Intercontinental Acquires 325 North Old Woodward Avenue in Birmingham, Michigan on behalf of U.S. Real Estate Investment Fund, LLC
Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of the office and retail portions of 325 North Old Woodward Avenue in Birmingham, Michigan. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”) was led by Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental. The purchase marks the tenth acquisition on behalf of US REIF.
325 North Old Woodward is a 102,777 square foot newly constructed Class A+ asset consisting of ground level retail, office space on floors one through three, residences on floor four (separately owned), and a basement including 80 parking spaces. The asset is located in the heart of downtown Birmingham, a thriving retail and commercial district in a prosperous suburb of Metro Detroit. Designed by Hobbs & Black and constructed in 2006, the building has received several accolades including those from the Construction Association of Michigan and the American Institute of Architects. Its prominent location and high quality of construction have attracted an excellent roster of tenants including: Google, UBS, Raymond James, Oppenheimer, and Fleming’s Steakhouse. The building is currently 96% leased.
“The acquisition of 325 North Old Woodward represents an opportunity for Intercontinental to acquire a landmark Class A+ asset in a very robust submarket,” commented Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $1.8 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.