Astral Weeks Buys Redevelopment Opportunity in Detroit
- Nov 06, 2016
By Alexandra Pacurar
Detroit—Friedman Integrated Real Estate Solutions announced Astral Weeks Development bought four contiguous parcels of land totaling 0.5 acres located in Brush Park, one of Motor City’s historic neighborhoods. The property also includes two buildings constructed in 1909 and 1919, offering 29,000 square feet of space and located at 435 Division St. and 2711 Beaubien St.
Rich Deptula, national director of Investment Advisory Services at Friedman, represented both the seller, JPJ Development, and the purchaser in the transaction made through auction site Ten-X.com. Astral Weeks Development has several multifamily projects in various stages of development in New York, particularly Brooklyn, according to the company’s website. The site in Brush Park would be the company’s first investment outside New York City.
Currently, several multifamily and commercial development projects are underway in Brush Park, including The Scott, a $65 million ground-up, high-end multifamily property. The neighborhood, located just north of Detroit’s CBD, is experiencing its biggest growth in the last century. The progress is also fueled by the proximity to Woodward Avenue and Detroit’s new Q-Line light rail system, which is currently under development.