FERNDALE AND ROYAL OAK, MICH. — Bernard Financial Group has arranged a $5.4 million loan for the Urbane Apartments Portfolio in northern metro Detroit. The portfolio includes Urbane on Breckenridge in Ferndale and Urbane on Catalpa, Urbane on Center, and Urbane on Crooks South in Royal Oak. Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Urbane on Crooks South LLC. CitiGroup Global Markets Realty Corp. was the lender.
DES PLAINES, ILL. — The Department of Motor Vehicles (DMV) has signed a 9,000-square-foot lease at a shopping center located at 1500 Lee St. in Des Plaines, a northwest suburb of Chicago. The new DMV will open in October. The building is located between Forest Avenue and Oakton Street. Jennifer Hopkins, Mike Meksto and Jim Tsevis of NAI Hiffman’s retail services group, represented the landlord, Jewel Food Stores Inc., in the transaction. A 53,000-square-foot Jewel grocery store anchors the center, which has an additional 16,458 square feet of retail space, including the space that the DMV will occupy.
ANN ARBOR, MICH. — Real estate developer and alumnus Stephen Ross is giving the University of Michigan (U-M) $200 million, making it the largest single gift in the history of the university and Ross its largest donor, according to U-M. The money will be split between the university’s business school and the athletic department. Ross is the chairman and founder of New York-based Related Cos. The money will be used to create contemporary spaces for the nearly 6,000 students who take courses at the Stephen M. Ross School of Business and the 900-plus student athletes in all sports. In addition, scholarships will be available for students. Specific projects will be announced in the coming months. In 2004, Ross gave $100 million toward a new building and endowed operations for the business school, which was renamed in recognition of his gift. The building was completed in 2009.
CANAL WINCHESTER, OHIO — Steadfast Income REIT Inc. has acquired the 240-unit BriceGrove Park in the Columbus suburb of Canal Winchester for $20.1 million. The property was built in 2002 and was 96 percent occupied at the time of sale. The property includes two-bedroom units averaging 1,033 square feet with monthly rents averaging approximately $838. Unit amenities include custom oak cabinetry in kitchens and baths, washer and dryer hookups, modern appliances, private patios and/or balconies and garages. Property amenities include a clubhouse with outdoor pool, playground area, picnic gazebo, a fitness center, golf putting green, bike/jogging trails and a three-acre lake with fountain. Steadfast also recently purchased Watermark at Hamburg Place, a 150-unit multifamily property in Lexington, Ky., for $16.3 million.
JACKSON TOWNSHIP, OHIO — The Cooper Commercial Investment Group has arranged the $4.1 million sale of Belden Village Commons in metro Canton. Dan Cooper, president and broker of Cooper Commercial Investment Group in Cleveland, represented the sellers, private investors based in northern Ohio. A northern California-based private investor was the buyer. The sales price represents a 7.9 percent capitalization rate. The 13,216-square-foot shopping center is located at 4800 Everhard Road in Jackson Township. All tenants are under triple-net leases at the fully occupied property.
FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.3 million sale of Colonial Manor Apartments, a 24-unit multifamily property in Fridley, located about eight miles north of Minneapolis. Dan Linnell, Evan Miller and Josh Talberg, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership, and the buyer, a private investor. Colonial Manor Apartments is located at 5475 & 5495 Main St. N.E.
When Clint Eastwood’s “Halftime in America” ad aired during the 2012 Super Bowl, the much-discussed spot displayed a kind of gritty optimism about Detroit’s economic prospects. Lines like the “Motor City is fighting again” and “Detroit’s showing us it can be done” resonated not just with Southeast Michigan residents, but a nation hungry for optimism in the wake of an extended recessionary cycle. Despite the recent announcement that Detroit has become the largest U.S. city to file for bankruptcy, a closer look at the broader trends within the Detroit retail market reveals a development landscape that is generally moving in a positive direction. While the bankruptcy filing will affect certain aspects of Detroit’s immediate recovery, the overall theme is one of renewal and revitalization. Motown Momentum Across the Detroit marketplace, retailers are reviewing their existing inventory as leases mature, with a general focus on infill or relocations. There seems to be a widespread understanding that Southeast Michigan has historically been a solid retail market, and that the region’s economic turnaround is opening up new opportunities. The list of positive developments across metro Detroit continues to grow. As Wayne State University continues to transition from a commuter campus to a more …
MINNEAPOLIS — The Opus Group has completed the construction of a new student housing and retail complex, The Station on Washington in Minneapolis near the University of Minnesota. The 97-unit property includes 156 bedrooms and approximately 11,000 square feet of ground-floor retail. Walgreens, occupying 7,000 square feet, opened in mid-August and Haiku Sushi will occupy about 4,000 square feet later this month. Amenities at the complex include private underground parking, top-floor clubroom with televisions, shuffleboard and views of downtown Minneapolis. Opus Development Co. LLC served as the developer and Opus Design Build was the contractor. Minneapolis-based Elness Swenson Graham Architects Inc. was the project architect, and Opus AE Group LLC managed the structural engineering and interior design.
MONTGOMERY, ILL. — Shaker and Associates Inc., an Oak Park, Ill.-based investment real estate company, has sold Holly Ridge Apartment Complex in Montgomery for $5 million. A privately held investment group purchased the property in an all-cash transaction. The multifamily property is located about 50 miles west of Chicago. The 96-unit apartment complex includes four buildings situated on six acres. The community also features 80 two-bedroom units, 16 one-bedroom units and 76 garages.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 729 Oakdale, a 23-unit apartment property in Saint Paul, for $1.2 million. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. The buyer was a private investor.