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HAMTRAMCK, MI-A Following a close to 3.5-year stint on the market, a 105,000-sf industrial warehouse will have a new life and a new owner. It has been acquired by locally based private investor Ted Gatzaros for $275,000.

Listed at an original asking of $595,000, the property, located at 9001 Vincent St., was built in the 1940s and classified as an older industrial warehouse style building. The property had been dark due to its age and location.

“The property had no renovations over the years, but it was a fairly clean building at closing,” says Chris Monsour, an associate broker and principal with Signature Associates-ONCOR International’s Southfield office. Monsour represented the buyer and the seller, POC Liquidating Co.

Monsour tells GlobeSt.com the new owner will likely do some renovations on the property, including repairs to the roof and remodeling. “He’ll turn this into a storage warehouse, as that’s his business, and some distribution will take place there as well,” Monsour says.

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