Michigan

Berkadia Brokers $32.5M Sale of Multifamily Property in Michigan

by Kristin Harlow August 29, 2019

FARMINGTON HILLS, MICH. — Berkadia has brokered the sale of Hillside Forest, a 252-unit multifamily property in Oakland County’s Farmington Hills. Built in 1986, the community features one- and two-bedroom floor plans. Amenities include a 24-hour fitness center, clubhouse, pool, jogging trail and tennis courts. Kevin Dillon, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Corey Krug and Carly Dietz of Berkadia represented the seller, Michigan-based Berger Realty Group Inc. Affiliates of Highgate Capital Group, based in Chicago, purchased the asset. Robert Falese of Berkadia originated $26.8 million in acquisition financing on behalf of the borrower. The 10-year Freddie Mac loan features a fixed interest rate of 3.87 percent and a loan-to-value ratio of 80 percent.

August 29, 2019

Acquisitions Indiana Michigan Midwest Ohio Retail

Albanese Cormier Acquires Nine Shopping Centers Totaling 758,983 SF

by Kristin Harlow August 27, 2019

INDIANA, MICHIGAN, OHIO AND WEST VIRGINIA — Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne Centers REIT was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and JLL brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Ind.; Forest Park Plaza (104,231 square feet) in Brazil, Ind.; Phoenix Square (47,415 square feet) in South Haven, Mich.; Amberwood Center (34,553 square feet ) in Ashland, Ohio; Barberton Shopping Center (105,313 square feet ) in Barberton, Ohio; DeVeaux Village Shopping Center (72,050 square feet) in West Toledo, Ohio; Perrysburg Marketplace (101,859 square feet ) in Perrysburg, Ohio; Reynolds Plaza (110,479 square feet ) in South Toledo, Ohio; and Huntington Mall (36,066 square feet ) in Barboursville, W.Va.

August 27, 2019

Hospitality Loans Michigan Midwest

Mag Mile Capital Arranges $22.5M Refinancing for Two Hotels in Dearborn, Michigan

by Kristin Harlow August 27, 2019

DEARBORN, MICH. — Mag Mile Capital has arranged a $22.5 million loan for the refinancing of two hotels in Dearborn. The first is a 107-room Holiday Inn Express located at 24041 Michigan Ave. and the second is a 102-room Staybridge Suites located at 24105 Michigan Ave. The borrower, Malik Abdulnoor of Stellar Hospitality, opened both hotels less than three years ago. Francisco Nacorda of Mag Mile Capital arranged the 10-year, nonrecourse loan with a fixed interest rate of 3.9 percent and a 25-year amortization schedule. An undisclosed investment bank provided the loan.

August 27, 2019

Acquisitions Industrial Michigan Midwest

Stan Johnson Co. Negotiates $14.9M Sale of Industrial Property Near Flint, Michigan

by Kristin Harlow August 19, 2019

GRAND BLANC, MICH. — Stan Johnson Co. has negotiated the sale of Waretech Industrial Park in Grand Blanc for $14.9 million. The multi-tenant industrial property is located at 7075 S. Dort Highway in suburban Flint. JASCO International, Joshen Paper & Packaging and WGS Global Services fully occupy the 667,000-square-foot property. Rob Gemerchak and BJ Feller of Stan Johnson represented the seller, Dallas-based developer Covington Group. Triyar Cos. LLC, a Los Angeles-based private equity group, purchased the asset.

August 19, 2019

Development Michigan Midwest Office

Olympia Development to Build New Headquarters for Mercedes-Benz Financial Services in Michigan

by Kristin Harlow August 14, 2019

FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. The three-story, 200,000-square-foot property will include a fitness center, café and coffee bar. Olympia Development has selected Gensler as the architect and Kirco Manix as the general contractor. Construction is expected to begin in the fall with completion slated for summer 2021. Mercedes-Benz Financial Services currently leases space in an office complex less than one mile from the new site. The automotive financial services provider is a member of the Daimler Mobility AG group of companies, headquartered in Germany. The company’s planned move to a new office space will retain approximately 1,000 jobs in the community.

August 14, 2019

Acquisitions Hospitality Michigan Midwest

Marcus & Millichap Negotiates $2.1M Sale of Days Inn & Suites in Michigan

by Kristin Harlow August 9, 2019

BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

August 9, 2019

Acquisitions Industrial Michigan Midwest

Reichle Klein Group Arranges $1.3M Sale of Industrial Building in Dearborn, Michigan

by Kristin Harlow August 9, 2019

DEARBORN, MICH. — Reichle Klein Group has arranged the sale of a 57,846-square-foot industrial building in Dearborn for $1.3 million. The manufacturing facility sits on 3.5 acres at 6340 Miller Road. Lynette Reichle and Wyen Koan of Reichle Klein Group represented the seller, Nopac LLC. Hussein Bazzi of Real Estate One represented the buyer, Dearborn-based Dabazzi Properties LLC.

August 9, 2019

Acquisitions Hospitality Michigan Midwest

GFI Sells 198-Room Hilton Garden Inn in Downtown Detroit

by Kristin Harlow August 7, 2019

DETROIT — GFI Capital Resources Group has sold the Hilton Garden Inn Detroit Downtown, a 198-room hotel. Inland Realty Group purchased the property for $51.4 million. GFI had purchased the 10-story hotel in October 2016 and subsequently implemented a $4 million improvement plan. The hotel site is located within a designated Opportunity Zone and includes a 30,000-square-foot parking surface. Management of the Hilton Garden Inn will be transferred from Crescent to SuperHost Enterprise, which operates 18 properties.

August 7, 2019

Industrial Leasing Activity Michigan Midwest

Prism Plastics Signs 30,470 SF Industrial Lease in Shelby Township, Michigan

by Kristin Harlow August 5, 2019

SHELBY TOWNSHIP, MICH. — Prism Plastics has signed a 30,470-square-foot industrial lease in Shelby Township, about 15 miles north of Detroit. Prism manufactures high-precision plastic products with a focus on automotive parts. Andrew Boncore of Dominion Real Estate Advisors represented the tenant and the landlord, GSL Holdings LLC. The lease term is 12 years.

August 5, 2019

Industrial Leasing Activity Michigan Midwest Office

Bluewater Technology Signs Lease for 90,000 SF Build-to-Suit in Novi, Michigan

by Kristin Harlow August 1, 2019

NOVI, MICH. — Bluewater Technology has signed a 90,000-square-foot lease for a new build-to-suit facility at 45833 12 Mile Road in Novi. Bluewater will relocate from a 57,000-square-foot facility in Southfield. Bluewater is an event technology firm that specializes in audiovisual integration. Conner Salsberry and David Giltner of CBRE represented Bluewater in the lease transaction. (Giltner now works for Colliers International.) The team also represented the landlord and developer, Amson Nassar Development. Scott Cave and Shane Ferrell of CBRE will work with Bluewater in the build-out process.

August 1, 2019

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