business & )rofessional
Land Manager from page 29
give lectures at colleges."
What local buildings and proper-
ties are you working on now?
"We fixed up the Penobscot and
First National buildings downtown
and got them ready to lease space;
and we also have receivership
assignments on Parkwood Plaza in
Oak Park, Summit Apartments in
Farmington Hills and others around
the state. We're also working on a
variety of residential real estate. In
fact, we've sold more than $100 mil-
lion worth of residential real estate
in the past five years."
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How do you keep track of it all?
"Each day, I review the opportu-
nities with our management team
and strategize to take advantage of
the best deals. Our big advantage is
that we're a full-service group, all
under one roof, with single points
of contact to help clients in turn-
around property situations. Our staff
includes several lawyers, accoun-
tants, designers and information
technology specialists?'
ELD
NORTH OF MAPLE
How is your brokerage operation?
We have one of the largest inde-
pendent commercial real estate
brokerage operations in the Midwest,
with 65 licensed brokers and leasing
agents in Michigan and other states.
We cover everything from office and
retail stores to mobile home parks."
[Mitchell Lipton of Bloomfield Hills
heads the brokerage operation.]
How about foreclosure business?
"In our company, we call that
distressed asset services, providing
a broad range of services to those
involved with financially troubled
real estate. Foreclosures have fallen
off slightly, but they're still a big
concern. To handle this business,
we have construction experts and
property managers, and we do asset
management, marketing, leasing and
loan sales — all in one building?'
The recession was a real jolt. Has
the market really improved?
"I'd say there's been a 50 percent
improvement, but things were pretty
tough there for awhile. The commer-
cial business is getting better. Home
ownership in the Metro Detroit area
is still down as the foreclosures have
forced owners to become renters. But
I'm the kind of person who's always
optimistic and bullish, even when
times are bad. I see the real estate
market improving even more as we
move into the summer. People are
refinancing debt and carrying on.
We're all optimistic and bullish at
Friedman Real Estate Group?' II