FD Stonewater Acquires Timberland Buildings Office Portfolio in Detroit, MI

FD Stonewater has completed the acquisition of a 355,000-square foot, three-building office portfolio located in Troy (Detroit), Michigan. The acquisition was completed within the firm's value-add office investment strategy.

ARLINGTON, Va. (PRWEB) June 01, 2018

FD Stonewater Principal Andrew Schwartzman commented, “We have been pursuing opportunities in the Michigan markets for several years and are thrilled to acquire the Timberland Buildings. The portfolio is located in an improving Detroit Metro office market, one that has seen a resurgence since the financial crisis and reflects steady rent and occupancy trends. The 36-building office park has recovered from peak vacancy of 42% in 2011 to just 13% in 2017. This acquisition represents a prime opportunity to execute significant repositioning and rebranding of the portfolio and reintroduce these assets to an improving Detroit office market.”

Owen Burke, Director of Asset Management for the firm added, “At 56% occupancy we plan to comprehensively reposition and rebrand the assets, strategically invest capital, and increase occupancy. Executing the assets’ business plan will enhance the tenant experience through physical building improvements, expanded tenant services and amenities, and cosmetic upgrades.”

FD Stonewater has selected Transwestern to provide property management and leasing services for the portfolio.

About FD Stonewater
FD Stonewater is a boutique real estate investment, development, brokerage and advisory firm headquartered in Washington, DC. Collectively, the firm’s leadership has a track record of more than $10 billion, over 45 million square feet of lease transactions, and 18 build-to-suit projects completed, with $240 million of federal development currently under construction.

For the original version on PRWeb visit: http://www.prweb.com/releases/2018/06/prweb15527103.htm