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Partnership makes $12.2M top bid for Fisher, Kahn buildings

June 25, 2015 GMT

DETROIT (AP) — A partnership including a real estate development and property management company says it placed the top bid of $12.2 million for Detroit’s historic Fisher and Albert Kahn buildings.

A three-day online auction ended Wednesday. Southfield-based REDICO says Thursday it’s part of the partnership along with developer Peter Cummings; John Rhea, managing partner of RHEAL Capital Management; and New York-based HFZ Capital Group.

They say the closing will occur in July.

The buildings in the New Center area went up for sale after FK Acquisition LLC defaulted on a $27 million mortgage. The early 20th century Art Deco buildings are on the National Register of Historic Places. They’re being sold along with parking garages and surface lots.

The 30-story Fisher Building was built in 1928. It includes the Fisher Theatre.