City: Detroit

Herrick Co. has paid $150 million, or $355.89/sf, for Huntington Tower, a 421,481-square-foot office property in Detroit. The Cedar Knoll, N.J., investment firm purchased the property from an affiliate of Sterling Group, according to a report from The Detroit News. ...

JLL Capital Markets has arranged $125 million of financing against Gateway Industrial Center, a 1.4 million-square-foot industrial property in Detroit. The financing was arranged on behalf of the developer, Innovo Development Group of Kalamazoo, Mich. It includes $10 million of ...

Commercial Property Executive Paslin Co. has agreed to lease 113,742 square feet of industrial space at Pontiac Centerpoint Campus West, a 538,251-sf property in Pontiac, Mich. The automotive designer and manufacturer was represented in the lease by Friedman Real Estate. ...

Commercial Observer Protective Life, Old National Bank and OneAmerica have teamed to provide $150 million of financing to facilitate the recapitalization of a 24-property industrial portfolio, mostly in the greater Detroit area, owned by Burton-Katzman Development Co. The Bingham Farms, ...

Commercial Real Estate Direct Staff Report The $63.9 million CMBS loan against the Southland Center shopping mall in the Detroit suburb of Taylor, Mich., has been extended through July. The loan is one of six remaining in the collateral pool ...

Commercial Real Estate Direct Staff Report Berkadia has provided $33.8 million of Freddie Mac mortgage financing to facilitate LG Capital's purchase of three apartment properties with 449 units in Midland, Mich. LG Capital, of Milford, Mich., purchased the three properties ...

Southland Center Mall in the Detroit suburb of Taylor, Mich., has been appraised at a value of $66.9 million, down from the $114.4 million appraised value given 10 years ago, when a $78.75 million CMBS loan was written against it. ...

Seniors Housing Business KIRCO has opened Monark Grove Clarkston, a 148-unit seniors housing property in Clarkston, Mich. The Troy, Mich., developer broke ground for the property, at 7373 Sashabaw Road, in April 2021. It is 40 miles north of Detroit ...

REBusiness Online Scannell Properties has broken ground on a 243,770-square-foot industrial property in Romulus Corporate Park in Romulus, Mich. The Indianapolis developer is building the property at 32252 Smith Road, about 20 miles west of Detroit. The property will have ...

Greystone has provided $22.6 million of financing under the U.S. Department of Housing and Urban Development's 223(f) program for Aria of Shelby, a 96-unit apartment property in the Detroit suburb of Shelby Township, Mich. The loan allowed its developer, Lombardo ...