BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged $6.5 million in permanent financing for a 23,500-square-foot, Class A office building in Birmingham, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Chester Street Partners LLC. American United Life Insurance Co. provided the loan, the terms of which were undisclosed.
FLINT, MICH. — The Jonna Group of Colliers has brokered the sale of a 6,885-square-foot commercial building in Flint for an undisclosed price. The property, built in 2019, is located at 5009 Miller Road. Tenants at the fully leased building include U.S. Army & Navy Career Center, Jersey Mike’s and Smoothie King. Simon Jonna of Colliers represented the seller, a Michigan-based private developer. The buyer was not disclosed.
HOWELL, MICH. — Metro Infusion Center has leased the remaining 1,458 square feet at Shops at Westbury in Howell, about 30 miles north of Ann Arbor. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Todd Schultz of Schultz Real Estate represented the tenant. Metro Infusion Center, a provider of infusion therapies for complex chronic conditions, now operates 15 locations across the state of Michigan.
WARREN, MICH. — Family Dollar has signed a 10,500-square-foot retail lease to open a store at Village Plaza in Warren, about 20 miles north of Detroit. Located at the northwest corner of 13 Mile and Mound roads, Village Plaza spans roughly 100,000 square feet. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group. Scott Sonenberg of Landmark Commercial Real Estate Services represented Family Dollar.
SOUTHGATE, MICH. — Friedman Real Estate has brokered the sale of Southgate Tower in Southgate, a southwest suburb of Detroit. The sales price was undisclosed. Rising 14 stories and constructed in the early 1970s, Southgate Tower is a former bank office building that now sits vacant. The buyer, Southgate Tower LLC, plans to undertake a massive redevelopment project. Upon full buildout, the project will consist of 201 apartment units. The construction timeline is 24 to 30 months. Friedman’s Andrew Ledger represented the buyer in the transaction. The seller was undisclosed.
BATTLE CREEK, MICH. — NAI Wisinski of West Michigan has arranged the sale of Minges Creek Plaza in Battle Creek for an undisclosed price. The 72,000-square-foot shopping center was fully leased at the time of sale to tenants such as Jo-Ann, Biggby Coffee, Xfinity, Supercuts, Tropical Smoothie Café, The UPS Store and LA Insurance. Jodi Milks of NAI Wisinski represented the seller, which purchased the center in 2013 following a foreclosure and made property improvements. NAI Wisinski will handle property management and leasing for the new owner.
WEST BLOOMFIELD, MICH. — Tranquility Healing Spa has leased 2,000 square feet at a retail property located at 6765 Orchard Lake Road in West Bloomfield. The property, which is also occupied by Beyond Juice, is now fully leased. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Zeerco Development. Murphy and Gerdom also represented Zeerco in the sale of the building to a local investor. Jon Kouza of AQRE Advisors represented the buyer.
JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.
MARQUETTE, MICH. — Greystone has originated a $12.3 million Fannie Mae loan for the refinancing of One Marquette Place in Marquette, a city in Michigan’s Upper Peninsula along Lake Superior. The 68-unit apartment community was constructed in 2019. The six-story property features a rooftop terrace, community room and exercise room. The community was built on former brownfield land that was utilized as industrial docks. Reuben Dolny and John Marr of Greystone originated the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule.
TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.