Michigan Real Estate News

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Auburn Hills’ Volkswagen Building Sells to Redico

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Southfield-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

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With 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

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In 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.