abe supercro
Well-Known Member
Group from China revealed as buyer of Stott, Free Press buildingsthe funny thing is that these 1%ers are draining American wealth, in many regards, and selling it to foreign investors. This is, by US Constitutional terms, foreign invasion.
it's only a matter of time before our country is sold to China, stand up for what you know is right. Fuck tha' man, look him square in the eye and poke him in it - in self-defense of your self and family.
If you do nothing, you lose all.. Tragedy of the Commons, the stronger force always wins.
By Daniel Duggan
Originally Published: October 16, 2013 5:49 PM**Modified: October 17, 2013 3:07 PM
http://www.crainsdetroit.com/mobile/article/20131016/NEWS/131019845
COSTAR GROUP
The David Stott Building was purchased for $9.4 million by DDI group.
An investment group from China has emerged as the buyer in two Detroit real estate deals.
DDI Group, based in Shanghai, purchased both the David Stott Building and the former Detroit Free Press headquarters for $9.4 million and $4.2 million, respectively, said Ryan Snoek, a real estate consultant who coordinated the sale on behalf of the seller, Fort Lauderdale-based Luke Investments LLC.
The group from China bought both buildings, sight unseen, as part of an auction last month to get involved with the city's growth potential, Snoek said.
In fact, DDI was in a bidding war with another investor tapped into the city's upside potential, Quicken Loans Inc. founder Dan Gilbert.
"Once the bidding got above $5 million, it was just (DDI) and Gilbert," Snoek said. "They went at it until the cows came home. In the end, (DDI) won it, but it was just by $50,000."
COSTAR GROUP
DDI Group has purchased the former Detroit Free Press headquarters.
Quicken representatives could not be reached for comment Wednesday.
Snoek said the plans for DDI are to continue operating the David Stott Building as an office property. The 210,000-square-foot building, at the corner of Griswold and State streets, is currently 15-percent leased, with roughly 10 tenants in it.
Luke Investments is the company owned by Emre Uralli, who came to Detroit from Florida to invest in properties. Uralli has been operating the Stott building and has been planning a redevelopment of the Free Press building.
DDI Group aims to continue the plans that are in place for the Free Press building, which will be converted to residential, likely by 2015 or early 2016, Snoek said.
In the bidding for the Free Press building, DDI went up against another group of investors from China.
DDI was represented locally by Greg Elliott, an attorney with Farmington Hills-based law firm Hoffert & Associates PC. Elliott did not respond to a phone call and email Wednesday evening asking for a comment on their behalf.
Snoek said DDI seems like a global real estate player.
"From everything I've seen about this group, they are a serious investment group," Snoek said. "They have properties in California, but also in major cities around the world.
"Everything they told us is that they want to invest in Detroit, operate these buildings, and hire people locally. Nice to hear that for a change."