SOUTHFIELD — National real estate development and property managing company, REDICO won the recent auction of the Fischer and Albert Kahn building with a bid of $12.2 million.
"We are pleased to extend our firm's investment activity into the New Center area where we see potential for a vibrant live/work neighborhood and enhanced access to transportation,” says John Rhea, managing partner of RHEAL Capital Management. “With proper investment and attention to service, the Fisher and Kahn buildings can resume their rightful place as anchors in this important reemerging Detroit community.”
The auction was won in partnership with Developer Peter Cummings, Managing Partner John Rhea, RHEAL Capital Management, and HFZ Capital Group.
The two buildings are in Detroit’s New Center district, and the partnership plans to transition the buildings into mixed-use development for office, retail, and residential space.