CLARKSTON, MICH. — Bernard Financial Group (BFG) has arranged a $2.5 million loan for the refinancing of a 141-unit multifamily community in Clarkston, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Independence Square LP. Ameritas Life Insurance Corp. provided the loan.
Marcus & Millichap Brokers $2.1M Sale of Huntington Bank-Leased Retail Asset in Southfield, Michigan
SOUTHFIELD, MICH. — Marcus & Millichap has brokered the $2.1 million sale of a 5,749-square-foot retail building net leased to Huntington Bank in Southfield. Built in 2008 and located at 24805 W. 12 Mile Road, the property features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the seller, a private developer. The asset sold to a local, all-cash buyer.
FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.
PULASKI, WIS. — NAI Pfefferle has brokered the sale of two self-storage facilities totaling 441 units in Pulaski, about 20 miles northwest of Green Bay. The sales price was not disclosed, but the asking price was $4.3 million. The properties total 98,740 square feet. Jonathan Glassco and Nick Schmidt of NAI Pfefferle arranged the sale.
AURORA, ILL. — Marcus & Millichap has negotiated the $3.4 million sale of a six-suite retail strip center in Aurora. The 12,684-square-foot property was fully occupied at the time of sale to local restaurants, healthcare providers and technology retailers. Built in 2010, the asset is located at 5 N. Root St. Coult Greenwell and Mitchell Kiven of Marcus & Millichap represented the seller, a private investor based in the western Chicago suburbs. The duo also procured the buyer, a private investor who is in the process of growing a portfolio of neighborhood retail centers.
BIRMINGHAM, MICH. — Colliers has arranged the sale of a 20,000-square-foot office building in Birmingham, a northern suburb of Detroit. The sales price was undisclosed. Kalasho Management, a property management company, purchased the building and plans to make major renovations. Taunt Law Firm previously occupied the property for many decades. Gary Grochowski and Bryan Barnas of Colliers represented the buyer and seller.
ROSEVILLE, MINN. — Realterm has acquired a 6.3-acre industrial outdoor storage facility in the Minneapolis suburb of Roseville for an undisclosed price. Developed in 2021, the Class A property at 2340 Rose Place West features five oversized drive-in doors, four dock-high loading positions and a two-story, 7,300-square-foot office component. The site is fully leased to an asset-light freight and logistics company that provides services across the United States and Canada. Chris Weirens of Transwestern facilitated the transaction and represented the undisclosed seller. The transaction marks Realterm’s third acquisition in the region.
OAK BROOK, ILL. — G. Joseph Cosenza, the co-founder, director and vice chairman of The Inland Real Estate Group of Cos., has passed away at the age of 81. He also served as president of Inland Real Estate Acquisitions LLC. In accordance with Inland’s succession plan, Inland’s acquisition operations are currently being jointly led by Matthew Tice and Mark Cosenza. A native Chicagoan, Cosenza received his BA from Northeastern Illinois University and his MS from Northern Illinois University. From 1967 to 1968, Cosenza taught at the LaGrange School District, and from 1968 to 1972, he served as assistant principal and teacher in the Wheeling School District. While at Northeastern, he met the late Daniel Goodwin, who, along with Cosenza and fellow school-teachers Robert Parks and Robert Baum, formed Inland in 1968. As head of acquisitions for Inland, Cosenza oversaw and consulted or negotiated the purchase of more than $55 billion of commercial real estate. A licensed real estate broker since Inland’s founding, Cosenza was an active member of various national and local real estate associations. He was also very active in banking and financial circles. He served as past chairman of the board of American National Bank of DuPage and …
CHESTERFIELD, MO. — PACE Loan Group (PLG) has provided a $35 million C-PACE loan for a new 300,000-square-foot studio complex in Chesterfield near St. Louis. The project is authorized by the St. Louis County Clean Energy Development Board through the Missouri Energy Savings Program (MO-ESP). The facility, comprised of five sound stages, will be geared toward the live events industry and will support rehearsal and production services for stadium and arena tours. Construction of the project, built on vacant land at 900 Spirit of St. Louis Blvd., began in August 2022 and will be completed in stages. Studio 80 is expected to accept bookings in spring 2025. The 32-acre, $111 million Gateway Studios & Production Services development will employ more than 100 music and film manufacturing and production professionals. The property will also include a three-story office wing for Gateway Studios executives and staff. Robbie Pinkas of PLG originated the loan. The 20-year assessment will be used to finance energy conservation measures, including the building envelope, LED lighting, efficient HVAC, low-flow plumbing and high-efficiency water heating. The energy conservation measures are expected to save more than $50,000 annually over the course of the loan. MO-ESP, St. Louis County’s PACE program, …
WAYZATA, MINN. — JLL Capital Markets has arranged the $17.5 million sale of 401 Lake Street, a Class A building with office and retail space in the western Minneapolis suburb of Wayzata. Completed in 2022, the three-story property totals 19,014 square feet and features a 4,600-square-foot roof deck, wraparound balconies on each floor and underground parking for 40 vehicles. Currently 45.8 percent occupied, the asset is home to Brick + Linen and Compass. Colin Ryan and Dave Berglund of JLL represented the seller, Lothenbach Properties LLC, and procured the undisclosed buyer. The sale represents the highest price per square foot for office sales in Minnesota history, according to JLL.