At $5 a square foot, the recently-purchased 47-story Penobscot building is the Deal of the Week according to the Wall Street Journal. Triple Properties, a Toronto-based real estate firm controlled by the Apostolopoulos family is the lucky winner of this deal distinction! Plopping down $5 M for the property, the company scores big when you consider that downtown Detroit buildings were still fetching prices in the $28 a-square-foot range last year. "There are deals right now to be had in Detroit, and there's huge upside," said Steve Apostolopoulos. Triple Group got into the Detroit game in 2009, paying $583,000 for the Silverdome, the former home of the Detroit Lions National Football League team. The plan for the Penobscot Building is to lower rents so that it goes from 50% leased up to 90% leased by next year.
· Doubling Down in Detroit [WSJ]
· Penobs-bought! Toronto Firm Pays $5 M for Penobscot Building [Curbed Detroit]