DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of the Whitmore Apartments Portfolio in Detroit for $9 million. The multifamily portfolio comprises six properties and 223 units in the Palmer Park district. The assets were built between 1928 and 1953. Nick Kirby and Cary Belovicz of Greystone Bel represented the seller, a family that had owned the portfolio since the 1960s. The duo also procured the undisclosed buyer.
Investors favor multifamily markets with brisk population growth and meaningful barriers to entry. But can a case be made in turbulent times for slow-growth Midwest cities characterized by weak entry barriers? View higher resolution version of chart above here. Midwest metro areas with relatively healthy demographic growth — Columbus, Indianapolis and Kansas City come to mind — have posted constructive performance trends during the pandemic recession so far, particularly with respect to rent. Among the 10 largest Midwest markets, Columbus recorded the fastest rent growth over the past three years (18.2 percent, according to Yardi Matrix) and nearly the fastest since the beginning of the pandemic (2.9 percent between February and October). Indeed, Columbus, Indianapolis (2.7 percent) and Kansas City (2.3 percent) respectively recorded the third, fourth and sixth fastest rent trends in the region since February, and each readily topped the -1.1 percent U.S. primary and secondary market average. The fastest rent growth in the region, however, was recorded by two metro areas not blessed with brisk population growth — Cincinnati and Detroit. Between February and October all property rents increased 3.0 percent in Cincinnati and 3.4 percent in Detroit, figures exceeded in only a handful of markets nationally. …
KALAMAZOO, MICH. — Berkadia has brokered the sale of a four-property, 427-unit multifamily property in Kalamazoo for an undisclosed price. The properties include Embassy Terrace, Greenbriar, Carriage Green and Regency Square. Jason Krug, Corey Krug, Kevin Dillion, Rick Vidrio, Rick Brace and Charley Henneghan of Berkadia’s Great Lakes team represented the Michigan-based seller as well as the buyer, Chicago-based Tricap Residential Group.
DETROIT — Bernard Financial Group has arranged an $11.5 million loan for the refinancing of an 82-unit seniors housing property in Detroit. Walker & Dunlop provided the Freddie Mac loan, terms of which were undisclosed. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, OP Senior Limited Dividend Housing Association LLC.
STERLING HEIGHTS, MICH. — Quantum Mold & Engineering has expanded to Sterling Heights with the purchase of a 36,779-square-foot industrial building at 6300 Sterling Drive North in suburban Detroit. The prototype and production plastic injection molding company currently operates out of multiple properties in the area. The new facility will help the company consolidate operations and expand services. Jason Capitani of L. Mason Capitani CORFAC International represented Quantum in the sale. The seller and purchase price were undisclosed.
DETROIT AND GRAND RAPIDS, MICH. — Alliant Credit Union has provided an $18 million loan for the acquisition of a six-property self-storage portfolio located in the metro Detroit and Grand Rapids areas. Pogoda Cos. was the borrower. The 10-year loan features 30 months of interest-only payments followed by a 30-year amortization schedule. Shoy McKen of Lev Capital arranged the loan with Alliant.
DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.
DETROIT — Meijer, the City of Detroit and RDG Rivertown Market LLC have unveiled plans for a new ground-up grocery development located at 1475 E. Jefferson Ave. within the city’s East Jefferson Corridor. Meijer will operate the 42,000-square-foot store, dubbed Rivertown Market. The project marks the fourth small-format store for Meijer. Other locations are in Grand Rapids, Royal Oak and Lansing. Rivertown Market will offer fresh food and artisan groceries as well as Meijer- and national-branded products. The Detroit location will create approximately 60 jobs. Rockford Construction is the general contractor. Gun Lake Investments and Mercantile Bank are financing the project, which is expected to take 14 months to build.
PITTSFIELD CHARTER TOWNSHIP, MICH. — Wacker Chemical Corp. has selected KIRCO and KIRCO MANIX to build its new North American Innovation Center & Regional Headquarters in Pittsfield Charter Township, just south of Ann Arbor. The more than $50 million project will be home to roughly 300 employees who will relocate from Wacker’s current regional headquarters in Adrian, Mich. Wacker says it will add up to 70 new jobs in the coming years at the 140,000-square-foot property. Wacker will continue to produce elastomers, silicone fluids and silicone emulsions at the Adrian operations. Construction of the new headquarters building is scheduled to begin this month with completion slated for March 2022.
DETROIT — The Detroit City Council has approved the sale of the former Michigan State Fairgrounds, providing the green light for a $400 million redevelopment of the site. Detroit-based Sterling Group and Dallas-based Hillwood Investment Properties have agreed to pay $9 million for the land, with plans to build a 3.8 million-square-foot distribution center for Amazon at the property. The e-commerce giant will occupy half of the 142-acre site, located at the corner of Woodward Avenue and 8 Mile Road. Its facility is projected to bring more than 1,200 new full-time jobs to the area. The remaining acreage will be dedicated to auto part suppliers or other employers, according to the developers. The Michigan State Fair took place annually in Detroit from 1849 to 2009 when the publicly funded event was removed from the budget. In 2011, the fair went private and moved to nearby Novi. The redevelopment plans call for the demolition of several buildings at the old fairgrounds, including the 5,600-seat arena built in 1922, according to local news outlets. The project also includes the development of a new indoor transit center to replace the current one on Woodward Avenue near the fairgrounds. As part of the agreement, …
