Bedrock Real Estate Services recently announced the purchase of the building that’s home to the Detroit Media Partnership. The price of the Michigan investment property has not been disclosed. However, Detroit Media Partnership’s president expressed happiness about the sale and the fact that Bedrock will be the building’s new owner.
The historic building was designed by the famous architect Albert Kahn and constructed in 1917. According to the Free Press, Bedrock and its subsidiaries currently own and manage over 60 real estate properties around downtown Detroit. The properties together encompass over 9 million square feet of available space.
Detroit Media Partnership and its two newspapers, the Detroit Free Press and the Detroit News, will not remain in the building now that it has been sold. The company plans to relocate its headquarters, along with both of its newsrooms, this October. The Federal Reserve Building will be its new home.
The sale of a large peace of real estate investment property like this can be a complicated undertaking. Often, property owners and property buyers are not simply one individual, but a conglomeration of investors and/or a company (or companies) with boards of directors that have multiple concerns. Bring lending institutions, bank loans and zoning laws into the equation, and there can be many items that must be resolved before a price can be agreed upon and a transaction safely approved.
This is where legal counsel familiar with complex real estate transactions can be vital to the success of a Michigan real estate transaction. Lawyers familiar with real estate transactions know right where to start, what steps to take and how to complete a transaction in a way that serves — above all else — the best interests of their clients.
Source: Detroit Radio, “Businessman Dan Gilbert’s real estate arm buys newspaper building“, June 27, 2014