March 8, 2021

Doing Right by a Family Portfolio.

Back in 1970, the price tag on a new Chevy Corvette was less than $6,000, and the gas to drive it down Haggerty Road – which was unpaved – cost 36 cents a gallon.

Dick Morris was an aspiring Walled Lake business owner in 1970. He began buying land in Commerce Township and West Bloomfield, not only as an investment, but also to relocate his car dealership. The distance from Walled Lake to Commerce was short, but the relocation was a huge step for the company.

Dick Morris Chevrolet at 2199 Haggerty Road became a fixture in the community, a prosperous local business.

In 2015, Rick Morris decided it was time to begin selling the properties his father had acquired over the decades. He chose the Thomas Duke Company as his brokerage.

In the 50 years since Dick Morris arrived, the Haggerty Road corridor has become a business hub, and his properties were well positioned. The Duke Company assessed, marketed, and sold all of them—to investors, to a new credit union, and a new assisted living facility.

The final sale was the flagship dealership. The 22,000 SF dealership on 3 acres will now be home to the new sales and service operation of LaFontaine Automotive Group.

As we negotiated these sales, we worked closely with the Morris family to help them meet their long-term goals. Important to them, of course, was minimizing their tax exposure and maximizing the properties’ market value.

Whether your investment real estate has been acquired over decades or recently, the professionals at the Thomas Duke Company can help you meet your objectives. Contact us today.

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