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ROYAL OAK, MI-In its first rehab project, ground-up developer Maple Road Properties, LLC in Troy, MI, acquired a 27,000-sf historic building. The property, built in 1914 and listed $2.95 million, was one of the original Ford dealerships. Maple Roads plans to put up to $2 million into the building to renovate it into a mixed-use facility for retail, office and condo residential space.

“They liked the market; the downtown area of Royal Oak has been hot as of late, especially with condo development,” says Gary Grochowski, vice president of L. Mason Capitani Inc. in Detroit. Grochowski and colleague Mason Capitani represented Maple Roads in the transaction, while Colliers International’s Southfield, MI office were on hand for the seller, office furniture seller McMillan Brothers.

Grochowski tells GlobeSt.com that the building definitely appealed to the investor as well, and that Maple Roads plans to keep the historic atmosphere of the building, located at 1041 S. Main St. as much as possible. He adds that renovations to the structure could be completed as early as mid-2007. L. Mason Capitani will handle leasing and sales activities. In the meantime, McMillan Brothers will remain as tenants for the next year, while Maple Road begins light renovation.

Grochowski adds that while this is Maple Roads’ first attempt at historic property renovation, it likely won’t be the developer’s last. “I think they’re going to see how this goes, and quite possibly, they could take on some more projects,” he says. “They’re looking at another building that’s north of here, but I think they’ll let the dust settle on this one first.”

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