GRAND RAPIDS, MICH. — Cawley Commercial Real Estate is expanding its footprint to Michigan with the opening of a new office in Grand Rapids. Commerce CRE, a Cawley Company, will be led by Frank Melchert, managing broker and principal of Cawley. The firm’s offices are now located in Chicago, Oakbrook Terrace and Grand Rapids. Cawley provides brokerage and property management services.
MIDLAND, MICH. — Marcus & Millichap has arranged the $9.8 million sale of the Great Lakes Bay Surgery & Endoscopy Center in central Michigan’s Midland. The multi-tenant medical office building totals 23,420 square feet. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the undisclosed buyer and seller. The deal closed in 30 days with an all-cash buyer.
By Adam Ferguson, Bernard Financial Group If 2022 was a lesson in how rapidly things can change in commercial real estate, 2023 was an exercise in adaptation for both borrowers and lenders alike. Detroit is no stranger to change or adaptation. From becoming the Motor City and growing into the country’s fourth-largest city during the first half of the 20th century to a renaissance in the 2010s after several decades of bumps and bruises, Detroit continues to add to its storied history. With billions of dollars of investment within the city limits and growing suburban sectors, Detroit’s multifamily market is making significant advancements by adding fresh developments to a market where 38 percent of multifamily inventory is over 50 years old. While certainly not the only catalyst, low interest rates help to spur development. Lower cost of capital is especially impactful in markets like Detroit where building costs are high and rents are low compared with other major markets. Southeast Michigan averaged over 3,800 units of multifamily housing building permits issued per year over the past decade. Compare that to an average of 988 from the decade prior and one can discern the growth in demand for multifamily housing financing …
JENISON, MICH. — Coldwell Banker Commercial has arranged the $6.1 million sale of a 64,035-square-foot manufacturing facility in Jenison near Grand Rapids. The property is located at 2206 Pine Ridge Drive within Georgetown Industrial Center. The building features a clear height of 25 feet, cranes, four docks and four overhead doors. Jim Edewaard of Coldwell Banker Commercial Woodland-Schmidt represented the seller, Altron Automation. The company manufactures automated tooling and equipment and continues to operate two facilities in Hudsonville, Mich. Pleotint, a glass fabrication company, was the buyer.
AUBURN HILLS, MICH. — Colliers has arranged the sale of 79 acres of land at 4250 Interpark Drive in Auburn Hills for an undisclosed price. In the early 1960s, the site was developed as the Silver Bell Ski Lodge using fill materials with potential contaminants. Environmental controls for the site were minimal due to the remote location. The original developers went bankrupt in the late 1960s, and a new company took over. For about a decade, the new company operated a substandard landfill, lacking modern standards, proper liners and systems for leachate and methane gas treatment. Operations ceased in 1979, leaving an environmental mess. The buyer, Crown Enterprises LLC, is a metro Detroit-based firm that specializes in building and leasing turnkey properties for large companies. Paul Gyarmati and Chris Pochas of Colliers represented the buyer and seller in the transaction. The land sits within a key supply corridor for General Motors, according to Crain’s Detroit Business.
RIVERVIEW, MICH. — Farbman Group has brokered the sale of the former Sportsmen’s Den restaurant building in Riverview, a southern suburb of Detroit. The sales price was undisclosed. Located at 15001 Sibley Road, the Sportsmen’s Den had been operated by the Orlando family for more than four decades. The 24,250-square-foot property, which includes a banquet hall, was listed for sale after previous owner, Joe Orlando, announced his retirement last year. The restaurant catered for the Detroit Tigers from 1982 to 2009. Local restaurateur Jeremy Syrocki was the buyer. Syrocki owns numerous restaurants such as Truago, Mamacitas, Rocky’s Roadhouse, Major Biddle’s and Lloyds. Nanci Tarpley of Farbman brokered the sale.
CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.
TRAVERSE CITY, MICH. — Marcus & Millichap has brokered the sale of Empire Self Storage, a 71,350-square-foot self-storage facility in Traverse City. The sales price was undisclosed. Built in 2015, the property consists of 500 non-climate-controlled units. Approvals are in place to build an additional six buildings totaling 300 units. Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
AUBURN HILLS, MICH. — Colliers has brokered the sale of a 66,000-square-foot industrial building located at 1227 Centre Road in Auburn Hills. The sales price was undisclosed. Joseph Gatliff of Colliers represented the private buyer and structured a short-term leaseback with the seller, a global supplier in the thermal solutions and fluid systems industry. The new owner is working with prospective tenants with the goal of finding a long-term user.
BELLEVILLE, MICH. — Marcus & Millichap has brokered the $5.4 million sale of Van Buren Plaza in Belleville, a southwest suburb of Detroit. The 43,765-square-foot retail center is located at 11824 Belleville Road and was 94 percent occupied at the time of sale by a mix of local, regional and national tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the buyer, a limited liability company. Seller information was not provided.