Royston Group Sells Super Kmart in Port Huron, Michigan for $9.1 Million


Los Angeles, CA (PRWEB) March 29, 2013

The Royston Group has completed the sale of a $ 9.1 million, Super Kmart located in Port Huron, Michigan.. The building of 193,590 square feet sits on more than 26 acres of land. Kmart initially signed a 25 year absolute triple net lease on the property.

Greg Cortese represented the buyer in the transaction. The buyer purchased the property due to the sites strong retail location, existing assumable financing and above market return.

Kmart does really well at this location. Port Huron being at the Canadian border makes this a destination shopping area for Canadians. The buyer assumed a loan with less than 4 years remaining and the lease expiring in 7 years. The extraordinary return made this deal worth the risk for the investor. said Cortese

Greg Cortese, President of The Royston Group and Rob Sutton, Vice President specialize in the sale of single tenant net lease properties.

The Royston Group is a privately held commercial real estate investment firm, founded in 1992. The company provides services for a multitude of net lease commercial property types including office, industrial, retail and medical. The firm has completed over $ 1.5 billion in real estate sales since its inception.







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Michigan Legislature OKs plan to spend $97M from national foreclosure settlement

Michigan Legislature OKs plan to spend M from national foreclosure settlement
Michigan was among 49 states to join the federal government in signing a $ 25 billion settlement this year with the country's five major mortgage lenders – which faced allegations of mishandling millions of foreclosures and loan modifications nationwide.
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Michigan governor finalizing plan to raze Detroit empty homes
July 17, 2012 • 11:45 AM. Decrease; Normal; Increase. Print. Article. An abandoned and vandalized home listed on the auction block during the Wayne County tax foreclosures auction of almost 9000 properties in Detroit, Michigan, is seen October 22, 2009.
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Genesee County foreclosed home sales go up in June
GENESEE COUNTY, MI — Home sales appear to have increased in the month of June, including the number of foreclosed homes sold. Farmington Hills-based multiple listing services provider Realcomp II Ltc. Is reporting an 18.3 percent increase in home …
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Causes For The Increase In Michigan Foreclosures

Article by Kenneth D. Tafolla

If you have been paying attention to the news, you probably realize that there has been an increase in Michigan foreclosures. There are many reasons for this and this article is going to take a look at a few to help you better understand what is causing these Michigan foreclosures.Michigan Foreclosures – A Predictable Outcome

Probably the biggest reason for the increase in Michigan foreclosures has been the downturn of the state’s economy. The auto industry has been the driving force, no pun intended, behind Detroit and most of Michigan’s economy for over seventy five years. This has been a boon and bust for the state as during the golden years of American auto manufacturing it was great, now not nearly as much.

The first that caused problems in Michigan was the moving of manufacturing overseas or out of state. This caused a loss of many of the manufacturing jobs that people from Michigan depended on. While this was bad and does have a lot to do with the recent increase in Michigan foreclosures, even worse was the fact that the automakers started to loose ground to foreign companies.

General Motors, Ford and to a lesser degree Chrysler enjoyed dominance of the American auto market up until the mid eighties. Quality concerns and high cost caused sales of the American made autos to slow which in turn made quality control even more difficult. It was a downward spiral that started some twenty years ago and at this time it is still unknown as to whether it has hit bottom. Because of this many of the top workers in the auto industry have lost their jobs.

Because there is so much instability in the Michigan job market, Michigan foreclosures have been on the rise as people find it more and more difficult to sell their homes or make their payments. They literally are left with no other options except to foreclose.

In addition to the financial strains that the downturn of the Michigan economy has caused there is also the stress and emotional factor. This has caused many people to separate, which in turn has affected the rate of Michigan foreclosures.

As you can see there are many ripple affects from the down turn of the Michigan economy and because of this many people have had trouble making payments on their home and have been forced to foreclose. Hopefully this article has given you some insight into why Michigan foreclosures occur.

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