A downtown Birmingham office building and parking deck has sold for $14 million to an investor that anticipates spending more than $1 million in renovations.
Bacall Companies LLC, based in Farmington Hills, said the capital expenditures, which include tenant improvements for 380 N. Old Woodward Ave., are expected to begin in the next 45 days.
The 42,000-square-foot building, which is 100 percent leased, was listed by Southfield-based Signature Associates Inc. late last year. It had been owned by an entity called 380 Old Woodward LLC, which is registered to Richard Broder, the head of Detroit-based developer and landlord Broder & Sachse Real Estate Services Inc.
"We've been very proud owners of very fine real estate for many, many years and it was time to put it out to the market," Richard Broder, head of Broder & Sachse, said Friday afternoon. He said the sale closed Feb. 18 but declined to comment on the price.
Birmingham-based Williams, Williams, Rattner and Plunkett PC is the building's main tenant, taking about 20,300 square feet, while Birmingham-based Lutz Real Estate Investments takes about 4,900 square feet and Oakland, Calif.-based Pandora Media Inc. takes around 4,200 square feet, said Daivin Bacall, partner/principal of Bacall Companies.
He said he and his three brothers — Dante, Dorayd and Doval — run Bacall Companies as partners/principals.
"Bacall's strategic growth plan has been focused on acquiring state-of-the-art assets in high barrier of entry markets such as Birmingham," Daivin Bacall said in an email. "Additionally, the office space occupancy in Birmingham has historically maintained at a high level and continues to increase in demand, which Bacall sees as a strong and safe indicator of a great investment for years to come."
Bacall Companies also owns the Birmingham office building at 220 Park Ave., Daivin Bacall said.
The sale of 380 N. Old Woodward Ave. is the second key downtown Birmingham office building known to have sold this year, following the January sale for $46.75 million of the building at 325 N. Old Woodward Ave. that at one time housed a Google office before the tech giant moved to downtown Detroit.
That building had been owned by Boston-based Intercontinental Real Estate Corp. since 2007, when it paid $38.2 million for it, according to CoStar Group Inc., a Washington, D.C.-based real estate information service.