February 03, 2014 Category: Commercial Real Estate
sale is pending on a business property that has been vacant for many years. The Michigan property was previously known as the Farmer Jack Building. Now, the building may become a retail store.
The property is over 57,000 square feet that has been unoccupied for the past seven years with barely any contact with its owner. Reportedly, a large retailer has put an offer on the table for purchase. The name of the retailer has not been disclosed and the sale is still pending. However, in the next 2 months, the retailer’s name is expected to be revealed once the sale is closed.
This came as a surprise to the township planner who was under the assumption that the building would become a Salvation Army thrift store. The property was bought in 2005 for $8.5 million and is said to owe over $100,000 in taxes. The township planner is apparently eager about the building finally becoming put to good use since it could provide employment for more people to the area.
Although the name of the retailer has not been publicly disclosed, occupying the building with a retail store may offer employment opportunities for Michigan residents and another store for consumers to shop at. It is important for the new owner to make sure there are no outstanding liens on the property and all legal matters are taken care of. Doing so can reduce the likelihood of mishaps occurring down the road. Legal support may also be required to establish a contract or sale that is in accordance with the law.
Source: mlive.com, Sale pending: Former Farmer Jack building on Washtenaw Avenue under contract, Katrease Stafford, Jan. 28, 2014