After buying One Woodward Avenue just a few weeks ago, perhaps Dan Gilbert's holiday shopping spree is only just getting started. According to an unconfirmed report by Crain's, Gilbert has now pocketed the 70,000 square-foot Kresge building, probably in the same manner in which most people might toss in a candy bar while waiting to checkout at the grocery store. Perhaps we need some sort of self-scan register downtown, just for real estate? If it gets Merchant's Row hustling and bustling again, we're all about it!
The purchase price is thus far unreleased, but the Kresge was previously on the market in a bundle with two other Woodward Avenue buildings. The ask for all three was at $4 million, so we're suspicious that there's more to this deal than we're being told. Either way, we hope Gilbert's ability to fill his buildings with busy workers means progress for Merchant's Row, which was once one of America's most bustling shopping districts. In fact, this particular corner (Woodward and State), was at one time the busiest pedestrian crossing in the whole country.
· RUMBLINGS: Source: Gilbert buys Kresge building [Crain's Detroit]
· Lower Woodward Avenue Historic District [City of Detroit]
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