by Andrea Hayden
An article in the Livingston Daily recently highlighted the purchase by a local business of a former wheel manufacturing plant in Howell, Michigan. The plant had been mothballed by Kelsey-Hayes Lemmerz, and vacant for over five years. The purchase of the property by Regal Recycling will give the area a needed stimulus with the addition of jobs and an operating presence at the facility. Howell Township Clerk, Carolyn Eaton, stated that “[h]aving a building of that size operating adds some value to the town. We don’t like to see any of our buildings empty.” This is certainly a common sentiment among Michigan residents considering that “for sale or lease” signs have become a common adornment to building facades across the state.
With such a surplus of property on the market, and property values having plummeted, if you’re looking to buy it would seem that now is a great time to find a deal. This may be true, however, oftentimes the purchase of property such as the former Kelsey-Hayes Wheel plant is complicated by the presence of bankruptcy, tax, environmental, or other legal issues that must be dealt with as part of the purchase. Fausone Bohn acted as legal counsel to Regal Recycling throughout the purchase of the former wheel plant, providing guidance on complex legal issues encountered throughout the transaction, including issues involving the adjacent Shiawassee River – a Superfund Site listed on the U.S. EPA’s National Priorities List.
If you are considering the purchase of commercial or industrial property, whether it be a Superfund site or the local welding shop down the road, and are interested in learning more about real estate transactions in Michigan, please call Paul Bohn or Andrea Hayden at 248-380-0000, or e-mail them at email@example.com and firstname.lastname@example.org
Read more about the former Kelsey-Hayes Wheel Plant purchase at: http://www.livingstondaily.com/apps/pbcs.dll/article?AID=/201009020500/NEWS01/100902001