DETROIT — UBS Financial Services Inc. has opened its first Detroit office in the historic downtown Woodward shopping district. The 11,000-square-foot office represents an expansion of UBS’s investment in the metro area. The office spans two buildings and has six meeting rooms, a flexible breakout area and a coffee bar. Visitors will be greeted by a large black-and-white map of Detroit behind the reception area. Bedrock owns the property, which was designed by architecture firm Smith, Hinchman & Grylls. UBS is a global wealth management firm.
Michigan
SAGINAW, MICH. — Bernard Financial Group has originated an $8.7 million Freddie Mac loan for the refinancing of South Colony Place I in Saginaw. The 201-unit multifamily property is located at 180 S. Colony Drive in central Michigan. Dennis Bernard originated the loan on behalf of the borrower, South Colony Limited Dividend Housing Association LLC.
UTICA, MICH. — Marcus & Millichap has arranged the sale of EZ Storage, a 58,590-square-foot self-storage facility in Utica. The sales price was not disclosed. Located at 12700 E. Utica Park Blvd., the 547-unit property includes both climate-controlled and non-climate-controlled units. The facility is 98 percent occupied. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property for sale on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
SHELBY TOWNSHIP, MICH. — Gerdom Realty & Investment has completed the lease-up of Phase I at The Shops at Nottinghill in Shelby Township. The final tenant, Devine Nails, leased a 2,131-square-foot space. The nail salon plans to open in the third quarter of this year. Mike Murphy, Tjader Gerdom and Larry Siedell of Gerdom represented the landlord. Phase II of the shopping center will include up to 5,000 square feet.
FERNDALE, MICH. — Greystone has provided a $17.7 million HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit apartment property on Nine Mile Road in Ferndale. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Wolf River Development Co. The construction loan will convert to a 40-year permanent loan after completion and stabilization. The four-story project will include 5,000 square feet of ground-floor retail space, covered parking, a rooftop terrace, dog run, picnic area and fitness center. A timeline for completion was not disclosed.
MUSKEGON, MICH. — RD Management LLC has unveiled plans to redevelop Muskegon Shopping Center located at 3530 Henry St. in western Michigan. The project will include removal of the 134,874-square-foot building formerly occupied by Kmart, renovation of the 32,338 square feet of adjacent retail space and the construction of five residential buildings totaling 126 units. Demolition of the Kmart building will begin in late spring. In addition, Mercy Health has agreed to purchase a 6.2-acre parcel of the shopping center in order to construct a new 40,900-square-foot medical office building that will include urgent care, physical therapy, research laboratories, doctor’s offices and a pharmacy.
DETROIT — Bedrock and the city of Detroit have completed an affordable housing project reserved for residents age 55 and above and who earn 30 to 60 percent of the area median income. This equates to earning $14,910 to $29,820 for a single person. Located within Detroit’s Brush Park neighborhood and part of Bedrock’s 8.4-acre City Modern development, The Flats at 124 Alfred is the first of six apartment buildings to be completed. The 54-unit building features one-bedroom floor plans that range from 600 to 735 square feet. Amenities include a fitness center, resident lounge, outdoor terrace and underground parking. Detroit-based Hamilton Anderson Associates designed the building. In 2017, Bedrock made a commitment to the city that 20 percent of its residential portfolio would be dedicated to affordable housing units. Bedrock plans to develop or rehabilitate a total of up to 3,500 residential rental units over the next several years, with 700 of those units designated as affordable housing.
SALINE, MICH. — Marcus & Millichap has brokered the $2.9 million sale of a property net leased to Tractor Supply in Saline, about 10 miles south of Ann Arbor. The 18,104-square-foot building is located at 111 Sage Court. Tractor Supply has operated at the property for 18 years. Brett Winger and Dominic Sulo of Marcus & Millichap brokered the sale. Steve Chaben assisted on the transaction as the broker of record.
GRAND RAPIDS, MICH. — BDO has signed a 35,000-square-foot office lease in Grand Rapids. The firm, which delivers assurance, tax and financial advisory services to its clients, will occupy space within 5300 Patterson Ave., a newly renovated office building. Owner Franklin Partners upgraded the lobby and common areas, which include a café, bank, fitness center and shared collaborative spaces. Mary Ann Wisinski of NAI Wisinski of West Michigan, along with Justin Decker and Mark Robbins of Avison Young, represented BDO in the lease transaction. Duke Suwyn of Colliers International represented Franklin Partners. As a result of BDO’s lease, the 140,000-square-foot building is 95 percent occupied. Other tenants include Kellogg Global Service Center, Kellogg Community Credit Union, Maxim Healthcare and Varipro.
SHELBY TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 16,830-square-foot industrial building located at 51255 Oro Drive in Shelby Township. The sales price was not disclosed. The buyer, Michigan Architectural Millwork, will use the building for the production of doors, plywood, moldings, hardwood boards and hardware. Jason Capitani and Joseph DePonio III of L. Mason Capitani represented both the buyer and the seller, JMJ Investment Co.