Dan Gilbert's Bedrock Acquires 3 Adjoining Detroit Buildings
DETROIT (WWJ/AP) - Dan Gilbert's Bedrock Real Estate Services has acquired three adjoining historic buildings in downtown Detroit.
Bedrock announced Tuesday the acquisition of the "Lofts @ Woodward Center," which contains three first-floor retail spaces and 61 residential units. The acquisition includes a surface parking lot located behind the buildings on Farmer Street that contains 28 spaces.
Gilbert is the founder and chairman of online mortgage lender Quicken Loans. He's also a founding partner of Bedrock.
Jim Ketai, Managing Partner and CEO of Bedrock, says in a statement that the acquisition "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."
Bedrock and its affiliates have invested nearly $2.2 billion in acquiring, renovating and developing more than 85 properties in downtown.
TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
