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Eastern Market
Crain's Detroit Business reports that a mass of real estate transactions are taking place in Detroit's Eastern Market.
Kirk Pinho of Crain's reports:
About six months after Firm Real Estate LLC listed its entire Eastern Market portfolio for sale, half of the 21 properties have buyers lined up or have been sold.
Ten of the Detroit-based company’s properties are under contract, and one deal — for the building at 1473 Winder St. next to Eastern Market Brewing Co. — has closed for an undisclosed price to an unknown buyer...
When the properties hit the market in September, the total asking price was close to $31 million and Firm Real Estate said it was open to selling the buildings and land individually. In all, the portfolio includes about 431,000 square feet of building space and some 10.4 acres of vacant land.
Crain's reports that Sanford Nelson, son of serial entrepreneur Linden Nelson, had been the public face of the company for years. But Firm Real Estate says that as of Jan. 1, 2025, it is solely owned by a trust of Donald Foss, the late Credit Acceptance Corp. founder and CEO, who died in August 2022.
The Nelsons were criticized for trying to quickly gentrify the market, resulting in some businesses and artists moving out. Some other businesses have since moved in.
