- change ups
Kzoo GM Plant Back On The Block
Hackman Capital Partners LLC (HCP) owns the site.
HCP signed a letter of intent in August to sell the complex known as The Renaissance Business Center at I-94 in Comstock to BSD Group Investments of Brooklyn, N.Y. The deal was to have closed in October, but never did. The reported sales price was $22 million and did not include the plant’s machinery, which HCP is also selling.
The property fronts I-94, about a mile from the airport, and is just about halfway between Detroit and Chicago. The complex features a 2.2 million-square-foot facility, multiple loading docks, rail access and a 143,000-square-foot, three-story office building. Over 300 acres of land is also available. Seventy-five acres are designated as a Renaissance Zone, meaning most state and local taxes are abated for that property through 2015.
“We’ve had a lot of developers look at it. The comment that we are getting from people is that it is the best development site in Michigan. The comments we’ve received are from people who might be considering turning the site back into raw land, and have plans to do something else with it,” said Bill Robbins of Signature Associates, who is handling the sale with Steve Gordon and Steve Woolam.
Robbins told the Business Journal that HCP will sell or lease, and is even willing to portion off the enormous building in 100,000-square-foot increments. The company also has property on the complex that it feels would make a good site for retail.
“They don’t want to sell it off in small increments, but they will sell off the entire retail parcel. It is probably in the 75-to-80-acre neighborhood and it’s all priced differently. There are three different lease prices and there are several different per-acre sale prices, depending on the type of land,” said Robbins.
“It’s an incredible piece of property from every perspective,” he added.
Signature Associates – ONCOR has offices in Southfield and Kalamazoo. The company leased and sold over 18.5 million square feet of space and sold more than 1,800 acres of land last year. Robbins can be reached at (616) 349-1000 for more information.
HCP also has150 heavy metal presses from the plant for sale. Perfection Machinery is the agent for the equipment. Call (847) 427-3333 for more.
HCP is a Los Angeles-based private equity investment firm that specializes in acquiring industrial real estate and industrial capital assets. The company has been in business for 24 years, and has been located in Los Angeles since 1987.
GM closed the Comstock plant in 1999 and sold it to HCP for a reported $23 million, a price that included all the machinery.