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Four Buildings Near Tech Town Sell for $1.3 Million

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Four buildings near Tech Town sold $1.3M last week and at least one will be converted into loft apartments or condos. According to the listing on LoopNet, the deal included a three-story 30,000 square-foot warehouse, a two-story 22,500 square-foot warehouse, a 10,000 square foot parking garage and a 7,600 square foot office/retail building. The above warehouse at 5960 Second Ave. will be the one that becomes 24-27 loft apartments. A building at 5924 Second will either be torn down for surface parking lot or rehabbed to become a restaurant or bar. 5940 Second will be used as interior parking and 463 York will either be office space or more lofts. The buyers paid cash and are both investors located in Texas.
· 463 York Street, 5960-5924 Second Ave., Detroit, MI, 48202 [LoopNet]
· Texas developers purchase New Center buildings, plan loft-style residential units [Crains]