Friedman Integrated Real Estate Solutions LLC now owns another 297,000 square feet of office space in Southfield.
The Farmington Hills-based real estate company bought the Raleigh Officentre, a pair of interconnected six-story buildings, about a month ago out of foreclosure, according to Jared Friedman, the company’s director of acquisitions.
Land records show that the building had been owned by an entity called 25300 Telegraph Road Holdings LLC, which is affiliated with Bethesda, Ma.-based CW Capital Asset Management LLC.
Friedman declined to disclose the purchase price.
The property, previously owned by Bloomfield Hills-based Kojaian Management Corp., had gone to auction after falling behind on the $35 million loan’s $22.57 million balance.
Friedman said most of the buildings’ tenants are moving into another Friedman-owned office complex, the Galleria Officentre in Southfield, by the end of the year.
“We are going to do kind of typical plan like we do most other projects,” Friedman said. The buildings will be renovated and modernized with plans to lease them out. Improvements are expected to parking lots, landscaping, lobbies, carpets and corridors, he said. It has not yet been determined how much will be spent on improvements, Friedman said.
“Raleigh, because it sat in foreclosure for awhile, hasn’t really been touched or given the love and care it needed,” he said.
The buildings are at 10 Mile and Telegraph roads and were built in 1989.
The online listing this summer said that the properties were 53.45 percent occupied and included 1,235 parking spaces.
Friedman will manage and lease out the property to tenants.
The previous property management and leasing company was Newmark Grubb Knight Frank.
Friedman’s portfolio of managed office, retail and industrial properties totals about 14.7 million square feet across about 160 buildings. The company also manages about 10,000 apartment units.