DETROIT — Colliers International has arranged the sale of two industrial buildings in Detroit for an undisclosed price. The first property at 13901 Joy Road spans 456,156 square feet. The second building at 8211 Decatur Road totals 113,332 square feet. Peter E. Kepic and Peter J. Kepic of Colliers represented the buyer, Schostak Brothers & Co. Inc., as well as the seller, Joy Road Holdings LLC. Schostak has retained the duo to market the buildings for lease. Schostak says the purchase fits its strategy of buying and renovating well-located industrial properties.
BROWNSTOWN, MICH. — Bernard Financial Group has arranged a $10 million loan for the refinancing of a 394-unit multifamily property in Brownstown Charter Township, about 20 miles southwest of Detroit. Dennis Bernard and Joshua Bernard of Bernard Financial arranged the loan on behalf of the borrower, Hamptons of Brownstown LP. Securian Life Insurance Co. provided the loan, terms of which were undisclosed.
MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …
FRASER, MICH. — Stan Johnson Co. has brokered the sale of a 186,443-square-foot manufacturing facility in the northeast Detroit suburb of Fraser for $7.6 million. AAM Metal Forming, an automotive supplier, fully leases the facility, which is located at 18450 15 Mile Road in Macomb County. Situated on 14 acres, the property was renovated in 2020. At the time of sale, there were 15 years remaining on the primary lease term. Asher Wenig of Stan Johnson represented the seller, ACW Fraser American LLC, which is an Arizona-based institutional investor. The buyer was Fraser Fifteen LLC, an institutional investor based in New Jersey.
DETROIT — City Club Apartments LLC has opened City Club Apartments Lafayette Park, an 18-story redevelopment project in Detroit. Formerly named Elmwood Park Plaza, the apartment property was built in the early 1970s and included a Detroit Public Library branch. The library remains a tenant today. The original building was developed by the father and uncle of current City Club Apartments CEO Jonathan Holtzman. Located at 750 Chene St. in the newly renamed Rivertown District, the property features 202 apartment and penthouse units, 20 percent of which are designated as affordable. Amenities include a lobby lounge, club room, fitness center, outdoor terrace, heated pool, business center, sky lounge and dog park. Monthly rents start at $1,065.
NOVI, MICH. — Dwight Capital has provided a $34.5 million HUD 223(f) loan for the refinancing of Central Park Estates, a 254-unit townhome-style apartment property in Novi. Built between 2001 and 2003, the property consists of 43 buildings. Amenities include a clubhouse, basketball court, community room, fitness center, playground and tennis court. Josh Hoffman and Kevin Lifshitz of Dwight Capital originated the loan, which qualified for a Green Mortgage Insurance Premium reduction set at 25 basis points.
ST. CLAIR SHORES, MICH. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.
MONROE, MICH. — Cohn Commercial Properties has brokered the sale of a former Target store spanning 96,000 square feet in Monroe, about 40 miles southwest of Detroit. The building is located at 2121 N. Monroe St. The sales price and seller were undisclosed. Harry Cohn of Cohn Commercial represented the buyer, Richmond Main LLC, which will occupy the building for its auto parts business.
FARMINGTON HILLS, MICH. — F45 Training has signed a lease for 5,100 square feet of retail space at The Groves Shopping Center in Farmington Hills. The fitness concept specializes in high-intensity group workouts. Joel Kestenberg of Friedman Real Estate represented the undisclosed landlord in the lease transaction.
DETROIT — City Club Apartments has opened its new community in Detroit’s central business district. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site once housed the 18-story, 800-room Statler Hotel, which dates back to 1915. The property was demolished in 2005 after sitting vacant for 30 years. The new project on the site includes 288 apartments and penthouses, 396 underground parking spaces and 13,000 square feet of commercial space. Amenities include a lobby lounge with concierge, clubroom, indoor theater, fitness room, work-from-home business center, pool, outdoor courtyard and bark park. Dubbed an “apartment hotel community,” the property offers both short-term furnished and long-term furnished options. The Joe Vicari Restaurant Group will soon open the Statler Bistro, an American and French bistro and market on the first floor. Michigan-based Premier Pet Supply will open its pet supply store at the property this summer. Huntington Bank, Bank of Ann Arbor, Comerica Bank and Asia Capital Real Estate provided project financing. BKV Group and Damon Farber were the project architects. Monthly rents start at $1,265.