DUNDEE, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.1 million sale of Highland Terrace in Dundee, about 50 miles southwest of Detroit. Built in 1984, the 24-unit apartment property is located at 625 Rawson St. The property traded at a cap rate of 8.6 percent. Buyer and seller information was not disclosed.
DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization schedule.
GRAND RAPIDS AND GRANDVILLE, MICH. — The Donut Conspiracy is opening two new locations in Grand Rapids and Grandville in western Michigan. The Grand Rapids store will span 1,500 square feet and include an industrial kitchen for production. The Grandville store, formerly home to Orange Leaf Frozen Yogurt, spans 1,800 square feet. The Donut Conspiracy was founded in 2017. Each location features vintage décor and themes around historic conspiracy theories.
DETROIT — LinkedIn has opened its new Detroit office on Woodward Avenue. The company occupies 75,000 square feet split between the Albert Kahn-designed Sanders and Grinnell buildings, which are located next to each other. The office represents a huge expansion within the market for LinkedIn, which began its operations in the city in 2017 with 15 team members in a WeWork space. Bedrock owns the buildings, which are located at 1523 Woodward Ave. Earlier this week, global wealth management firm UBS opened a new office blocks away from LinkedIn. Across the street is the newly opened Shinola Hotel and the Hudson’s Site project.
TROY, MICH. — Gerdom Realty & Investment has completed three retail lease transactions at Century Plaza in Troy. Quickly Tea, Michigan College of Beauty and Breakfast Club Restaurant together will occupy 6,942 square feet. The approximately 34,500-square-foot property is located at the intersection of Big Beaver and Rochester roads. Tjader Gerdom, Mike Murphy and Larry Siedell of Gerdom represented the landlord, Beztek Properties.
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.
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.
