Exciting news for downtown Ann Arbor as the iconic ex-Ritz Camera building is sold on South Street! 

Now a Detroit ophthalmologist is the new owner of the building. It’s a rare sale transaction involving commercial property within steps of the University of Michigan central campus, where rental rates remain among the highest in the city.

Dr. Reza Rahmani, owner of Metro Detroit’s Rahmani Eye Institute PC, bought the building at 318 S. State St. at auction in late November after bidding $1,305,000.

The two-story, 5,500-square-foot building was part of the national Ritz Camera bankruptcy, which closed over 300 stores in the spring.

The building was constructed in 1934 and originally served as the home of McLean’s Groceries. The brick building was surrounded by a number of other structures that served as the homes of major downtown businesses, such as Jacobson’s.

The building’s assessed value is $306,500, according to city records, with $273,200 in estimated land value. The new owner hopes that he can lease both floors of the building!

Downtown Ann Arbor has so much to offer businesses as well as those looking to purchase a residential property to be closer to school or their work. Click here to see more on downtown living options. 

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