Detroit developer selling nearly two dozen Eastern Market properties
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A real estate firm with a large footprint in Detroit’s Eastern Market is putting all of its buildings there up for sale.
Firm Real Estate, a Detroit-based residential and commercial development company, said Thursday that it plans to sell 21 properties across 10 acres in the neighborhood.
The portfolio with an asking price of nearly $31 million, totals about 450,000 square feet, and includes a mix of historic commercial and mixed-use buildings, vacant lots and parking spaces. Detroit-based O’Connor Real Estate is handling the listings for the properties.
“As a company, we decided that these properties were no longer consistent with our future strategic business plan,” Jeff Bartlett of Firm Real Estate said in a statement. “We realized that it was important to sell these properties so they can be put back into circulation. Many of these buildings already have successful businesses and are occupied, and others have tremendous potential to be strong assets to the district’s growth. We want to ensure these properties are in the hands of new owners who have the capacity, expertise and passion to steward them to productive use.”
Several properties are fully occupied, the company said, including 2453 Russell, which houses residential units and five businesses; 1468 Adelaide with two businesses and Adelaide Cut North, a 60,000-square-foot property on 1.5 acres.
The other properties include four Gratiot Service buildings and storefronts along Russell Street. The properties may be purchased individually or as part of a larger portfolio.
Firm Real Estate, originally backed by a group of investors including the late Donald Foss, founder and former CEO of Credit Acceptance Corp., began buying properties in Eastern Market in 2017, including buildings across from the market sheds and parcels along Gratiot Avenue.
The company said it has spent an estimated $8 million on upgrades and maintenance.
Steve Morris, managing principal of Axis Advisors LLC, a commercial real estate service firm in Farmington Hills, said the portfolio is likely to draw strong interest from multifamily and mixed-use developers already active in the city. He noted the properties’ walkability, proximity to downtown and access to shopping.
“I would say that there would be a large amount of current Detroit real estate developers stepping up immediately to put offers in because they see an opportunity,” he said, adding that the area could see new investment from one or more developers.
“You’re going to have some new construction,” he said. “You may have some new landscaping. People love that area of town.”
Katy Trudeau, CEO of Eastern Market Corp., said the sale presents an opportunity for the neighborhood to grow.
“Our priority has always been ensuring new development aligns with the goals of Eastern Market Corporation — supporting small food businesses, expanding cultural spaces, and investing in improvements to the public market — while preserving the district’s authenticity and stimulating inclusive economic growth,” Trudeau said in a statement. “Activation of this portfolio provides just that type of opportunity for the neighborhood.”
As of January 1, 2025, Firm Real Estate is solely owned and operated by the Foss family. Some may remember Sanford Nelson, who began investing in Eastern Market with his father, Linden Nelson, as part of the group of investors behind Firm Real Estate, as a visible face of the company in the neighborhood. The firm faced criticism early on, including a 2019 dispute over a repair at the former Russell Street Deli, which ultimately led to the restaurant’s closure.
The firm also owns two buildings elsewhere in Detroit — one on E. Grand River and another on Larned that are not for sale. Property information is available at www.oconnordetroit.com/easternmarket.
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