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Former Kzoo GM Plant Sold
COMSTOCK TOWNSHIP — BSD Group Investments recently signed a letter-of-intent to purchase the Renaissance Business Center at I-94 near Kalamazoo from Hackman Capital Partners LLC, a Los Angeles-based property management company.
The asking price for the 2.1-million-square-foot former General Motors Corp. assembly plant was $22 million.
S.J. Wisinski & Co. of Grand Rapids brokered the deal, after listing it for only a year. Stan Wisinski and Michael Gantos worked on Hackman Capital’s behalf, while Dick Jasinski represented BSD.
“The group that bought it is an investment group that buys various properties. They plan to lease the building to various companies and then eventually develop the rest of the land around it,” Jasinski said of BSD, which is based in Brooklyn, N.Y.
The closing is set for the end of October. The transaction did not include the stamping equipment, which Hackman Capital is willing to piecemeal.
The Renaissance Business Center is located near I-94 at East Cork Street, about a mile from the Kalamazoo-Battle Creek International Airport and 15 minutes from the Battle Creek Inland Port of Entry and Foreign Trade Zone No. 43.
“It’s almost halfway between Detroit and Chicago, which was a key factor for the investors,” said Jasinski.
Seventy-five acres of the 358-acre site are in the Renaissance Zone, which means that land will be free of most state and local taxes until 2016. The undeveloped property surrounding the plant is not part of the zone. The site is zoned for industrial and commercial use.
GM closed the plant in 1999 and sold it to Hackman Capital for a reported $23 million, a price that included all the equipment.