{"id":1004097928,"date":"2014-06-06T05:52:45","date_gmt":"2014-06-06T13:52:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=267303"},"modified":"2020-05-21T23:17:21","modified_gmt":"2020-05-22T07:17:21","slug":"bedrock-riverfront-holdings-grab-more-real-estate-in-downtown-detroit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bedrock-riverfront-holdings-grab-more-real-estate-in-downtown-detroit\/","title":{"rendered":"Bedrock, Riverfront Holdings Grab More Real Estate in Downtown Detroit"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

Riverfront Holdings Inc., a subsidiary of General Motors, grabbed four properties near the Detroit riverfront area and east of the Renaissance Center. As first reported by Crain\u2019s Detroit Business<\/a><\/em>, the acquisition encompasses three vacant buildings totaling nearly 31,000 square feet and a 0.8-acre surface parking lot. While the financial terms haven\u2019t been disclosed, Crain\u2019s<\/em> said that the buyer was represented in the transaction by the Detroit office of CBRE Inc.<\/p>\n

The largest and oldest asset in this bulk acquisition is the 12,700-square-foot structure sitting at 260 Schweizers Place that used to house the night club called Vondie\u2019s on the River. The two-story building was constructed in 1885 and was previously owned by Handy Parking Inc.<\/p>\n

The second building is located at 673 Franklin Street and has 9,600 square feet. According to Crain\u2019s <\/em>the 36-year-old building was previously owned by R.D. Franklin LLC and housed the Club Waterfall nightclub, McNarney\u2019s Public House and a restaurant called Currents.<\/p>\n

The third building that Riverfront Holdings purchased last month is an 8,400-square-foot office structure located at 672 Woodbridge Street, while the surface parking lot is located at 689 Franklin Street between St. Antoine and Schweizers Place.<\/p>\n

Another deal that recently made headlines involves Bedrock Real Estate Services, which reportedly acquired two mid-sized office buildings and a vacant lot in Detroit\u2019s Capitol Park, adding more than 50,000 square feet to Dan Gilbert\u2019s 8.2 million-square-foot real estate empire.<\/p>\n

According to MLive.com<\/a>,<\/em> two of the properties\u2014a six-story, 35,000-square-foot facility at 119 State Street and a five-story, 11,500-square-foot facility located at 45 W. Grand River Avenue\u2014are in bad shape and will probably be redeveloped into retail buildings with apartments on the upper levels. The empty lot at 28 W. Grand River Avenue will be replaced by a new mixed-use building that will include apartments and ground floor retail space.<\/p>\n

 <\/p>\n

Click here<\/strong> <\/a>for more market data on Detroit<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Riverfront Holdings Inc., a subsidiary of General Motors, grabbed four properties near the Detroit riverfront area and east of the Renaissance Center, while Dan Gilbert added two buildings and a vacant parking lot to his 8.2-square-foot real estate empire.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[1815],"class_list":["post-1004097928","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest","tag-national"],"acf":[],"yoast_head":"\nBedrock, Riverfront Holdings Grab More Real Estate in Downtown Detroit - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bedrock-riverfront-holdings-grab-more-real-estate-in-downtown-detroit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bedrock, Riverfront Holdings Grab More Real Estate in Downtown Detroit\" \/>\n<meta property=\"og:description\" content=\"Riverfront Holdings Inc., a subsidiary of General Motors, grabbed four properties near the Detroit riverfront area and east of the Renaissance Center, while Dan Gilbert added two buildings and a vacant parking lot to his 8.2-square-foot real estate empire.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bedrock-riverfront-holdings-grab-more-real-estate-in-downtown-detroit\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-06T13:52:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T07:17:21+00:00\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bedrock-riverfront-holdings-grab-more-real-estate-in-downtown-detroit\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bedrock-riverfront-holdings-grab-more-real-estate-in-downtown-detroit\/\",\"name\":\"Bedrock, Riverfront Holdings Grab More Real Estate in Downtown Detroit - 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