Michigan

Rich & Associates Completes Design of Bagley Parking Hub for Ford Motor Co.

by Kristin Harlow February 23, 2021

DETROIT — Rich & Associates has completed the design for Ford Motor Co.’s new Bagley Parking Hub in Detroit. Rich led the design team for the parking garage structure and is providing ongoing parking engineering consultation throughout the construction process. Construction of the so-called mobility hub is scheduled to begin soon with completion slated for 2022. Situated in Detroit’s Corktown neighborhood, the Bagley Parking Hub will offer space for e-bikes and scooters in addition to 1,250 cars. The structure will feature electric vehicle charging stations, automated payment technologies and exterior artwork as well as public plazas and green space. The Bagley Parking Hub will be part of the 30-acre mobility innovation district being built by Ford Motor Co. around Michigan Central Station. Rich worked with Rossetti, Strategic Energy Solutions and Giffels Webster. Rich is a firm dedicated solely to parking design, planning and management.

February 23, 2021

Loans Michigan Midwest Office

Bernard Financial Group Arranges $24.3M CMBS Loan for Refinancing of Two Office Buildings in Southfield, Michigan

by Kristin Harlow February 23, 2021

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $24.3 million CMBS loan for the refinancing of two Class A office buildings in Southfield. The buildings total 315,839 square feet. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Oakland Commons Acquisition Owner LLC. Loan terms were not disclosed.

February 23, 2021

Acquisitions Michigan Midwest Retail

Magoo’s Pet Outlet to Open 10th Location in Michigan

by Kristin Harlow February 22, 2021

MOUNT PLEASANT, MICH. — Magoo’s Pet Outlet will open a new store in Mount Pleasant. This is the 10th location in the state of Michigan for the pet retailer, which has purchased the 5,800-square-foot, former Redbird Feed & Supply building located on East Pickard Street. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Magoo’s in the transaction. The seller and sales price were undisclosed.

February 22, 2021

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Arranges Sale of 764-Unit Self-Storage Facility Near Grand Rapids

by Kristin Harlow February 17, 2021

COMSTOCK PARK, MICH. — Marcus & Millichap has arranged the sale of a CubeSmart self-storage property in Comstock Park, about six miles north of Grand Rapids. The facility spans 79,420 square feet with 764 climate-controlled units. The property, which opened in January 2020, sits on 3.2 acres at 4150 Alpine Ave. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, Pogoda Cos. The sales price was undisclosed.

February 17, 2021

Leasing Activity Michigan Midwest Retail

Pet Supplies Plus to Open New Store in Ypsilanti, Michigan

by Kristin Harlow February 17, 2021

YPSILANTI, MICH. — Pet Supplies Plus has signed a lease for 6,800 square feet at Paint Creek Plaza, a Kroger-anchored shopping center in Ypsilanti. The retailer plans to open the new store later this year. Tjader Gerdom & Larry Siedell of Gerdom Realty & Investment represented Pet Supplies Plus in the lease transaction. Grenadier Properties owns and manages Paint Creek Plaza, which is located on Whittaker Road.

February 17, 2021

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $23.5M Construction Loan for Industrial Building Near Detroit

by Kristin Harlow February 8, 2021

PLYMOUTH, MICH. — Bernard Financial Group has arranged a $23.5 million construction-to-permanent loan for a 477,165-square-foot industrial building in Plymouth, about 25 miles west of Detroit. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan with Aegon Life Insurance Co. Loan terms were undisclosed.

February 8, 2021

Development Hospitality Michigan Midwest Multifamily

Barbat Holdings Completes Transformation of Former Archdiocese Building in Detroit, Leases to Sonder

by Kristin Harlow February 4, 2021

DETROIT — Barbat Holdings LLC, a West Bloomfield-based development firm, has completed the transformation and revitalization of 305 Michigan Ave. in Detroit. Now known as Gabriel Houze, the 100,000-square-foot, 10-story property is located in the city’s central business district across from the Westin Book Cadillac. Built in 1915 and formerly known as the Gabriel Richard Building, the property housed the Archdiocese of Detroit for over 50 years. Furniture store Weil & Co. first occupied the property upon its opening. CIBC financed the project in partnership with Invest Detroit. Sonder USA Inc., a residential hospitality concept that offers short-term rentals, has leased the entire building except for 8,000 square feet of retail space on the ground floor. Sonder will offer 125 units for lease. The Houze Living brand is a subsidiary of Barbat Holdings. The developer expects to complete Montgomery Houze in Ann Arbor and Birmingham Houze in Birmingham this summer.

February 4, 2021

Loans Michigan Midwest Multifamily

Berkadia Arranges $75.1M in Financing for Three Multifamily Properties in Michigan

by Kristin Harlow February 4, 2021

INKSTER, ROCHESTER HILLS AND LANSING, MICH. — Berkadia has arranged $75.1 million in combined financing for three garden-style multifamily properties in Michigan. Aaron Moll of Berkadia arranged the loans on behalf of the borrower, Valleytree Partners. Moll secured a $31.5 million Fannie Mae loan for the refinancing of Dearborn View in Inkster. The loan features five years of interest-only payments and an interest rate below 2.7 percent. Moll arranged a $35.9 million loan with a bridge lender for the acquisition of Bedford Square in Rochester Hills. The nonrecourse loan features an 80 percent loan-to-cost ratio and three years of interest-only payments. Lastly, Moll secured a $7.6 million Freddie Mac loan for the acquisition of Delta Square Apartments in Lansing. The 10-year loan features three years of interest-only payments and a 75 percent loan-to-value ratio.

February 4, 2021

Acquisitions Industrial Michigan Midwest

Dominion Brokers Sale of 42,000 SF Industrial Building in Detroit

by Kristin Harlow February 2, 2021

DETROIT — Dominion Real Estate Advisors has brokered the sale of a 42,000-square-foot industrial building in Detroit for an undisclosed price. The property is located at 12727 Greenfield Road. Rem Murray of Dominion represented the seller, 12727 Greenfield LLC. Detroit-based logistics company LD Transport purchased the building.

February 2, 2021

Development Michigan Midwest

Baker College to Open $51M Campus in Metro Detroit’s Royal Oak

by Kristin Harlow January 28, 2021

ROYAL OAK, MICH. — Baker College is building a new campus in Royal Oak, a northern suburb of Detroit. The 86,000-square-foot, seven-story campus will be situated at 420 S. Lafayette Ave. Construction recently began on the $51 million project, which is slated for completion in time for the 2022 academic year. The campus will accommodate approximately 1,500 undergraduate and graduate students. It will include classrooms, laboratories, study areas, gathering spaces and onsite parking. Edge Design Associates and Colasanti Construction Services Inc. make up the project team. Students at the Royal Oak campus will have the opportunity to pursue degrees in business, information technology, nursing, education, occupational therapy, physical therapy, criminal justice, psychology or liberal arts. Baker College, a private nonprofit college, currently maintains campuses in Auburn Hills, Cadillac, Jackson, Muskegon and Owosso, as well as its Culinary Institute of Michigan locations in Port Huron and Muskegon and its Auto Diesel Institute in Owosso. Baker College’s online program offers more than 40 academic options for students globally.

January 28, 2021

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