Bedrock buys commercial site on Detroit riverfront
Dan Gilbert’s real estate firm Bedrock LLC has bought 300 River Place, a move that will expand its presence on the Detroit riverside, the company said Friday.
Bedrock completed the purchase of The Straw Companies Inc. this week for an undisclosed price. Known as Straw River Place, the 500,000-square-foot building is located in the Rivertown Warehouse District, east of downtown Detroit.
“The Detroit Riverfront Conservancy and other key stakeholders have done an incredible job of providing an abundance of activity and growth along the riverbank,” Bedrock CEO Kofi Bonner said in a statement. “We’re excited to officially join the Riverfront community and expand their efforts to make Detroit’s Riverwalk one of the most memorable places in town for families to gather, friends play, and people to work.”
The purchase includes 735 parking spaces and 4.4 acres of vacant land at 2743 Wight, 2748 Franklin and 2615-2655 Atwater. The property is located on the 3.5 mile Detroit Riverwalk.
This isn’t Bedrock’s first purchase outside of downtown Detroit. In the fall, the company bought an industrial property, the former Sakthi Industrial Campus at West Fort, west of the city center. The Congregation opened in 2019, a mixed-use retail, office, and residential building in Corktown valued at $ 39 million. The property is in close proximity to the east bank of the river.
“This acquisition enables us to offer a unique proposition in relation to our existing portfolio and gives tenants interested in the city of Detroit direct access to a district where we see a lot of potential,” said Sam Hamburger. Bedrock’s vice president of acquisitions.
“We always keep an eye on the market and look for ways to expand our portfolio in a meaningful way,” he said. “Drawing on years of hard work by the Stroh family, the Detroit Riverfront Conservancy and other stakeholders, this acquisition encompasses several assets that we will use to further our mission and that are focused on the Detroit riverside.”
The building was previously a manufacturing and research facility that Parke-Davis & Company constructed in stages from 1928 to 1939. The Straw Brewery Company bought the building in 1979 and renovated it into a mixed-use campus.
“The Stroh family has been an integral part of the Detroit business community since 1850,” said John Stroh III, chairman and CEO of The Stroh Companies. “Our family is proud of the presence we have created on the east bank of the river over the past 40 years. I am delighted that Bedrock has decided to acquire Stroh River Place and continue the legacy we have built. It is safe to say that no other investor in Detroit is better equipped with the critical mass and vision to carry 300 River Place into the future. “
Bedrock said it will keep its current tenants while filling vacant space. Tenants include the Belle Isle Conservancy, Michigan Minority Contractors, and Associated Press.