HOLLAND, MICH. — NorthStar Commercial has brokered the sale of a standalone restaurant property located at 2332 N. Park Drive in Holland, approximately 29 miles southwest of Grand Rapids, Mich. An undisclosed buyer acquired the 6,007-square-foot property for $1.1 million. Aaron Eichenberg of NorthStar represented the seller, a Florida-based private investor, in the transaction. The property was previously occupied by Perkins Restaurant.
WASHINGTON TOWNSHIP AND MONROE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $25.6 million in Fannie Mae loans for Aragona Properties for the refinancing of two suburban Detroit multifamily properties. Pillar secured a $16.2 million loan for Enclave Apartments, a 200-unit complex in Washington Township, approximately 35 miles north of Detroit. Consisting of 46 single-story buildings, the property offers a mix of one- and two-bedroom garden apartments. Aragona Properties and Lombardo Cos. developed the property. Additionally, Pillar originated a $9.3 million loan to refinance the Hampton Apartments, a 235-unit, garden-style multifamily property in Monroe, about 40 miles south of Detroit. Aragona and Sam Mignano developed the 38-building property. Adam Klingher and Brook Jackson of Pillar originated the two fixed-rate, 15-year loans, which both feature five years of interest-only payments and a 30-year amortization schedule.
ANN ARBOR, MICH. — Oxford Cos. has acquired McMullen Properties, a 704,000-square-foot portfolio of office properties located on the south side of Ann Arbor, from a local undisclosed seller. Valued at more than $100 million, the portfolio includes 22 buildings in three separate business parks: Atrium Office Center, Eisenhower Commerce Center and Valley Ranch Business Park. At the time of sale, the portfolio was 98 percent occupied by a variety of tenants, including University of Michigan, St. Joe’s, Nexient and Google. Additional terms of the transaction were not released.
DETROIT — HFZ Capital has partnered with Southfield, Mich.-based REDICO to acquire the 28-story Fisher Building and the 11-story Albert Kahn Building in Detroit for $12.2 million. The partnership plans to redevelop the properties into a mixed-use office, retail and residential complex, while maintaining the asset’s 2,000-seat Fisher Theatre. Albert Kahn designed both properties. Adam Feldman provided in-house representation for HFZ Group in the transaction. The name of the seller was not released.
ROMULUS, MICH. — Colliers International has brokered the sale of an industrial property located at 8111 Middlebelt Road in Romulus. PackSpec, a custom packaging company, purchased the 175,280-square-foot property for an undisclosed price. The buyer plans to use the property to consolidate its Warren and Ecorse, Mich., facilities, while expanding its overall facility size. Gary Glotzhober and Jim Roberts of Colliers represented the buyer in the transaction. The name of the seller was not released.
DETROIT — Friedman Integrated Real Estate Solutions has brokered the lease of 9,550 square feet of office space in Detroit. Creative Breakthroughs, an IT advisory and network security services firm, will occupy the space, which is located at 1260 Library St. Steven Eisenshtadt and Josh Miller of Friedman represented the landlord, Cork Tusk Development, in the transaction.
WARREN, MICH. — L. Mason Capitani Inc. CORFAC has brokered the sale of an industrial property located at 27450 Gloede Drive in Warren. Division 6 Fabrication and Installation acquired the 24,000-square-foot property for an undisclosed price. The buyer plans to use the facility to expand its company needs. Division 6 services the medical, educational, governmental and corporate industries with carpentry and millwork. Andrew Greiner and Jason Capitani of L. Mason Capitani represented the undisclosed seller in the transaction.
WESTLAND, MICH. — Love Funding has secured $9.1 million in refinancing for Westhaven Manor, a 144-unit, age-restricted apartment community in Westland, a western suburb of Detroit. Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to upgrade the property with improvements and fund a replacement reserve. Built in 1986, the property is restricted to residents 62 years of age or older. Bruce Gerhart of Love Funding arranged the financing for the undisclosed borrower.
FLINT, MICH. — Bernard Financial Group has arranged a $2.8 million loan for Carriage House Apartments, a 120-unit multifamily complex located in Flint. Carriage House Limited Partnership was the borrower in the transaction. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
CLINTON TOWNSHIP, MICH. — Signature Associates has negotiated the sale of 20,660 square feet of industrial space located at 21481 Carlo Drive in Clinton Township, northeast of Detroit. The buyer in the transaction was Carlo Investments LLC. Ben Wilkiemeyer and Paul Saad of Signature represented the seller, M + L Industrial Properties. Signature Associates is an independently owned and operated member of the Cushman & Wakefield Alliance.