{"id":1004561778,"date":"2021-12-23T04:31:15","date_gmt":"2021-12-23T12:31:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004561778"},"modified":"2022-12-08T17:48:24","modified_gmt":"2022-12-09T01:48:24","slug":"bedrock-expands-detroit-holdings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bedrock-expands-detroit-holdings\/","title":{"rendered":"Bedrock Expands Detroit Holdings"},"content":{"rendered":"<div id=\"attachment_1004561786\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004561786\" data-attachment-id=\"1004561786\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bedrock-expands-detroit-holdings\/aerial-view-of-200-walker-st-detroit\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg\" data-orig-size=\"815,600\" data-comments-opened=\"0\" 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=\"Aerial view of 200 Walker St., Detroit\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Aerial view of 200 Walker St. Image courtesy of Bedrock&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg?w=815\" class=\"wp-image-1004561786 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg?w=300\" alt=\"Aerial view of 200 Walker St., Detroit\" width=\"300\" height=\"221\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg 815w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg?resize=300,221 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/Aerial-view-of-200-Walker-St.-Detroit.jpg?resize=768,565 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004561786\" class=\"wp-caption-text\">Aerial view of 200 Walker St. Image courtesy of Bedrock<\/p><\/div>\n<p>Detroit developer Bedrock has acquired The ICON, a 420,000-square-foot Class A multi-purpose development at 200 Walker St. that was formerly home to a UAW-GM training center, on Detroit\u2019s East Riverfront.<\/p>\n<p>The acquisition adds more than 18 acres and 880 parking spaces to the growing downtown portfolio of Detroit\u2019s largest real estate developer.<\/p>\n<p>The 200 Walker St. acquisition includes:<\/p>\n<ul>\n<li>420,000 square feet in three buildings:<\/li>\n<\/ul>\n<p>\u2014 West Building, an eight-story office tower and 375-seat, two-story auditorium<\/p>\n<p>\u2014 Center Building, a three-story training center and warehousing space<\/p>\n<p>\u2014 East Building, a single-story partial mezzanine and full-service cafeteria.<\/p>\n<ul>\n<li>880 parking garage spaces.<\/li>\n<\/ul>\n<p>The West Building also features a 360-degree outdoor terrace on its top floor.<\/p>\n<p>Financials were not disclosed. A Bedrock spokesperson told <em>Commercial Property Executive<\/em> that the seller was M &amp; M Iconic Venture LLC, a partnership between Moceri Cos., of Auburn Hills, Mich., and Monroe Associates.<\/p>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/uncertain-times-call-for-flexible-measures\/\">National Office Market Shows Mixed Signals<\/a><\/p>\n<hr \/>\n<p>The sellers had purchased the campus for $34 million in November 2020, according to CommercialEdge.<\/p>\n<p>Bedrock has not yet revealed its plans for the Walker Street campus, but says it\u2019s considering sustainable infrastructure, mixed-income housing, dining, office, public spaces and other uses.<\/p>\n<h2>Return-to-office delays<\/h2>\n<p>200 Walker St. is adjacent to Bedrock\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/bedrock-acquires-detroit-riverfront-portfolio\/\">recent acquisition of 300 River Place<\/a>, a 500,000-square-foot Class A office building, cementing Bedrock\u2019s commitment to the Detroit Riverfront, which was named the Best Riverwalk in the country in the 2021 USA Today Reader\u2019s Choice Awards.<\/p>\n<p>Class A space in the Detroit CBD office market currently has a total vacancy of 10.5 percent, with year-to-date net absorption of 0.8 percent on an inventory of 6.7 million square feet, according to a third-quarter report from JLL.<\/p>\n<p>Overall, the metro area\u2019s office market has been seeing a slowdown in leasing, because of the Delta variant and the resulting delay in employees returning to offices. Metrowide year-to-date net absorption is a negative 740,000 square feet, total vacancy is up, and rent concessions are expected to rise, but JLL also notes that \u201cacquisitions by out-of-town investors could signal confidence in the region.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Detroit\u2019s largest real estate developer is the new owner of the former UAW-GM training center. <\/p>\n","protected":false},"author":882,"featured_media":1004561786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21783,13,21752,21742],"tags":[43412,32796,51519],"class_list":["post-1004561778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-detroit","category-investment","category-midwest","category-mixed-use","category-latest","tag-bedrock-detroit","tag-jll","tag-moceri-cos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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