Farmington Hills, Michigan (November 3, 2016) – Friedman Integrated Real Estate Solutions, one of the nation’s leading providers of commercial real estate services, recently sold four (4) contiguous parcels of land totaling .5 acres located on the northwest corner of Division and Beaubien Streets in the historic Brush Park neighborhood of Detroit Michigan. The seller, JPJ Development, LLC, sold the property at auction through Ten-X.com to the Brooklyn-based development firm, Astral Weeks Development.
The sale of Brush Park Lofts re-development opportunity included four contiguous parcels located at 435 Division Street and 2711, 2717 & 2725 Beaubien Street. The sale also included existing structures positioned at 435 Division Street and 2711 Beaubien Street that were constructed in approximately 1909 and 1919 and totaled 29,000 square feet.
Brush Park is experiencing unprecedented growth and development not seen in the last 100 years. Once home to the Detroit elite, this historically significant neighborhood is once again on the forefront of a growth initiative that brings multifamily, single-family, commercial, retail and education space to the area. Located in the path of development and nearby construction activity, Brush Park is just north of the Detroit CBD and is within walking distance to Woodward Avenue and the new Q-Line light rail system that is in the process of being developed.
Pricing within Brush Park is also following an upward trend. Rentals of apartments are getting $2.00 per square foot, on average, and with the completion of the new $65 million ground-up multifamily property, rents are expected to increase further as The Scott Apartments will offer units in the $2.20 to $2.70 per square foot range. Sales of condos/lofts in the neighborhood are following a similar trend, with the median pricing for condominiums in Brush Park is around $255 per square foot while the high mark so far, has exceeded $350 per square foot.
Rich Deptula, National Director, Investment Advisory Services at Friedman represented both the seller and the purchaser in this transaction.
ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS
As one of the largest privately-held full-service commercial real estate organizations in the nation, Friedman Integrated Real Estate Solutions provides clients with a single point of contact for the full range of Advisory, Property Management, Brokerage and Construction services that it offers.
Friedman manages more than 140 commercial properties encompassing more than 16M SF and more than 10,000 apartment homes throughout the United States. Friedman’s brokerage team has over 800 current listings with $10 billion in closed transactions. As owners and managers of commercial property for 30 years, Friedman understands what it takes to achieve results that maximize their clients’ objectives.
For more information, please visit: www.friedmanrealestate.com.
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