BLOOMFIELD HILLS — Alidade Capital LLC, a private equity firm continues its acquisition strategy with its most recent purchase of the well-known Main North development at the northeast corner of 11 Mile Road and Main Street in downtown Royal Oak.
The purchase includes: 30,000 square feet of high-quality, ground-floor retail space with 175 adjacent surface parking spaces; over 27,000 square feet of Class-A office space with reserved indoor parking; a separate 5-story parking deck containing 375 parking spaces; and the 8,800 square foot Main Art Theatre, a free-standing movie theater situated on over 1.3 acres.
Originally developed by Joseph Freed & Associates, the property was built in 2006 as part of a larger development which includes a nine-story tower with five floors of high-end residential condominium units and the adjacent 10-screen Emagine Theatre and entertainment complex.
The residential units and Emagine Theatre were not part of the purchase. Notable tenants include the MTV division of Viacom, CareerBuilder, Main Art Theatre, and newly opened Hamlin Corner. Alidade purchased Main North from Bank of America, NA and the deal was brokered by Garrett Keais of Signature Associates.
“The Main North acquisition adds another high-quality, well-located asset to Alidade’s diverse and growing commercial real estate portfolio,” stated Geoff Langdon, Managing Partner and Director of Acquisitions for Alidade Capital. “Through strategic retail leasing and other site improvements, Alidade’s investment will noticeably enhance the already vibrant downtown Royal Oak community,” Langdon added.
Investing in over 1.2 million square feet of residential, office, retail, and industrial real estate assets over the past twelve months throughout Michigan and Florida, Alidade Capital is currently focused on selective value-add and opportunistic real estate acquisitions in stabilizing markets.