The UAW-GM Center for Human Resources on the Detroit riverfront has a new owner.
The sale of the 420,000-square-foot building on 18 acres at 200 Walker St. closed last week to an investment group led by real estate developers Dominic Moceri and Christos Moisides.
Crain's first reported on the pending deal last month.
The purchase price was not disclosed in three separate news releases, although a source familiar with the matter said it was $34 million.
Although the pair closed on that purchase, they failed to complete the purchase of the Roberts Riverwalk Hotel at 1000 River Walk Drive next door, which they had under contract.
That 108-room hotel is now relisted for sale at $26 million ($240,741 per room) by the Southfield office of Newmark (formerly Newmark Knight Frank).
The Southfield office of Los Angeles-based CBRE Inc. had the listing on the UAW building after being hired by a joint venture between the UAW and General Motors earlier this year. Clinton Township-based Lino Realty Inc. represented M & M Iconic Ventures LLC, which is the joint-venture between Dominic, Mario and Frank Moceri as well as Moisides.
Royal Oak-based law firm Kickham Hanley PLLC also worked on the deal, according to one of the news releases.
The union has been the only user since the complex was built in the early 2000s.
"We believe this property will provide a creative, inspiring and safe environment for a single or collaborative user," Moisides said in one of the releases last week.
And Dominic Moceri said in the release that the building would be repurposed for "business, educational and/or governmental" users.
The sale was part of an agreement between the union and automaker reached last year as part of a UAW strike settlement.
Moisides, who is executive member of Detroit-based 400 Monroe Associates LLC, has been active in Detroit real estate in recent years as well. He is developing the former Standard Accident Insurance Co. at 640 Temple St. into the $72 million Temple Detroit hotel; and is part of the ownership group of the Hotel St. Regis in the New Center area. He also owns eight properties in Eastern Market through a pair of LLCs.
His company was also tapped to extract more revenue out of the Wayne County-owned Guardian Building downtown.
The Moceris have their homebuilding company, Auburn Hills-based Moceri Cos.
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UAW building on Detroit River sells to new ownership group; nearby hotel purchase dies - Crain's Detroit Business
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