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Auburn Hills’ Volkswagen Building Sells to Redico
/in SE Michigan /by Tracy WillisSouthfield-based Redico LLC and New York City-based Mavik Capital Management LP have bought the Volkswagen of America Inc. building in Auburn Hills. The building at 3800 Hamlin Road sold for an undisclosed price. Details of the structure of the joint venture are not public. Volkswagen had considered moving its Auburn Hills operations to Southfield but opted to sign a new lease in the building that had been owned by MAK Real Estate Investment Inc. Once the new lease was signed, MAK Real Estate Investment began exploring putting the building up for sale. The building sits on 19 acres.
Walbridge Fills Up Warehouse and Begins Work on a Second
/in SE Michigan /by Tracy WillisWith Detroit-based Walbridge Group’s new warehouse in Lyon Township utilized by a German auto supplier, the construction company has begun putting up another warehouse. Webasto Roof Systems Inc. has leased the Lyon Distribution Center I. Distribution Center II is under construction with 150,000 square feet of building space to be complete in the next 12 months. Walbridge owns the 515-acre property that encompasses both sites. Of that 7.6 million square feet under construction, 86 percent is bulk warehouse and distribution space.
Landmark Trees To Be Cut For Ann Arbor Subdivision
/in SE Michigan /by Tracy WillisIn an 8-3 vote, Ann Arbor City Council has agreed to the controversial Concord Pines development. National homebuilder, Toll Brothers, will cut down hundreds of landmark trees to develop a 57-home luxury subdivision. Some argue that the development is not in keeping with Ann Arbor’s sustainability goals. The 30+ acre site includes land owned by Concordia University. Out of 447 landmark trees, 311 will be cut down, as well as 450 of the 741 low-level woodland trees.
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Bedrock Purchases Stroh River Place Property
/in Detroit /by Tracy WillisBedrock LLC finalized the purchase of the Stroh River Place property from The Stroh Companies, Inc. The 500,000-square-foot building sits in the Rivertown Warehouse District, east of downtown Detroit. The purchase includes 735 parking spaces and 4.4 acres of undeveloped land. The property sits along the 3.5-mile Detroit Riverwalk and is the company’s second purchase outside of downtown Detroit. The site used to be a manufacturing and research facility. The Stroh Brewery Company purchased the building in 1979 and renovated it.
Building Permit Application Lets The Cat Out Of The Bag
/in Detroit /by Tracy WillisBecause of a building permit application, the Apple Developer Academy’s future site is finally public knowledge. The Apple Developer Academy is going into the 850,000 square foot National Building in downtown Detroit. It will be located on the second and third floors of the building. Based on permit cost, construction is estimated to be $1.41 million. The program will cover coding, design and entrepreneurship.
Black-Owned Commercial Real Estate Firm Adds Diversity
/in Detroit /by Tracy WillisThe commercial real estate industry is historically homogeneous, populated largely by white men in the executive ranks, even in a city like Detroit, where the population is more than 80 percent Black. The Greenwood Commercial Real Estate Group adds some diversity to the homogeny. The firm is named for the Greenwood District of Tulsa, Oklahoma, commonly called Black Wall Street and at one time a thriving Black economic hub before it was destroyed in 1921 after the arrest of a young Black man for the purported “assault” of a 17-year-old white girl. James Pitts, head of the Atlanta office of Greenwood, believes that Greenwood CRE will help Black real estate professionals break into commercial real estate.