Dan Gilbert’s Bedrock Real Estate Services LLC and the Detroit commercial real estate developing company Curis Enterprises Inc. have bought the historic L.B. King & Co. building, rumored to be in Bedrock’s sights since late last year.
Bedrock and Curis Vice President Anthony Curis both confirmed Friday the purchase of the six-story, 36,000 square-foot downtown building at Grand River Avenue and Library Street closed on Jan. 12. Terms of the deal, the first 2015 acquisition for Bedrock, were not disclosed.
“We are pleased to add this beautiful, historic building to our growing real estate portfolio…” Bedrock CEO and Managing Partner Jim Ketai said in a statement.
“The building is in close proximity to The Z garage and the art-filled alley known as ‘The Belt.’ The dining and entertainment venue Punch Bowl Social is just around the corner and Citizen Yoga, 7 Greens and Nojo Kicks are down the street. This block has become one of many great downtown destinations with restaurants, retail, art and entertainment.”
Built in 1911, the building is on the National Register of Historic Places and was sold by Annis Historic Properties LLC, which finished a redevelopment of the building in 1989 and of which Dwight Phillips is managing partner.
Phillips, a former executive director in Detroit Public Schools’ Office of Risk Management, is a worker’s compensation defense attorney and a partner at Phifer, Phillips & White PC, one of the L.B. King building’s tenants. Other tenants include Hair Lab Detroit, Parjana Inc. and the Michigan Black Chamber of Commerce.
The acquiring company, 1274 Library LLC, is registered to Ketai and was formed last July.
The building was also the historic location of Annis Furs in Detroit.
“Bedrock has worked with the Curis family through Library Street Collective to add vibrant works of art to the city in projects including The Z and The Belt,” Ketai added. “We welcome their investment in downtown Detroit and strongly encourage others to join us and get involved in Detroit’s resurgence.”
“As always, we will give careful thought and consideration to plans for the building. We will maintain the integrity of the historic architecture, as we always do, and attract dynamic new tenants to work alongside existing tenants,” Ketai said.
Image Credit: CoStar
