"Because we already owned the property immediately north and east of the site, this will add to the development," explains Rob Aldrich, president of MAVDevelopment. "Because we can combine the common parking areas and other factors, this deal was an obvious play for us."
In addition to developing common parking areas, Aldrich says plans call for upgrading landscaping and signage, systems improvements, and overall design renovation so the 20-year-old property has the same décor as South State Commons.
"The occupancy rate on the property is only 10%," Aldrich acknowledges to GlobeSt.com. "But that's actually the appeal to us. We want to work on the building, market it and make it more appealing to tenants."
Aldrich adds that MAVDdevelopment is talking to potential tenants, with a proposed tenant mix for the property including professional service firms. "We also have our share of technology firms, given the nature of this market," he adds. Both MAVDevelopment and the building's seller, JFK Investments, LLC in Bloomfield Hills were self-represented in the transaction.
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