Detroit-based The Platform LLC has added another key property on the Grand Boulevard in Detroit's New Center corridor to its portfolio by purchasing the building that currently houses Lakeshore Global.

The building, at the northeast corner of Woodward Avenue and Grand Boulevard, is 240,000 square feet and sits on 1.5 acres. Lakeshore will remain in the property as part of the sale/leaseback deal, said Dan Austin, a spokesman for The Platform.

The purchase price was not disclosed.

"The Platform will spruce the building up and make a number of key upgrades. Then, working with JLL (brokerage firm), The Platform will reposition it for full occupancy, with Lakeshore Global remaining a key tenant," he said, adding that it is about 60 percent occupied now.

Colliers International Inc. will be responsible for leasing the ground-floor retail space to tenants, and Southfield-based Redico LLC will serve as the property manager, Austin said.

The building was built in the early 20th century as a Ford sales office. It was designed by Albert Kahn but a new facade over its original terra cotta was installed in the late 1960s. Sky Group Grand LLC, which is registered to Stacey Dogonski, paid $2.1 million for the building in May 2005, according to CoStar Group Inc., a Washington, D.C.-based real estate information service, a rate of about $8.75 per square foot.

Since its formation two years ago, The Platform, which is led by Peter Cummings and Dietrich Knoer, has been amassing a large real estate portfolio around Grand Boulevard but also in several neighborhoods, including Islandview, northwest Detroit and the Livernois and McNichols area, among others. It has been building new residential and mixed-use buildings and plans a series of redevelopments across the city.

Nearby, The Platform also owns the Fisher Building, Albert Kahn Building and the building perhaps best known for its colorful rainbow mural on its western side.