a term of five years. The property features seven dock doors and 10 overhead doors. Jeremy Veenstra represented the tenant in the transaction.
MARINE CITY, MICH. — Friedman Integrated Real Estate Solutions has negotiated the sale of an 11,940-square-foot industrial building located at 827 Degurse Ave. in Marine City, approximately 50 miles northeast of Detroit. Terms of the transaction were not disclosed. VJ Industries Inc., a computer numeric controlled (CNC) machining company based in Port Huron, Mich., acquired the property from Degurse LLC. VJ Industries specializes in the aerospace, automotive and heavy equipment industries. Bob Dabrowsk of Friedman Integrated Real Estate Solutions represented both the buyer and seller in this transaction.
DETROIT – The Forum Group, an NAI Farbman Group partner, has arranged a 30,000-square-foot lease for Molina Healthcare of Michigan Inc., located at 615 W. Lafayette Blvd. in Detroit, the building formerly occupied by the Detroit Free Press and The Detroit News. Molina will house 125 new employees on the entire fifth floor of the six-story building. After more than 97 years at 615 W. Lafayette, the Detroit Free Press and The Detroit News last fall moved into the Federal Reserve Building at 160 W. Fort St., which is owned by Bedrock Real Estate Services. Thomas Lasky of the Forum Group represented Molina Healthcare in the transaction.