Heartland Real Estate Business

FEB 2018

Heartland Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Midwest.

Issue link: https://heartlandrealestatebusiness.epubxp.com/i/935979

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Page 9 of 32

M I C H I G A N www.REBusinessOnline.com Heartland Real Estate Business • February 2018 • 9 *As of 9/30/2017. © 2017 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate Finance is PGIM's real estate fi nance business. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affi liated with Prudential plc, a company headquartered in the United Kingdom. ATLANTA | CHICAGO | DALLAS | LONDON | LOS ANGELES | NEW YORK | SAN FRANCISCO | TOKYO | WASHINGTON, DC PGIM Real Estate Finance is built on more than 140 years of commitment to the industry. Today, we're part of PGIM, the global investment management businesses of Prudential, with over $1 trillion in assets under management. We bring owners, developers and investors of all sizes deep insight on global real estate across the capital stack, with local expertise and a comprehensive approach to fi nancing. We offer a complete range of products, managed through a single point of contact: Prudential's investments portfolio, GSE, FHA, bridge, transitional and balance sheet lending. $89.7 BILLION IN REAL ESTATE ASSETS UNDER MANAGEMENT AND ADMINISTRATION* NEARLY $14 BILLION IN MORTGAGE ORIGINATION IN 2016 ONE OF THE LARGEST COMMERCIAL, MULTIFAMILY AND AGRICULTURAL LENDERS, INVESTORS AND SERVICERS LOANS IN 42 STATES AND 7 COUNTRIES Partner with the strength of our real estate fi nance experts at pgimref.com BUILD YOUR FUTURE ON OUR HERITAGE. REGENCY PROPERTIES ACQUIRES TWO SHOPPING CENTERS IN CARO CARO, MICH. — Regency Properties has acquired Caro Centre and Sugar- creek Plaza in Caro, located east of Saginaw in Michigan's Thumb region. The sales price and seller were not dis- closed. The 71,706-square-foot Caro Centre is home to tenants including Family Dollar, Peebles, Goodwill and Caro Ace Hardware. Regency Prop- erties plans to invest approximately $200,000 to renovate the property's façade. Sugarcreek Plaza totals 43,916 square feet. Two tenants occupy the property: Tractor Supply Co. and Save-A-Lot. In addition, the property includes a nearly one-acre outlot that is available for development. BONTAZ CENTRE SIGNS 40,000 SF INDUSTRIAL LEASE IN TROY, MICHIGAN TROY, MICH. — Bontaz Centre has signed a 40,000-square-foot industrial lease for its North American head- quarters in Troy. Previously occupied by International Automotive Com- ponents, the property is located at 1099 Chicago Road. Founded in 1965, Bontaz Centre is an automotive fluid management company that special- izes in subassembly design and pro- duction. The company, which has had a small presence in Madison Heights, will begin occupying the new space in March 2018 and expects to expand its lease by an additional 20,000 square feet to increase production processes and accommodate a growing work- force. Peter Kepic and Peter Kepic Jr. of Colliers International represented the landlord, John Secco of Allegra Development, in the lease transaction. Gary Grochowski and Bryan Barnas of Colliers represented the tenant. MID-AMERICA ARRANGES SALE OF 273,029 SF RETAIL CENTER IN LIVONIA LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the sale of Millennium Park shopping center, a 273,029-square-foot retail center in Livonia, a suburb of Detroit. Grand Sakwa Properties acquired the asset for an undisclosed price. Ben Wineman of Mid-America arranged the transaction on behalf of the seller, Ramco-Gershenson Properties Trust. Millennium Park shopping center is home to tenants including The Home Depot, Marshalls, Michaels, PetSmart and Ulta Beauty. Costco and Meijer anchor the center. COHEN FINANCIAL, PILLAR ARRANGE $11.5 MILLION IN HUD LOANS FOR SENIORS HOUSING PROPERTIES ALLEGAN AND OWOSSO, MICH. — Cohen Financial and Pillar, both divisions of SunTrust Bank, have ar- ranged $11.5 million in HUD loans for the refinancing of two seniors hous- ing properties in Michigan. Cathy Bronkema of Cohen Financial and Joshua Hausfeld of Pillar arranged a $6.5 million loan for Oliver Woods Re- tirement Village, an 80-unit property in Owosso. They also secured a $5 mil- lion loan for Briarwood Assisted Liv- ing, a 39-unit property in Allegan. The borrower is a Grand Rapids-based se- nior living property owner and opera- tor. The SunTrust/Pillar healthcare fi- nancing platform can meet borrowers' financing needs from bridge financing to long-term, fully amortizing loans, according to Bronkema. BLACKBIRD EAST TO OPEN 2,744 SF RETAIL STORE IN GRAND RAPIDS GRAND RAPIDS, MICH. — BlackBird East will open a retail store in the Gas Light Village district of Grand Rap- ids. The men and women's clothing store will occupy 2,744 square feet of ground-floor space at 2166 Wealthy St. Renovations are currently being made to transform the space from a gym to the retail shop. BlackBird East antici- pates opening by early March 2018. Bill Tyson of NAI Wisinski of West Michigan represented the undisclosed landlord in the lease transaction. Dave Kwekel of Dave Kwekel Development LLC represented the tenant.

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