Michigan Real Estate News

Timely  |  Relevant  |  Informative

Auburn Hills’ Volkswagen Building Sells to Redico

/in /by

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.

 

Port Authority Raises Concerns Over Boblo Building Destruction

/in /by

Detroit-Wayne County Port Authority alleges that the Ambassador Port Co. is not taking the appropriate steps toward demolishing the Boblo building. According to the port authority’s law firm, Ambassador Port is acting in violation of its Master Concession Agreement with DWCPA.  The razing of the Boblo building is included in a pending deal between the two parties. The agreement would end the Master Concession Agreement, and Ambassador Port would gain ownership of the dock site from the port authority. In exchange, it would pay $1 million outright, waive the authority’s $2 million debt, and pay $2 million in blight removal and cleanup work. The deal requires Detroit City Council approval to move forward. The possibility of the building’s destruction before the pending deal is finalized is concerning to the port authority.

Fairlane Town Center and The Mall at Partridge Creek Change Management

/in /by

Fairlane Town Center in Dearborn and The Mall at Partridge Creek in Clinton Township are now being managed by Syracuse, N.Y.-based Spinoso Real Estate Group LLC. Spinoso is marketing the two malls for lease. Prior to the COVID-19 pandemic, Partridge Creek was under financial stress when Starwood Capital Partners defaulted on a $725 million loan that included the shopping center and three other mall properties in Michigan. It recently entered receivership. Fairlane Town Center entered receivership last year.