EAST LANSING, MICH. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property located three miles north of the Michigan State University campus in East Lansing, for $13.3 million. The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate. The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package. The buyer was a San Diego-based family investment trust that already owned several apartment properties in Michigan. The seller was a private ownership group based in San Francisco whose plan was to sell the asset following the renovation and full stabilization of the property.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 142,295-square-foot office building in Southfield, a northwestern suburb of Detroit, for an undisclosed price. Wulin Realty purchased the building known as Nine Mile Crossing from an undisclosed seller. Located at 17515 W. Nine Mile Road, the property consists of a 12-story, Class B office building and a two-story parking structure. Nine Mile Crossing was built in 1969 and was renovated in 2012. Features of the building include an on-site sundry shop, vending machines and a hair salon. The property is situated on 5.7 acres. Rich Deptula of Friedman represented both parties in the transaction. Friedman will continue to lease and manage the building for the new owners.
BUFFALO GROVE, ILL. — Avison Young has arranged a 141,000-square-foot lease for a business building in Buffalo Grove, a Chicago suburb. Plexus Corp. has signed a long-term lease renewal for the property located at 2400 Millbrook Drive. Plexus occupies the entire building. The building is located in the Millbrook Business Center, a 70-acre development. Amenities of the Millbrook Business Center include on-site management, ponds, a walking and jogging path and volleyball courts. Brett Kroner, Keith Puritz, Eric Fischer and Michael Scadron of Avison Yong represented the tenant. Bruce Hecktman of Avison Young represented the landlord, Millbrook Properties.
GLENVIEW, ILL. — Seneca Real Estate Group has arranged the lease of a two-story banquet facility in Glenview, a northwestern Chicago suburb. United Investors Inc. leased the 17,000-square-foot facility for five years to In Paris Inc. The property is located at 3315 N. Milwaukee Ave. The building was originally designed to resemble a scaled-down version of the old Chicago Stadium (an indoor arena that at one time was the home of the Chicago Blackhawks and Chicago Bulls before closing in 1994). The property consists of a multi-level ballroom with majestic ceilings, lighting and a 4,000-square-foot commercial kitchen. The banquet hall accommodates 700 guests and includes a 160-car parking lot. After some internal design work, In Paris will continue to operate the property as a banquet facility hosting weddings, parties and corporate events. Joe Padorr of Seneca represented the landlord in the transaction.
ANN ARBOR, MICH. — The Residence Inn Ann Arbor Downtown, part of the Marriott brand of hotels, has opened its doors. The six-story, 110-room hotel is located at 120 W. Huron St. First Martin Corp. developed the property, and First Hospitality Group Inc. is the management firm. According to Crain’s Detroit Business, the hotel anchors a $20 million mixed-use project. The hotel consists of 75 studio units, 20 one-bedroom units and 15 panoramic suites. The project also includes 6,000 square feet of retail space, which Colliers International is in charge of leasing up. The Residence Inn Ann Arbor Downtown is situated on the former site of the Ann Arbor Area Convention and Visitors Bureau building and the neighboring Greyhound Bus Depot. Amenities include in-suite kitchens, an indoor heated pool, a fitness center, complimentary breakfast, grocery delivery, shuttle service and Wi-Fi.
DETROIT — McCormack Baron Salazar Development Inc. will break ground on Orleans Landing near Detroit’s central business district this Tuesday, Oct. 20. The new mixed-use community will be situated on approximately eight acres adjacent to the Detroit River Walk and the Dequindre Cut Greenway. The first phase will include 278 apartments — 20 percent of which will be held for “affordable income” residents — and 10,000 square feet of retail, according to the Detroit Free Press. The development will include a mix of one- and two- bedroom homes, flats, lofts and townhomes. The $65 million project was financed through a combination of conventional FHA 221 (d) 4 debt, a two-tier equity structure and public funds. Hamilton Anderson Associates Inc. is the architect. Urban Design Associates is serving as the master planner. O’Brien Edwards and Brinkman Constructors is the general contractor. McCormack Baron Management Inc. will serve as the property manager upon completion. The project is slated for completion in April 2017. According to Crain’s Detroit Business, plans for a second phase of the development call for about 230 more rental units and additional retail space.
AURORA, ILL. — The Connor Group has acquired a 368-unit apartment community in Aurora, approximately 40 miles west of Chicago, from American Realty Advisors. The sales price was undisclosed. The Class A asset, located at 1840 Clubhouse Drive, was 96 percent occupied at the time of sale. Susan Lawson and Debbie Corson represented American Realty Advisors in the transaction.
HAZELWOOD, MO. — In separate transactions, Savoy Properties has arranged one property sale and one lease in Hazelwood, a northwestern suburb of St. Louis. In the first transaction, Bommarito Ford Realty LLC purchased a 21,016-square-foot retail building from Robert Chandler and Marilyn Chandler. The property is located at 6311 N. Lindbergh Blvd. in Hazelwood. John McDonald of Savoy represented the buyer, Bommarito Ford Realty. In the second transaction, Kingsbrook Properties LLC has leased 12,712 square feet of office space to Center for Life Solutions. The property is located at 9144 Pershall Road in Hazelwood. Ryan Pennington and John Pennington of Savoy represented the landlord, Kingsbrook. Eric Galanti of CBIZ represented the tenant.
KANSAS CITY, MO. — U.S. Bank has provided $5.3 million in equity for the development of a 364,000-square-foot industrial park in Kansas City. Three Trails Industrial Park is a $16 million project slated for completion in February 2016. The $5.3 million in equity was raised through the federal New Markets Tax Credit Program designed to spur revitalization efforts of low-income and impoverished communities across the country.
WINNETKA, ILL. — SVN | Chicago Commercial has brokered the $1.5 million sale of a 7,800-square-foot retail building in downtown Winnetka, a northern Chicago suburb. Bertha Turner TN4 LLC sold the property, located at 563-571 Lincoln Ave., to Edgewood Real Estate Investment II LLC. Wayne Caplan of SVN | Chicago Commercial represented the seller and was the sole broker in the transaction. The building features six storefronts and includes tenants such as apparel retailers J. McLaughlin and Sara Campbell, a local real estate office and two local antique dealers. One storefront is currently vacant. This transaction is the first time the property has traded hands since its construction nearly 90 years ago.