Galloway and Collens, PLLC

Investment group pays $900,000 for Michigan property

Another prime piece of Michigan commercial real estate has been taken off the market. The sale of the CPA Building in Detroit's Corktown was apparently closed at the end of May. The 11,000-square-foot property was on the market for more than 11 years before it sold. The property is located at the corner of 14th Street and Michigan Avenue and was last purchased for $380,000 in 1999. The six-story building was originally built in 1924 and was used for the Conductors Protective Association union.

The building is located across from the Michigan Central Depot property and Slows Bar BQ. The CPA Building was on the market as a suggested office or residential space, with the first floor being devoted to retail tenants. The building reportedly sold for $900,000 to an unnamed, out-of-state investment group.

According to a real estate broker, it was not clear what the investment group's exact hopes were for the building, but they were planning a redevelopment project. The investment group is also reported to have purchased other buildings in the Detroit area, but the broker would not identify which buildings.

Michigan's commercial real estate industry has seen several large-scale purchases, and many include recently renovated properties or purchases with the intent to redevelop. In the latter case, proper advance planning is critical to ensure that zoning issues or boundary disputes do not cause delays. In any real estate transaction, properly vetting buyers and ensuring that all contracts are correctly dealt with is an important step. Commercial properties represent a significant financial investment, and whether a person is buying or selling, having a thorough understanding of the legal process can be invaluable.

Source: Crain's Detroit Business, "New York group buys CPA Building in Corktown for $900,000" Kirk Pinho, Jun. 13, 2014

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