Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.