Quicken Loans Inc. chairman Dan Gilbert and Rock Ventures LLC announced today the purchase of five properties, including the Kresge Building, confirming a previous rumor that a deal for the former home of the S. S. Kresge retailer was in the works.
The new purchases bring Rock Ventures’ portfolio of real estate investments to 15 buildings and three parking structures for a total of 2.6 million square feet of commercial space, according to a release.
Rock Ventures, the umbrella entity for Gilbert’s portfolio of companies, investments and real estate has acquired eight buildings so far during 2012.
“It has been an exciting year of opportunity in Detroit,” Gilbert said in a statement. “Our focus in 2013 will be on the three R’s – residential, rail and retail – all of which are vital in creating the vibrant, thriving urban core that we all envision.”
The deals were brokered by Bedrock Real Estate Services LLC, Rock Ventures real estate development arm.
Since 2010, Quicken Loans has brought more than 7,000 people to work in downtown Detroit.
The newest Rock Ventures’ acquisitions include:
- – 1201 Woodward Avenue (the Kresge Building) – A 54,000-square-foot property built in 1891. The nine-story building will be renovated to include first floor retail and either office or residential space above.
- – 1217 Woodward Avenue – A five-story, 30,000-square-foot building located just north of the Kresge Building. It was built in 1981 and plans include renovations to make use for first floor retail and either office or residential space above.
- – 1412 Woodward Avenue – A 6,000-square-foot building, built in 1917. The building is currently unoccupied. Plans include featuring first floor retail with office space above.
- – 1301 Broadway (Cary Building Lofts) – A 20,000-square-foot, five-story building, located on the west corner of Gratiot Avenue and Broadway Street. Built in 1906, plans call for extensive renovations to make for first floor retail with residential space above.
- – 1521 Broadway (Small Plates Building) – A 9,300-square-foot, five-story building that is already 100 percent occupied by the Small Plates restaurant on the first floor as well as four residential loft apartments above.
Some of Gilbert’s recent acquisitions include the One Woodward Building, First National Building, theMadison Theatre at 1555 Broadway Ave., the Chase Tower on Woodward Avenue south of Campus Martius, and the Dime Building, renamed Chrysler House.
Rock Ventures’ downtown footprint now covers 2.5 million square feet of office space. Last month, the company began work on a 33,000-square-foot retail development that will include a 10-story parking garage.
Ryan Felton, Crain’s Detroit Business.
