CLINTON TOWNSHIP, MICH. — Green Metal Products has purchased a 33,958-square-foot industrial building, which is located at 24301 Capital Blvd. in Clinton Township. The company plans to use the facility to accommodate its expansion plans. The property was listed for $1.35 million, but the acquisition price was not released. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed seller in the transaction.
Midwest
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn, Ohio, for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City.
MONTGOMERY AND UNION TOWNSHIP, OHIO — Cassidy Turley has brokered two transactions totaling approximately $2.07 million in Ohio. In the first transaction, ITIS Group purchased 32,000 square feet of retail space at 11033 Montgomery Road in Montgomery from National City Trust for $1.2 million. Andrew Sellet, Sean Wall and Mike Heekin of Cassidy Turley represented the seller in the transaction. In the second transaction, Clermont County Public Library has acquired 11,093-square-foot former Ryan’s Steakhouse, which is located at 4450 Ryan’s Way in Union Township. Figryanah LLC sold the property for $875,000. Sellet, Wall and Heekin represented the seller in the transaction.
GRAND RAPIDS, MICH. — Colliers International has completed the disposition of 563,262 square feet of commercial space in Grand Rapids. In the first transaction, 3703 Patterson LLC acquired 529,202 square feet of commercial space at 3701 Patterson Ave. in Grand Rapids. Chip Bowling and Bill Bowling of Colliers represented the buyer; Duke Suwyn, Colin Kraay and John Kuiper of Colliers represented the seller, Elston Richards LLC, in the transaction. Terms of the sale were not released. Additionally, 3695-44th Street LLC has purchased a 34,060-square-foot commercial property in Grand Rapids. Tool Ventures International sold the property for an undisclosed price. Matt Abraham of Colliers represented the buyer; Ned Quinn of Gable Ventures represented the seller in the transaction.
FORT WAYNE, IND. — Fort Wayne-based BND Commercial has acquired Goldstine Knapke brokerage company. The combined firm will offer clients experience and services in the areas of commercial, office, industrial, medical, retail, multifamily and business brokerage. Philip Knapke, Stephen Wesner and David Norton, all from Goldstine Knapke, will continue to offer brokerage services through BND Commercial.
PONTIAC AND ROYAL OAK, MICH. — Colliers International has completed the sale of two industrial properties in Michigan. In the first transaction, Highwood Enterprises sold a 90,315-square-foot industrial facility located at 1500 E. Highwood in Pontiac for an undisclosed price. John Lominack of Colliers International represented the undisclosed buyer; Peter E. Kepic and Peter J. Kepic of Colliers represented the seller. In the second transaction, Lominack and Gary Glotzhober, also of Colliers, represented Granfam Properties in the disposition of 4850 Coolidge Highway, a 107,000-square-foot industrial property in Royal Oak. Additional details of the transaction were not released.
BUFFALO GROVE, ILL. — Reed Construction has been selected to complete a 12,000-square-foot build-out for Northshore University HealthSystems Medical Group’s location in Buffalo Grove. Located at 650 Lake Cook Road, the project will include 24 exam rooms and three procedure rooms, as well as the addition of nursing stations, utility space, blood draw areas, and reception and waiting areas. Additionally, the project will feature a millwork package and new HVAC, electrical, plumbing and fire protection systems. Interwork Architects is providing architectural services for the project, which is scheduled for completion this fall. Integrated Facilities Solutions is providing representation for the property owner.
DES PLAINES, ILL. — The Greek American Restaurant Association has purchased an 18,856-square-foot office building. Located at 733 Lee St. in Des Plaines, the property sold for $625,000. The property was built in 1957 for the First National Bank of Des Plaines. Richard Kehoe and Robert Wall of Inland Real Estate Brokerage represented the purchaser and undisclosed seller in the transaction. Barry Collins and William Vedral of Tuttle, Vedral & Collins provided legal counsel for the seller; Spiro Zarkos of Kaplan, Papadakis & Gournis provided legal counsel for the buyer in the transaction.
ANN ARBOR, MICH. — RockBridge Partners, an affiliate of RockBridge Capital, has acquired a 197-room, full-service Sheraton hotel in Ann Arbor. RockBridge plans to complete a comprehensive $8 million renovation on the property and convert the hotel from a Four Points by Sheraton to the flagship Sheraton brand. The renovation will begin in December with completion expected in May 2011. The property will receive upgrades to the exterior façade, a full renovation of the public areas, an expansion of the fitness center and enhanced meeting space. Additionally, the guestrooms will be refurbished with upgraded bedding and a soft and case goods package. Amenities include a full-service restaurant and bar, an indoor/outdoor pool, a fitness center, a business center and more than 16,000 square feet of meeting space. Terms of the acquisition were not released.
GREEN BAY, WIS. — The Milwaukee office of Grandbridge Real Estate Capital has originated and closed a $16.95 million loan for the refinancing of a 633,150-square-foot industrial property in Green Bay. Green Bay Converting Inc. owns and occupies the facility, which features 24,000 square feet of office space. Pat Dempsey and Jeff Schmidt of Grandbridge arranged the financing on behalf of the property owner-occupant. Funding for the transaction was provided by Portland, Maine-based UNUM Group through Kim White. The 13-year term loan was made for 70 percent loan-to-value with a fixed interest rate of 6.70 percent.