ROMULUS, MICH. — Bernard Financial Group (BFG) has arranged a $57 million loan for the refinancing of a three-building industrial property totaling 1.8 million square feet in Romulus. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Voya Investment Management LLC. An entity doing business as Ashley Romulus LLC was the borrower. Further details were not provided.
MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $21.3 million bridge loan for the acquisition of One North Main, a 114,870-square-foot office property in Ann Arbor. Constructed in 1987, the building rises 11 stories, according to LoopNet. Dennis Bernard and Joshua Bernard of the firm arranged the loan with Ladder Capital Finance LLC. The borrower was an entity doing business as One North Main Owner LLC.
DETROIT — Lightstone has purchased a multifamily portfolio in suburban Detroit totaling 7,810 units across 27 properties in 19 different submarkets. The purchase price and seller were not disclosed. The portfolio also includes an 11,000-square-foot office building. Lightstone plans to add amenities, improve common areas and renovate unit interiors. The transaction increases Lightstone’s multifamily holdings in the Detroit market to more than 13,000 units. Lightstone operates its assets through its management company, Beacon Management.
EAST LANSING, MICH. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total of 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes, Scott Clifton and Dave MacDonald of JLL represented the seller, DTN Management Co.
LANSING, MICH. — Waramaug Hospitality, a privately held investment firm focused on select-service and full-service hotels, has purchased the Radisson Hotel Lansing at the Capitol for an undisclosed price. The 256-room hotel is the only full-service hotel in downtown Lansing, according to Waramaug. The property features an onsite restaurant and bar, fitness center, indoor pool and more than 10,000 square feet of meeting space. The second floor of the hotel connects to the Lansing Center, the 125,000-square-foot convention center owned by the city. Waramaug is planning a complete renovation of the property and will rebrand it as a Doubletree by Hilton upon completion. Terrapin Hospitality will manage the asset. Nate Sahn of CBRE brokered the sale. The seller was undisclosed.
LANSING, MICH. — Marcus & Millichap has negotiated the sale of a 14,559-square-foot retail property net leased to Walgreens in Lansing for $6.2 million. Walgreens has over nine years remaining on its lease at the property, which is located at 6421 W. Saginaw Highway. James Ziegler, Keith Zelenika and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based private investor. A New York-based private investor completing a 1031 tax-deferred exchange was the buyer.
MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.
TROY, MICH. — Vintage King Audio has signed a 17,220-square-foot industrial lease at 2032 Heide St. in Troy. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord in the seven-year lease. Sam McLean of Team Core represented the tenant, which is an audio-visual equipment supplier.
BELLEVILLE, MICH. — Cox Automotive Mobility Solutions has signed a 75,751-square-foot industrial lease at 39635 S. I-94 Service Drive in Belleville, a western suburb of Detroit. The tenant will use the 20-acre property to develop and launch its new global electric vehicle battery service network. Jim Chaconas and Jim Roberts of Colliers International Detroit represented the landlord, Service Drive Investments LLC.