GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has begun construction on Breton Grove, a 90-unit affordable housing community to be built in two phases in Grand Rapids. The groundbreaking event featured an announcement about the new statewide Contractor Assistance Program (CAP), which is spearheaded by the Michigan State Housing Development Authority. CAP is aimed at increasing the number of those who are newly trained and employed in the construction workforce and to help contractors and emerging developers increase their capacity for larger contracts and projects. Woda Cooper is working with trained apprentices from the program on the construction of Breton Grove over the next two years. Both phases of the project will be designated for residents who earn 30 to 80 percent of the area median income, with 33 integrated Permanent Supported Housing units for residents facing homelessness. The project will consist of two buildings, each with one- and two-bedroom units. Each building will include a community room with kitchenette and onsite management and supportive service offices. Community Rebuilders, a Grand Rapids-based nonprofit, will coordinate the supportive services. Several units will be adapted for those with mobility challenges and/or sight and hearing disabilities. The City of Grand Rapids approved …
Michigan
LIVONIA, MICH. — Bernard Financial Group (BFG) has arranged a $30 million loan for the refinancing of a 364,000-square-foot industrial property in Livonia, a northwest suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Securian Life Insurance Co. The borrower was an entity doing business as Livonia West Commerce Center 2 LLC.
DETROIT — Interior Environments has inked a 6,117-square-foot office lease at the Burns & Wilcox building, which is located at 119 State St. in Detroit. Steve Eisenshtadt, Andrew Bower and Jordan Friedman of Friedman Real Estate represented the undisclosed landlord. The tenant has launched the nation’s first minority-owned office furniture dealership, according to Friedman.
TAYLOR, MICH. — KJ Commercial has brokered the $10.8 million sale of the Goddard Square shopping center in Taylor, just east of the Detroit Metropolitan Wayne County Airport. The property comprises a 77,340-square-foot shopping center, a 6,624-square-foot retail outlot building and an adjoining five-acre land parcel. Some of the tenants include Planet Fitness, Dunham’s Sports, Cattleman’s Grocery and Del Taco. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial represented the buyer in the transaction, which closed in 75 days. Buyer and seller information was not provided.
WOODHAVEN, MICH. — Marcus & Millichap has brokered the $4.6 million sale of a two-tenant retail property in Woodhaven, a southern suburb of Detroit. The asset is home to Office Depot and Five Below. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. Dylan Wolf and Clayton Brown of Marcus & Millichap represented the cash buyer, which completed a 1031 exchange.
DETROIT — Basis Industrial has received an $8.3 million construction loan for a self-storage facility in Detroit. Basis acquired the land at 1610 Algonquin St. in October 2021. Berkadia arranged the construction loan through Old National Bank. Basis plans to break ground on the 78,187-square-foot project in October. The facility will feature 645 climate-controlled units, advanced security systems and other amenities. Completion is slated for fall 2024. Basis plans to have a third party, Public Storage, manage the facility upon completion.
LANSING, MICH. — Eastham Capital has partnered with Bender Cos. on the acquisition of Briarcliffe Apartments and Townhomes in Lansing. The 308-unit multifamily property was nearly 95 percent occupied at the time of acquisition. Monthly rents average $1,071. The new owners plan to invest $4 million in renovations, including upgrades to the interiors of the apartment units, improvements to common areas and the building exteriors. Built in 1976, the property consists of 48 one-bedroom units and 260 two-bedroom units. Amenities include a pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. The acquisition marks the sixth joint venture between the two firms.
DETROIT — Cresa has acquired Axiom Advisory Group, a Detroit-based, tenant-focused commercial real estate firm specializing in global corporate real estate portfolio management. Axiom, which also has team members in Chicago and Dallas, is led by Ryan Bertin and Curt Stanton. The duo will serve as managing principals and co-leaders of Cresa’s Detroit operations. The company’s entire eight-person staff joins Cresa and will operate under the Cresa brand effective immediately. Since it was founded in 2017, Axiom has completed more than 450 assignments, representing 16 million square feet across 28 countries for various publicly traded and privately held corporations. The acquisition formally ends Cresa’s longtime partnership with Plante Moran in Detroit.
DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.
EAST CHINA, MICH. — Marcus & Millichap has arranged the $2.8 million sale of a 12,174-square-foot property occupied by DaVita Dialysis and Saint Clair Nephrology in East China, a city in eastern Michigan along the border of Canada. The net-leased building is located at 4180 S. Hospital Drive across from Ascension River District Hospital and St. John Providence Health System. Both tenants have occupied the property since its construction in 2015. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the buyer, a limited liability company.