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Chambers Corners
MichiganMidwestRetail

Mid-America Arranges Sale of 99,564 SF Grocery-Anchored Center in West Michigan

by Jeff Shaw

WAYLAND, MICH. — Mid-America Real Estate Corp. has brokered the sale of Chambers Corners, a 99,564-square-foot, grocery-anchored retail center in Wayland, about 21 miles south of Grand Rapids, Mich. The sales price was undisclosed. A private investment group led by Joel Kiss of Ramapo, N.Y.-based Northeast Capital Group and Jacob Berger of Montreal, Quebec-based Hampton Properties purchased the retail center. The seller was an undisclosed public real estate investment trust. Chambers Corners is located at the southeast corner of U.S. 131 and Superior Street in Wayland, an established bedroom community. The retail center is anchored by Harding’s Friendly Market and Family Farm & Home, and is complemented by tenants including Family Dollar, Sprint and Hungry Howie’s Pizza. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp., in cooperation with Daniel Stern of Mid-America Real Estate–Michigan Inc., were the exclusive brokers in the transaction on behalf of the public REIT.

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MichiganMidwestOffice

Signature Associates to Market 100,000 SF Office Building for Sale or Lease in Detroit

by Jonathan Mehall

DETROIT — Alidade Capital has selected Signature Associates to market 1900 St. Antoine, a 100,000-square-foot, Class A office property in Detroit, for sale or lease. The building, which is adjacent to Ford Field, was built in 2005 and features ample covered parking with an on-site garage, flexible floor plans, an on-site security desk, modern common areas and high-end finishes. Building signage and corporate branding opportunities are also available. The central downtown Detroit location makes it walkable to amenities in the central business district  and provides easy access to the I-75 and I-375 expressways. Garrett Keais and Jarrod Champine of Signature Associates are the listing brokers representing Alidade Capital, the building owner.

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LoansMichiganMidwestRetail

Integra Real Estate Capital secures $5.6M loan for Shopping Center in Wayland, Mich.

by Jonathan Mehall

WAYLAND, MICH. — Integra Real Estate Capital has secured a $5.6 million acquisition loan for Chambers Corners, a neighborhood shopping center located at Reno Drive off Highway 131 in Wayland, approximately 21 miles south of Grand Rapids. Meyer Perlman of Integra Real Estate Capital negotiated the 10-year, non-recourse loan provided by an undisclosed lender. Built in 2000, the 99,600-square-foot Chambers Corners is anchored by Harding’s Market and Family Dollar.

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MichiganMidwestMixed-Use

KJ Commercial Represents Buyer in Sale of 13,433 SF Mixed-Use Building in Dearborn, Mich.

by Jonathan Mehall

DEARBORN, MICH. — KJ Commercial Real Estate Advisors represented Real Estate 1000 LLC in the acquisition of a 13,433-square-foot mixed-use building located at 22085-22091 Michigan Ave. in Dearborn, a western suburb of Detroit. The seller was undisclosed. The property sold for $950,000 and was 100 percent occupied at the time of purchase. Tenants include Bailey’s Sports Grille, Salon West Dearborn, and a Don Yeyo Cigar Factory. Kevin Jappaya of KJ Commercial represented the buyer in the transaction.

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MichiganMidwestOffice

Grand Offices in Novi, Mich. Now 100 Percent Occupied

by Jonathan Mehall

NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.

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MichiganMidwestMixed-Use

REDICO Closes on Purchase of Fisher and Kahn Buildings for $12.2M

by Jonathan Mehall

DETROIT — REDICO and its development partners have closed on the $12.2 million acquisition of the Fisher and Albert Kahn buildings in downtown Detroit. The buildings were acquired at auction in June. REDICO, in partnership with local developers Peter Cummings, John Rhea, RHEAL Capital Management LLC, and New York-based HFZ Capital Group, plan significant improvements for both buildings. A residential component is expected to be a key part of renovations for the Kahn building. The 30-story Fisher Building was constructed in 1928 and has served office and retail tenants. Designated a National Historic Landmark in 1989, the building also includes the 2,089-seat Fisher Theatre, one of Detroit’s oldest live theater venues. The Albert Kahn Building, formerly known as the New Center Building, was completed in 1931 and added to the National Register of Historic Places in 1980. Standing 10 stories tall, it currently serves as an office building.

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MichiganMidwestMultifamily

Institutional Property Advisors Completes Sale of 2,226-Unit Apartment Community in Troy, Mich.

by Jonathan Mehall

TROY, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of Somerset Park Apartments, a 2,226-unit, garden-style apartment community, for an undisclosed price. The apartment complex is located at 1911 Golfview Drive in Troy and is adjacent to Somerset Collection, a 1.4 million million-square-foot mall with more than 180 specialty stores. Major employers in the area include Bank of America, Delphi Corp., and ThyssenKrupp. All the apartments feature spacious kitchens with frost-free refrigerators and dishwashers, ceramic-tiled baths, large closets, window treatments, private patios/balconies, air-conditioning and individual alarm systems. Steve Witten and Victor Nolletti of IPA Northeast and Florida, along with Paul Davis and Andrew Daitch of Marcus & Millichap’s Detroit office, represented the seller and procured the buyer.

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MichiganMidwestMixed-Use

Mode Development Completes 170,000 SF Building for Paslin Company in Michigan

by Jonathan Mehall

SHELBY TOWNSHIP, MICH. — Mode Development has completed the construction and sale of a new 170,000-square-foot building in Shelby Township for The Paslin Company, which manufactures and markets industrial equipment and automation systems. Located at 52550 Shelby Parkway, this new state-of-the-art facility includes three stories of 40,000 square feet of office and engineering space. The manufacturing area consists of two 95-foot bays outfitted with several overhead cranes. Mode Development served as the general contractor for the project. Jason Capitani represented The Paslin Company in the sales transaction. Jason Capitani and Joe DePonio also represented Mode Development.

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MichiganMidwestRetail

Gerdom Realty Brokers Sale of 94,455 SF Grocery-Anchored Center in SE Michigan

by Jonathan Mehall

FENTON, MICH. — Gerdom Realty & Investment has brokered the sale of a 94,455-square-foot grocery-anchored shopping center north of downtown Fenton in Southeast Michigan. Located on Leroy Street, the property is anchored by VG’s Food Center. Other tenants on the 9.5-acre site include Rent-A-Center and BoRics. Gerdom Realty has been retained to lease the remaining two vacancies in the center, which is currently 83 percent occupied. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the seller and procured the buyer, a private investment group.

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Ramblewood
MichiganMidwestMultifamily

Cocke Finkelstein Acquires Ramblewood Apartments for $100.4 Million

by Jonathan Mehall

GRAND RAPIDS, MICH. — Cocke Finkelstein has acquired Ramblewood Apartments in Grand Rapids for $100.4 million. The 1,170-unit complex was built in phases from 1972 to 1985 and sits on two campuses that stretch across 188 tree-covered acres. The property offers wooded grounds and a pond, a community center with year-round indoor pool, a business office center, a 55,000-square-foot tennis and health club facility, and a number of other amenities. The property was 98 percent occupied upon acquisition. CFLane, the apartment management subsidiary of CFI, will manage the community. Berkadia arranged the transaction for the undisclosed seller.

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