KALAMAZOO, MICH. — Bernard Financial Group has arranged a $1 million loan for Denway Circle Apartments in Kalamazoo, approximately 50 miles south of Grand Rapids. The property features eight, two-story buildings that include 64 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan for the borrower, Denway Apartments LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of R & A Storage, a 230-unit industrial self-storage building in Trenton. Land Holding LLC sold the building, located at 5620 Hoover St., to Ariganello Management LLC. Paul Feldman of Friedman represented the seller in the transaction.
CHESTERFIELD TOWNSHIP, MICH. — Bernard Financial Group has arranged an $18.5 million CMBS loan for Aspen Creek Apartments. The apartment property includes 46 two- and three-story garden-style buildings, which are situated on 60 acres in Chesterfield Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Aspen Creek Apartments LP.
PORT HURON, MICH. — Mid-America Real Estate Corp. has brokered the $5.5 million sale of Stadium Center in Port Huron. The 92,365-square-foot shopping center is located at 24th Street between Griswold Street and Lapeer Avenue. Kroger anchors the shopping center. Toronto-based Slate Retail REIT purchased the property. Ben Wineman of Mid-America Real Estate Corp. in cooperation with Daniel Stern of Mid-America Real Estate – Michigan, Inc. represented the seller, Cincinnati-based Phillips Edison.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the $102 million sale of a six-property apartment portfolio in Michigan. The portfolio includes 1,651 units across six multifamily properties located in and around Grand Rapids. The apartment properties include Woodland Creek Apartments and Woodbridge Apartments in Kentwood, Wyndham Hill Apartments and Autumn Ridge Apartments in Grand Rapids; and Oak Valley Apartments and Pinery Woods Apartments in Wyoming. The sale is the largest commercial real estate transaction recorded in Michigan so far this year, according to Marcus & Millichap. Earl Elliott, Gordon Navarre and Christopher Futo of Marcus & Millichap represented the undisclosed seller and the buyer, a New York-based private investment firm.
ROYAL OAK, MICH. — Colliers International has arranged the lease of a 6,000-square-foot building in Royal Oak. Crispelli’s Bakery and Pizzeria is leasing the space, which is located at 931 N. Main St. The company plans to use the former veterinary hospital as a French bakery and commissary. Renovations have begun and the restaurant plans to open in March 2015. Kent Butler of Colliers International represented the landlord, Royal Oak Enterprises LLC.
FLAT ROCK, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of River Place Apartments, a 10-unit apartment building in Flack Rock. The property is located at 25814-25824 E. Huron River Drive. The seller, Plaza One Realty Acquisition LLC, sold the building to K & L Property LLC. Rich Deptula and Harrison West of Friedman represented the seller in the transaction.
MADISON HEIGHTS, MICH. – Biggby Coffee has signed a 2,071-square-foot retail lease for a second Madison Heights location. The property is located at 11 Mile Road between I-75 and John R Road. Tjader Gerdom and Mike Vaughn of Gerdom Realty & Investment arranged the transaction. The new Biggby location will have a drive-thru and is expected to open in spring 2015.
MADISON HEIGHTS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of 32333 Mally Lane, a 25,377-square-foot industrial building in Madison Heights, a Detroit suburb. The property is located at 32333 Mally Lane. The seller, Mally Corp., sold the building to Michigan Motorz, which provides marine engines and marine engine parts. Ryan Cavanagh of Friedman represented both the buyer and seller in the transaction.