The seller is Bio Resources LLC, an investment group thatreportedly includes local foreclosure owner Romel Casab. The groupwon ownership earlier this year, after the Michigan Supreme Courtruled against the city of Detroit's bid to take over the propertyfor collection of back taxes. David Wax, senior associate at BurgerEaston & Co., says a buyer could reuse the former single-lineplant, but would likely look to demolition.


"It's a major project no matter what happens," Wax "It would take a large coordinated effort, not from aguy who just buys local strip malls. This would have to be a largedeveloper who could go to state and county officials to findavailable brownfield redevelopment funds. However, the Albert-Kahndesigned plant is pretty solid." The plant, built in 1903, was thefirst industrial building in Detroit to have reinforcedconcrete.


The building had been leased by various tenants up until 1997,Wax says. "Then, the tenants were paying about $125,000 per monthin rent," he says. Tenants left when the city tried to take overthe site. "The buildings continued to deteriorate with noprotection," Wax says.


He says though Michigan is struggling with lost jobs and leavingcompanies, the Detroit area industrial market is doing well. "I'venever been busier than in the past 12 months," Wax says. "Even ifone company moves out of a space, there always seems to be anothercompany wanting to move in." The city's industrial vacancy rate isat 14.3%, according to a second quarter report by CB RichardEllis.

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