P.A. Commercial Sells Office/Retail Building and Parking Lot in Ferndale’s CBD to Developer
P.A. Commercial is pleased to announce the sale of a 14,700 SF two-story office/retail building located at 22840 Woodward Ave, and a 0.65-acre parking lot located at 141 Vester Ave located between Magic Bag Theater and Valentine Distilling in Ferndale’s CBD.
Dan Blugerman, CCIM and DeVon Jackson of P.A. Commercial represented both the seller and the buyer in this transaction, which closed for $3.36M on November 28, 2022. The buyer, Sturgeon Bay Partners is a real estate investment and development firm with a focus on acquiring value-add multi-family, student housing, retail, and office assets in urban cores. They plan on building a mixed-use development where the Vester Ave parking lot is located, bringing 72+ multi-family units to Ferndale’s downtown area.