Home of Detroit's only Whole Foods is up for sale

One of Peter Cummings’ signature development projects in Detroit is now on the market —  the latest in a string of properties the prominent developer is looking to unload.

There is no asking price for the retail space at The Ellington at Mack and Woodward avenues in Midtown, which is anchored by the only Whole Foods Inc. grocery store in the city.

In all, the property includes about 34,400 square feet of retail space, about 21,500 square feet of which are occupied by Whole Foods and the majority of the rest of the spaces front Woodward Avenue. The property also includes the lease of 254 of 954 spaces in the adjacent parking structure, which expires in 2102. The property does not include The Ellington apartments.

Marketing materials by Mid-America Real Estate’s Bloomfield office, which has the listing, say the Whole Foods location tracks highest in the state in terms of visits per square foot, according to data the brokerage firm compiled from Placer.ai.

Net operating income for the property is more than $970,000 per year, the listing says.

In a statement, Cummings’ The Platform LLC real estate company called the development “a catalyst for Midtown” when it was developed, with the Whole Foods opening just a month or so before the city declared for Chapter 9 municipal bankruptcy protection.

“It has been an amazing transformation of Midtown since hundreds of people from across the city of Detroit gathered to break bread in celebration of the opening of Whole Foods in June 2013,” Cummings, executive chair and CEO of The Platform, said in a statement.

Cummings and The Platform have been unloading various properties in the last year or so, primarily vacant development sites across the city it decided to no longer pursue. The statement says The Platform has been doing that to focus its efforts on the Fisher Building with Michigan State University and the 161-unit Piquette Flats development, slated to get its first workforce housing units occupied this month.

The Platform is in the process of selling the former Joe Muer Seafood restaurant site across from Eastern Market, has sold an old Big Boy restaurant property at East Jefferson and East Grand boulevards in the Islandview neighborhood, and a large chunk of land between Riverfront Towers and the old Joe Louis Arena site.

Compare Properties

Compare
You can only compare 4 properties, any new property added will replace the first one from the comparison.