FARMINGTON HILLS, MICH. — Colliers International Detroit has brokered the sale of a 222,965-square-foot industrial flex building in Farmington Hills for an undisclosed price. The property, located along Haggerty Road, is known as Tech Park. Barry Swatsenbarg, Gary Grochowski and Bryan Banas of Colliers represented the seller, Promanas. ICAP was the buyer. Colliers has also been hired as property manager on behalf of the new owner.
BOURBONNAIS, ILL. — Hanley Investment Group Real Estate Advisors has negotiated the $4.3 million sale of a newly constructed retail building at Bradley Commons, a Walmart-anchored shopping center in Bourbonnais. The 9,723-square-foot building is fully leased to Jersey Mike’s Subs, Midwest Express Clinic, AT&T and uBreakiFix. Built in 2018, the property is home to its original tenants. Jeff Lefko and Bill Asher of Hanley, in conjunction with ParaSell Inc., represented the seller, Cincinnati-based Midland Atlantic Properties. A Des Moines-based private investor was the buyer.
INDEPENDENCE, MO. — A Block & Co. Inc. Realtors investment group has repurposed a former FedEx facility in Independence into multi-tenant retail space. Block acquired the 8,385-square-foot property, located at 3721 Noland Road, in March 2020. It now features four tenant spaces, three of which have been leased to Little Caesars, Cricket Wireless and Grassroots Dispensary. The project also included the construction of a new parking lot and building façade. Phil Peck and Marshal Blount of Block led the investment group.
STEUBENVILLE, OHIO — Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a ground lease occupied by Texas Roadhouse in Steubenville, nearly 40 miles west of Pittsburgh. The sales price was undisclosed. The restaurant property is located across the street from Fort Steuben Mall. Mohr acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division. Rob Solls of Mohr represented the company on an internal basis. The Mansour Group procured the buyer, a private investment company. Texas Roadhouse maintains over 630 restaurants in 49 states and 10 countries worldwide. The Steubenville location is a corporate-owned restaurant.
DETROIT — The Gilbert Family Foundation (GFF) and Rocket Community Fund will make a $500 million philanthropic investment in Detroit over the next 10 years to assist with the property tax debt of low-income homeowners. GFF will contribute $350 million, and the Rocket Community Fund will invest $150 million. Quicken Loans founder and billionaire businessman Dan Gilbert, along with his wife Jennifer, are the founders of GFF. An initial $15 million investment from GFF will completely eliminate the property tax debt owed by an anticipated 20,000 low-income homeowners in the city of Detroit, according to a news release. GFF says this effort will assist in preserving an estimated $400 million wealth and home equity in Detroit. This investment will establish the Detroit Tax Relief Fund, which will be administered by Detroit nonprofit Wayne Metro Community Action Agency. Upon confirmation of eligibility, Wayne Metro will pay the remaining delinquent tax burden on behalf of residents. With its $150 million investment, Rocket Community Fund will continue to focus on issues of housing, employment and public life. Gilbert’s real estate arm, Bedrock, is a full-service real estate firm with more than 100 properties in its portfolio totaling roughly 18 million square feet in …
LANSING, MICH. — Kohan Retail Investment Group has acquired Lansing Mall in Michigan for an undisclosed price. The 706,925-square-foot regional mall is located at 5330 W. Saginaw Highway in Lansing. Tenants include JC Penney, Regal Cinemas, Best Buy, Barnes & Noble, TJ Maxx and Shoe Carnival. CBRE’s National Retail Partners Midwest team represented the seller, Brookfield Properties Group.
CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit apartment building in Chicago’s Rogers Park neighborhood for roughly $3 million. The vintage asset is located at 7005-7013 N. Ridge Blvd. Peter Theodore of SVN represented the undisclosed seller. A Europe-based investor purchased the building and plans to make improvements to the property in the coming years.
CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.
CEDAR RAPIDS, IOWA — ColorCoat Inc. has signed a nearly 20,000-square-foot industrial lease at 551 60th Ave. in Cedar Rapids. The company will occupy roughly one-half of the newly constructed building and will use the space for painting vinyl windows and doors. Adam Gibbs of GLD Commercial represented ColorCoat in the lease. The landlord was undisclosed. ColorCoat plans to invest $400,000 and create 40 new jobs in Cedar Rapids. The company currently maintains nine manufacturing operations across the country.
CHICAGO — Slate Asset Management LP has entered into a definitive agreement to acquire the commercial real estate business of Annaly Capital Management Inc. (NYSE: NLY) for $2.3 billion. The transaction includes Annaly’s equity interests, loan assets and commercial mortgage-backed securities. Certain Annaly employees who primarily support the commercial real estate business are expected to join Slate upon completion of the sale, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments. “The commercial real estate business has been an important component of Annaly’s differentiated investment model since 2013,” says David Finkelstein, Annaly’s chief executive officer and chief investment officer. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding.” Upon closing of the transaction, New York City-based Annaly intends to use proceeds from the sale to repay its financing facilities related to the commercial real estate assets being sold and to purchase targeted assets in accordance with its capital allocation policy, which may include investments in agency assets as well as residential and …
