TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 47,833-square-foot office building located at 1111 W. Long Lake Road in Troy. The sales price was undisclosed. The three-story property includes an underground parking garage. Mason L. Capitani of the real estate firm represented the buyer, California-based LREH LLC. The building has historically remained at or near 100 percent occupancy, according to Capitani.
DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.
ROMULUS, MICH. — The Kroger Co. and grocery e-commerce technology company Ocado have selected Romulus as the latest location for a customer fulfillment center. The automated warehouse facility, equipped with digital and robotic capabilities, will serve customers across the Great Lakes region. Kroger will invest $95 million and create 250 new jobs in Romulus, according to Warren Evans, Wayne County chief executive. The 135,000-square-foot facility will be located at 15675 Wahrman Road. It is expected to become operational 18 months after construction begins.
LANSING, MICH. — Michigan Gov. Gretchen Whitmer has signed an executive order to reopen movie theaters and performance venues starting Friday, Oct. 9 following closures from the coronavirus pandemic. The order includes arcades, bingo halls, bowling alleys, indoor climbing facilities and trampoline parks. Indoor gatherings are now limited to 20 people per 1,000 square feet or 20 percent of fixed seating capacity, with a maximum of 500 people in Michigan’s largest venues. Outdoor gatherings are limited to 30 people per 1,000 square feet or 30 percent of fixed seating capacity, with a maximum of 1,000 people. Face coverings are now required for students in grades kindergarten and up in classrooms.
FARMINGTON HILLS, MICH. — City Club Apartments (CCA) has formed a new partnership with Berkeley Capital, a boutique private equity firm based in Cleveland, to enhance its development of multifamily communities. CCA cites Berkeley’s access to niche sources of international capital and says the partnership creates “great efficiency” in real estate investment, development and acquisition, according to a news release. Farmington Hills-based CCA is an owner, developer and manager with a portfolio of approximately 10,000 apartment units, $2 billion in real estate assets and $750 million under development. Jonathan Holtzman, formerly of Village Green, leads the company. Berkeley is dedicated to creating new investment opportunities for international sources of capital.
KENTWOOD, MICH. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac tax-exempt loan for the development of CityLine Apartments, a 240-unit affordable housing property in Kentwood, just south of Grand Rapids. This is the first Freddie Mac tax-exempt loan to be utilized in Michigan, according to KeyBank. Herman & Kittle Properties Inc. is developing the project, which will be built and operated according to the Section 42 low-income housing tax credit program. Situated on 11.5 acres, the development is expected to serve families that are part of the local workforce. Construction is scheduled for completion in 2022.
MICHIGAN, MINNESOTA, ILLINOIS AND IOWA — Saudi Arabia-based Arbah Capital and Chicago-based Brennan Investment Group have acquired a five-property industrial portfolio across four Midwest states. JLL Capital Markets arranged the joint venture partnership between the two companies as well as $22.9 million in debt financing for the acquisition. The portfolio spans more than 557,000 square feet and includes light industrial and flex space in Michigan, Minnesota, Illinois and Iowa. The properties include: 5460 Executive Parkway in Grand Rapids, Mich.; 1865 Industrial Drive in Grand Haven, Mich.; 7550 49th Ave. in New Hope, Minn.; 4050 Ryan Road in Gurnee, Ill.; and 1100 E. LeClaire Road in Eldridge, Iowa. Four of the five properties are single-tenant assets. The portfolio is 97.5 percent leased to tenants in the automotive, manufacturing and telecommunications industries. Claudio Sgobba, Christopher Carroll, David Berglund, Matthew Schoenfeldt and Doug Childers of JLL arranged the partnership and financing. Wintrust Bank provided the five-year, floating-rate loan. The seller was undisclosed.
DETROIT — The North American International Auto Show (NAIAS) in Detroit has moved its indoor and outdoor show to Sept. 28 through Oct. 9, 2021. The show had been planned for summer 2021. NAIAS will remain a fall show going forward and show dates have been secured with the venue, TCF Center, for the next three years. The move comes after the Los Angeles Auto Show recently rescheduled its November event for May 2021. NAIAS organizers secured dates toward the end of the month to be mindful of the new IAA show in Munich, which is scheduled for the first full week in September. NAIAS officials say they plan to expand the show’s marketing reach, drawing additional visitors from beyond the region and state. “Our responsibility as an auto show is to host a global stage for current products as well as mobility innovations of tomorrow,” says Rod Alberts, NAIAS executive director. “September is an excellent time of year for new product, and at the same time, alleviates the challenges a now crowded spring auto show calendar presents for auto show stakeholders.” NAIAS is now in its 32nd year as an international event.
DEARBORN, MICH. — Ford Motor Co. has broken ground on an electric vehicle center at the historic Rouge Center in Dearborn where it will build the all-electric F-150 by mid-2022. Upon completion, the new 500,000-square-foot manufacturing facility at the Rouge Center will add 300 jobs and is part of a $700 million investment in building the all-new lineup of F-150 pickup trucks, including the first-ever F-150 PowerBoost hybrid. The new jobs will support battery assembly and production of the F-150 PowerBoost hybrid and fully electric F-150. Including investments for Bronco and Ranger at the Michigan Assembly Plant in Wayne, Mich., announced last year, Ford plans to invest more than $1.45 billion and create approximately 3,000 jobs over the next three years in Michigan alone. “We are proud to once again build and innovate for the future here at the Rouge with the debut of our all-new F-150 and the construction of a modern new manufacturing center to build the first-ever all-electric F-150,” said Bill Ford, executive chairman of Ford Motor. Co., in a press release. “This year’s COVID-19 crisis made it clear why it is so important for companies like Ford to help keep our U.S. manufacturing base strong and …
YPSILANTI, MICH. — Berkadia has arranged the sale of Arbor One Apartments in Ypsilanti near Ann Arbor for $30.4 million. The 469-unit, garden-style multifamily property is located at 799 Green Road. It features newly renovated one-, two- and three-bedroom units. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Carly Dietz and Corey Krug of Berkadia’s Great Lakes team represented the seller, Michigan-based Watermark Partners Real Estate. New Jersey-based Valleytree Partners was the buyer. Aaron Moll of Berkadia’s Detroit office secured $23.5 million in acquisition financing through Freddie Mac.
