Bedrock Real Estate Services has acquired the Lofts @ Woodward Center, from Southfield-based Farbman Group. The three adjoining historic buildings located at 1424-1448 Woodward Ave., on the east side of Woodward between Grand River Avenue and John R.
Terms of the deal were not disclosed.
The property contains three first-floor retail spaces and 61 residential units totaling approximately 105,000 square feet. The purchase includes a surface lot located behind the buildings on Farmer Street which contains 28 parking spaces.
“The acquisition of the Lofts @ Woodward Center will allow us to add to a strong mix of retail and residential space along Woodward Avenue, which is crucial for Detroit’s sustained growth as a one-of-a-kind destination,” says Jim Ketai, managing partner and CEO of Bedrock Real Estate Services. “These buildings are in a prime location along the future route of the M-1 Rail, within walking distance to many unique restaurants, retailers and exciting technology companies.”
Ketai says the Lofts @ Woodward Center provides key retail and residential space along Woodward Avenue, one of the city’s most celebrated and historical arteries in Detroit’s burgeoning downtown shopping, dining and technology district.
Purchased in 1999 by the Farbman Group, the building was the vision of David Farbman, managing director of Woodward Center LLC and principal of Farbman Group.
“At the time of purchase, we had a big vision for this building located in the heart of a then quiet corridor in the city,” Farbman says. “We believed, like the city of Detroit, its best days were ahead, and today, that big vision has been realized.”
The Lofts are located one block south of The Madison Block, which is quickly becoming one of the most innovative technology hubs in the country filled with creative companies and entrepreneurial startups, as well as well as tech giants Google for Entrepreneurs, Microsoft Ventures and Twitter.