June 27, 2013 Category: Commercial Real Estate
It is unfortunate when a business is forced to close up shop, since this usually means people will be losing their jobs as a result. However, when one opportunity closes, many times another opportunity opens up in its place. This seems to have been the case after one Michigan steel company filed for bankruptcy, which resulted in its commercial real estate property being put up for auction.
The auction which is scheduled for early July will feature 17.6 acres of industrial real estate. The event is scheduled for two days to allow auctioneers to attempt to sell the property as a whole or in various partials. After the sale of the property is completed, the auction will turn towards selling the company’s equipment and machinery the following day.
The property contains two industrial buildings which will also be included in the auction. One building is 181,620 square feet while the other building is 89,069 square feet. The owners of the property are looking to sell the land for industrial use or potentially for waterfront redevelopment. They would also be open to other uses of the property as well.
A savvy entrepreneur who discovers the auction may be able to capitalize on the opportunity in order to turn a handsome profit. However, purchasing commercial real estate in Michigan does involve a significant amount of paperwork. These documents must be drafted and filled-out correctly in order to ensure the purchase is deemed legal. Also, rules and regulations may vary depending upon the type of business which operates on the property.
Source: mlive.com, ” Key Muskegon Lake industrial site and Michigan Steel Inc. equipment to be auctioned publicly July 10 ,” Dave Alexander, June 11, 2013