Dan Gilbert has added the Albert Kahn-designed Vinton Building at 600 Woodward Ave. to his downtown real estate portfolio.
The 44,000-square foot building was sold to a limited liability corporation that lists Jim Ketai, who heads up real estate purchases for Gilbert through Bedrock Management Inc., the entity that Ketai and Gilbert co-own.
The vacant building was sold on Dec. 28, 2012, according to Washington, D.C.-based real estate information service CoStar Group Inc.
A limited liability corporation listed as the building's seller lists Aaron Alston as its manager and owner.
Paula Silver, vice president of communications for Gilbert's Quicken Loans Inc., said in an email to Crain's Tuesday afternoon that there was "nothing to report at this time" about the sale.
Built in 1917, the 12-story building is north of Congress Street near Cadillac Square and Campus Martius.
Added to the Michigan Register of Historic Places in 1982 and the National Register of Historic Places in 1983, the Vinton Building once housed the Vinton Co., founded in 1858, and then the Detroit Bar Association.
A group of 10 investors that included formerDetroit Lion Robert Porcher had planned on converting it into loft and commercial space in the mid-2000s for $5 million, but that project never materialized.
What Gilbert paid for the Vinton Building is unknown, but the Detroit Downtown Development Authority last sold it in September 2005 for $500,000.
News of the building's sale comes two days before Gilbert, the founder and chairman of Quicken Loans and Rock Ventures LLC, plans to discuss retail space and place-making at City Theatre on Thursday.
Other speakers at the event, branded as an opportunity to present the "Woodward Corridor Place-making and Retail Strategy," will include Gilbert; Dave Blaszkiewicz, president and CEO of the Downtown Detroit Partnership; Matt Cullen, president and CEO of Rock Ventures; George Jackson, president and CEO of the Detroit Economic Growth Corp.; Fred Kent, president of the Project for Public Spaces; and city of Detroit officials.
Gilbert also closed on the purchase of the 275,000-square-foot 1001 Woodward office building last week.
Article Source: http://www.crainsdetroit.com/article/20130326/NEWS/130329903/gilbert-buys-vinton-building-on-woodward-avenue
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