P.A. Commercial on April 1 closed the sale of a former Dunkin’ Donuts at 39515 Van Dyke Ave. in Sterling Heights, Michigan.
The buyer is a local investor who plans to convert this 3,400-square-foot building into an independent fast-casual concept and maintain the drive-thru for call-ahead orders. This investor identified the opportunity for the investment side of his 1031 Exchange. With the help of Dan Blugerman, senior associate at P.A. Commercial, was able to purchase this well-placed asset before it was offered on the market.
The title company required the buyer and seller to equally share the risk of delay in recording the deed. The corporate seller needed to delay the closing a few days for counsel to review this addition to the standard closing documents. Because of the COVID-19 pandemic, the title company relaxed the notary requirement on buyer documents and allowed buyers to email their signed documents
The out-of-town owners required in-depth photo documentation for the de-branding of the property. Blugerman coordinated with the former Dunkin’ Donuts franchisee on the decommission or return of trademark items, while keeping a safe distance due to the ‘social distancing’ orders.