{"id":1004122148,"date":"2015-06-29T05:42:56","date_gmt":"2015-06-29T13:42:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004122148"},"modified":"2022-12-03T16:27:17","modified_gmt":"2022-12-04T00:27:17","slug":"hfz-jv-helps-revitalize-detroit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hfz-jv-helps-revitalize-detroit\/","title":{"rendered":"HFZ, Redico Run to Detroit&#8217;s Rescue"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004122149\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hfz-jv-helps-revitalize-detroit\/hfz\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg\" data-orig-size=\"400,310\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"HFZ\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg?w=400\" class=\"alignright size-medium wp-image-1004122149\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg\" alt=\"HFZ\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/em><\/p>\n<p>Redico and HFZ Capital Group have teamed on the acquisition of the Fisher Building, a 28-story iconic office building in Detroit, and the neighboring Albert Kahn Building, an 11-story commercial property, with a $12.2 million winning bid at an auction.<\/p>\n<p>Both buildings were <a href=\"https:\/\/www.commercialsearch.com\/news\/featuredcontent\/auction-com-plans-busy-summer\/1004121925.html\">put up for auction on Auction.com <\/a>after suffering with vacancies and falling into foreclosure.<\/p>\n<p>The two properties are located in the heart of\u00a0Detroit\u2019s New Center district and were designed by noted architect Albert Kahn. A corridor connects the two with granite cladding, and decorative metal grille work.<\/p>\n<p>\u201cHFZ has a long standing reputation and expertise in revitalizing historic properties, many of which have been designed by the great architects of their time,\u201d Adam Feldman, who handled the acquisition for HFZ, said in a company statement. \u201cAdding the Fisher Building and the Albert Kahn Building to our portfolio is consistent with our strategy of renovating or repositioning some of the country\u2019s greatest historic landmarks and architectural gems.\u201d<\/p>\n<p>In addition to the two historic buildings, the sale included more than 2,000 parking spaces in two parking structures and three surface lots.<\/p>\n<p>The joint venture plans to transition the buildings into a mixed-use development, with a mix of office, retail, residential, and entertainment uses. It will also maintain its 2,000 seat Fisher Theatre known as the home of \u201cBroadway in\u00a0Detroit.\u201d<\/p>\n<p>\u201cWe are very pleased to have won the auction, along with our partners, and are excited to be a part of Detroit\u2019s continued revitalization,\u201d Dietrich Knoer, Redico\u2019s CIO, told the <em>Detroit Free Press<\/em>. \u201cWith the recent activity Downtown and in Midtown, along with the imminent arrival of the M-1 rail, New Center development is the next step in Detroit\u2019s comeback. We are pleased to have put together a local group of development partners with strong capital support.\u201d<\/p>\n<p>According to Colliers International\u2019s 2015 Q1 Detroit Office Market report, big deals are leading to one of the more healthy Detroit office markets in decades.<\/p>\n<p>The report shows Metro Detroit\u2019s office market began the year on a strong note, with overall positive absorption of 451,713 square feet, a decrease in the vacancy rate from 15.5 percent to 15.3 percent, and a modest rise in quoted rents, from $17.80 to $17.99\u00a0per square foot. Throughout the market, a lack of new construction since\u00a02008 has given Metro Detroit\u2019s landlords some breathing room.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two companies have teamed on the acquisition of two commercial buildings in the Motor City.<\/p>\n","protected":false},"author":952,"featured_media":1004122149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747],"tags":[],"class_list":["post-1004122148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>HFZ, Redico Run to Detroit&#039;s Rescue - 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\/hfz-jv-helps-revitalize-detroit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFZ, Redico Run to Detroit&#039;s Rescue\" \/>\n<meta property=\"og:description\" content=\"The two companies have teamed on the acquisition of two commercial buildings in the Motor City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hfz-jv-helps-revitalize-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=\"2015-06-29T13:42:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T00:27:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/HFZ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"310\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"HFZ, Redico Run to Detroit&#8217;s Rescue\",\"datePublished\":\"2015-06-29T13:42:56+00:00\",\"dateModified\":\"2022-12-04T00:27:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/\"},\"wordCount\":401,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/HFZ.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hfz-jv-helps-revitalize-detroit\\\/\",\"name\":\"HFZ, Redico Run to Detroit's Rescue - 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