HFZ Capital Group Acquires Two Iconic Properties in Detroit's New Center District

HFZ Forms Joint Venture with Michigan Based REDICO

News provided by

Jun 25, 2015, 04:46 ET

NEW YORK, June 25, 2015 /PRNewswire/ -- HFZ Capital Group announced today that it acquired the 28-story Fisher Building and the 11-story Albert Kahn Building, two iconic and historic Art Deco commercial buildings in the heart of Detroit, Michigan's New Center district. HFZ joint ventured the acquisition with REDICO, a national real estate development and management firm, headquartered in Southfield, Michigan. The purchase price for the two assets was $12.2M.

Adam Feldman handled the acquisition on behalf of HFZ. "HFZ has a long standing reputation and expertise in revitalizing historic properties, many of which have been designed by the great architects of their time. Adding the Fisher Building and the Albert Kahn Building to our portfolio is consistent with our strategy of renovating or repositioning some of the country's greatest historic landmarks and architectural gems," Feldman concluded.

The partnership plans a mixed-use development of office, retail and residential. It will also maintain its 2,000 seat Fisher Theatre known as the home of "Broadway in Detroit." The properties will benefit from the general resurgence of downtown Detroit, the extension of the M1 line, the new tech center, extensive parking, a cross section of retail and dining options and the overall expansion of Detroit's New Center area into an exciting and dynamic urban district.

Both buildings were designed by Albert Kahn, often called the "architect of Detroit." Over 50 of his buildings are listed on the National Register of Historic Places. The 1928 iconic Fisher Building was elaborately detailed with bronze trim on the outside and hand painted elaborate gold-leaf interiors. A corridor connects to the 1931 Albert Kahn Building designed to echo the magnificence of the Fisher Building with granite cladding, and decorative metal grille work.

About HFZ Capital Group:

HFZ Capital Group is a Manhattan-based real estate investment and development firm with expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development, construction and asset management. HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and has acquired, owned, developed and operated properties across many asset classes, including residential, hotel, retail, sports and entertainment. Ziel Feldman, HFZ's Founder and Managing Principal, has championed the development of mixed-use luxury properties for over 25 years across a broad range of Manhattan neighborhoods with over 13,000 residential units bought, sold and developed. Today HFZ is managing and developing over 5 million square feet of real estate and bringing nearly 2,000 residential units to market. The company has a stellar reputation for restoring and preserving historic buildings as well as ground up developments in collaboration with renowned architects and designers.

Photo - http://photos.prnewswire.com/prnh/20150625/225817

SOURCE HFZ Capital Group