A large industrial complex was recently sold in Michigan. According to the public details from the sale, the building is around 46,000 square feet, and it is located in Farmington Hills. The complex was sold by 200 Elm Realty, LLC, and the company that acquired the building was JR Investment Properties, LLC.
The location is known as a research area, but it is not clear at this time what the industrial complex is going to be used for. According to the investment firm’s website, they specialize in purchasing properties that can then be renovated and resold. They will sometimes manage the properties, renting them out to those who want to use the space, but they would prefer to bring them up to code or modernize them and then sell to other corporations that need them for their business ventures. As such, this could just be an investment opportunity, and it is unlikely that they will use the building for anything themselves.
It is unknown if they have a prospective buyer lined up right now or if they simply hope to attract one in the future.
When it comes to purchases and sales that involve such large structures, it is important for both sides to make sure that they take all legal aspects of the sale into account. For example, they need to know about local zoning laws so that they can understand exactly how the building can be renovated and who could purchase it — and for what purpose — in the future. They must also make sure that there are not any boundary disputes with nearby property owners so that they can accurately represent the property to anyone who is interested in buying it.
Most sales are very straightforward, but addressing these issues before money changes hands can make things far less complicated so that the transaction can take place quickly.
Source: REJournals, Friedman Integrated Real Estate Solutions sells 46,000-square-foot industrial complex in Michigan” No author given, Mar. 14, 2014