DAVISON, MICH. — Bernard Financial Group has arranged a $1.1 million loan for Rising Estates, a multifamily property in Davison. The borrower is Rising Estate LLC. Dave Dismondy of Bernard Financial originated the loan, which was provided by Assurity Life Insurance Co.
DETROIT — Bernard Financial Group has arranged a $4.7 million non-recourse loan for Clark Street Industrial, a 147,000-square-foot industrial property located in Detroit. The borrower is Clark Street Redevelopment One LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the CMBS loan.
BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged an $8.6 million loan for the refinancing of New Bloomfield Plaza in Bloomfield Hills. Located on Telegraph Road, the property offers 167,150 square feet of retail space. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, New Blooomfield Plaza LLC. The lender was One America.
WESTLAND, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an industrial building located at 38309 Abruzzi Drive in Westland. Abruzzi Properties LLC sold the 14,200-square-foot property to Sriraj Holding LLC for an undisclosed price. Canada-based NutraNorth, a manufacturer and packager of vitamins and supplements, is the parent company of the buyer. This acquisition is the company’s first American venture. Bob Frank of Friedman represented the seller in the transaction.
LATHRUP VILLAGE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of an office building located at 26221 Southfield Road in Lathrup Village. Williamsburg LLC sold the property, which is located within Williamsburg Plaza South, to Dr. Quadir Jaleel of OMJ Building LLC for an undisclosed price. Dan Verderbar of Friedman represented both the seller and buyer in the transaction.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 11,558-square-foot office building in Southfield. The property is located at 18860 W. 10 Mile Road. The seller, Beeson Commercial, sold the building to Dr. Noah Levi, Dr. Oleg Krivichkin and Dr. Randall Shaw, who are expanding their adjacent Dental Practice into a full-service Dental Clinic. Dan Verderbar and Robert Moon of Brokerage Friedman represented both the seller and the buyer in the transaction.
GRANDVILLE, MICH. — The Cooper Commercial Investment Group has brokered the $7.2 million sale of the Rivertown Center, a 60,876-square-foot, multi-tenant retail center in Grandville. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, and the Illinois-based buyer. The property, which was built in 2000, is 93 percent occupied. Some tenants include Planet Fitness, Qdoba, Noodles & Co., Hallmark, Family Christian Stores, Chicago Title and Plato’s Closet.
ANN ARBOR, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 47,074-square-foot office building in Ann Arbor. The property is located at State Technology Center I. The seller, 4750 Venture Drive Associates LLC, sold the building to Capovista LLC. State Technology Center I is a single-story office/flex building. The asset was built in 1987 on a 4.12-acre site within the State Technology Center business park, home to three technology and engineering-based companies. Barry Swatsenbarg and Rich Deptula of Friedman represented both the undisclosed seller and the buyer.
One of the biggest stories in the hotel industry today is the growth of the boutique segment. Independent groups such as Ace Hotels, 21C, Grupo Habita and citizenM registered record growth in the last few years. Meanwhile, all the major brands have incorporated a boutique component. That trend was reinforced last December when IHG purchased Kimpton Hotels & Restaurants. For its part, Hyatt launched Andaz several years ago, and Marriott has rolled out the Autograph Collection, Moxy, EDITION and AC Hotels in the past few years. Even Best Western has unveiled its new urban boutique concept — Vib. I get the following question a lot: “Why should we invest in boutique hotels?” The conventional wisdom among investment funds tasked with finding hotel assets is to look for branded assets in the top five markets that are deemed less risky by pundits. However, some hotel investors don’t realize the substantial RevPAR (revenue per available room) premiums you can get with boutique properties over standard branded hotels. Among boutique properties, we’re seeing RevPAR premiums of 10 to 20 percent — sometimes 50 percent — over traditional hotels (see chart). Boutique hotels have less rigorous brand standards, if any at all, and offer …
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of 9,234 square feet of office space in Troy. The International Academy of Design & Technology Detroit, a private college, will occupy space at the property within the Troy Officentre Building A located at 300 E Big Beaver Road. Glenn DesRosiers of Friedman represented the landlord, Osprey-Troy Officentre LLC.
