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May 31, 2011

Palmer Crossing deal!

The Thomas A. Duke Company was selected by the US Marshal Service to represent it in the sale of a 25,000 square foot retail center in Canton, Michigan.  The center contained four separate buildings with 60% vacancy at the time the assignment was given.

45 days into the assignment an investor was secured for the center with a cash closing set for 30 days. During this time the Brokers for TAD were able to secure lease commitments for all but 1200 square feet of the center. The closing was delayed for 60 days, as additional time was needed by the Marshal Service to clear title.

The deal was completed at a $100 per square foot value; nearly double the average sale value for similar properties being closed in this market.

In an email sent Thomas Duke Company and lead broker on the assignment, Brian Campbell, Portfolio Manager for the Marshal Service’ properties, commented,  “This was not an easy transaction and would not have been possible without your expertise and guidance.  Thank you for everything.”

For more information on the above deal, please contact at info@thomasduke.com or 248.476.3700.

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