Princeton acquired the landmark building on July 25, in an all-cash transaction from PF Fund Mutual Building, Inc. as sellers with the assistance of American Realty Advisors, as well as Bill Bubniak of NAI Farbman, who brokered the transaction on behalf of the sellers, and Charles Mady of Exclusive Realty on behalf of the buyers.
Grand Park Centre was originally constructed in 1922 as the headquarters for the Strohs Brewery Company. In 1950, two more floors and a 10-story annex building with additional office space were added along with an attached parking structure. Today, Grand Park Centre is a 180,000 square foot Class A office building that has been well maintained and meticulously renovated to be a premier address in the central business district.
Located on Grand Circus Park, in the heart of downtown Detroit, Grand Park Centre is located on W. Adams Street just west of Woodward Avenue. Grand Park Centre features spectacular views of the downtown skyline and Midtown, and is in close proximity to Grand Circus Park, the Detroit Tigers’ Comerica Park, the Detroit Lions’ Ford Field, the Detroit Opera House, the Fox Theatre, and the recently announced site for a proposed new home of the Detroit Red Wings.
“Grand Park Centre is one of the downtown jewels and we are pleased to be among the many leading companies working with local organizations to further the revitalization of the city of Detroit,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We are looking forward to increasing our presence in this dynamic market and diversifying our real estate portfolio.”
Princeton Enterprises, L.L.C., located in Bloomfield Hills, Mich., is a premier real estate acquisition, development, and property management company that enjoys one of the finest reputations for successfully acquiring, repositioning and operating a diverse portfolio of real estate assets. Founded in 1994 by Matthew B. Lester, the company has grown to more than 500 employees, overseeing more than 90 properties including both commercial and residential properties with over 18,000 individual apartment units in ten states, including Michigan, Ohio, Indiana, Kentucky, Alabama, Georgia, Florida, Missouri, North Carolina and South Carolina.