DETROIT — City Club Apartments has broken ground on the redevelopment of the formerly named Elmwood Park Plaza, an 18-story apartment building in Detroit built in the early 1970s. Located at 750 Chene St. in the newly renamed Rivertown District, the redevelopment will comprise 202 apartment and penthouse units, 20 percent of which will be affordable for existing residents. The project will feature green space, a new HVAC system and new efficiency windows. Amenities will include a lobby lounge, clubroom, fitness center, outdoor park, beach volleyball court, dog park and an 18th-floor sky lounge. The property will be named City Club Apartments Lafayette Park. Existing residents can stay in place during the redevelopment. New residents are expected to begin moving into the redeveloped units in March. City Club Apartments is an owner, developer and manager of apartments with approximately 10,000 units within 30 communities.
Michigan
NEW HUDSON, MICH. — Marcus & Millichap has brokered the $2.8 million sale of a 9,451-square-foot property net leased to KinderCare in New Hudson, about 40 miles northwest of Detroit. The building is located at 30786 Lyon Center Drive. KinderCare has signed a new 15-year lease. Dominic Sulo and Chad Lieber of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Andrean Angelov, Chad Lieber, Dominic Sulo, Ryan Engle and Timothy Stephenson Jr. of Marcus & Millichap represented the buyer, a limited liability company.
ROMULUS, MICH. — Bernard Financial Group has arranged an $8.5 million loan for the refinancing of a 139,733-square-foot industrial property in Romulus, about 25 miles southwest of Detroit. Dan Duggan of Bernard arranged the loan with the life insurance company Aegon. The borrower was DNM Industrial Park LLC.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes renovations to the property’s interior.
STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.
BERRIEN SPRINGS, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Park Manor Apartments in southwest Michigan’s Berrien Springs. The sales price was undisclosed. Built in 1971 and located on Rosehill Road, the 94-unit garden-style community is situated on nearly six acres. The property consists of nine separate buildings. Austin Hull of Greystone Bel represented the undisclosed buyer and seller.
CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in Michigan.
DETROIT — Hunt Real Estate Capital has provided a $7.5 million Fannie Mae loan for the refinancing of East Jefferson Portfolio, a three-property, 131-unit multifamily portfolio in Detroit. The 10-year loan features a fixed rate. Hibbard Tower is a nine-story building with 44 units; the Kean Building is a 15-story tower with 49 units; and Trombley Lodge is a four-story property with 38 units. The properties were constructed between 1926 and 1931. The current owners purchased the portfolio in April 2017 and subsequently invested $1.6 million in upgrades.
EAST LANSING, MICH. — Marcus & Millichap has brokered the sale of a 10,000-square-foot property leased to Firestone Complete Auto Care in East Lansing for $2.7 million. The building, renovated this year, is located at 2700 E. Grand River Ave. Don McMinn of Marcus & Millichap represented the seller, East Lansing BF Retail LLC. Andrew Irvine of Marcus & Millichap represented the buyer, Lincoln Street Commercial LLC. “This Firestone traded at 99 percent of list price with a 1031 buyer with multiple back up offers. This speaks to the strong investor demand for Firestone deals due to its strong credit, long-term NNN leases with increases, solid retail locations and internet-resistant business model,” says McMinn.
GRAND RAPIDS, MICH. — Harrison Street Social Infrastructure Fund, in partnership with Michigan State University (MSU), has unveiled plans to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park. The park is a research and clinical facility at the university’s health campus in Grand Rapids. The public-private development partnership also includes Murphy Development Group, Walsh Investors and Rockford Construction. Under the arrangement, MSU will retain long-term ownership of the land. The 205,659-square-foot building will be dedicated to research and healthcare innovation as well as the advancement of MSU’s artificial intelligence, bioinformatics and biostatistics departments. MSU, Spectrum Health and BAMF Health will occupy space. Completion is slated for fall 2021.