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Article: King Penguin Properties Grosse Pointe, LLC Closes Purchase of Commercial Retail Building in Grosse Pointe Woods.
- Article from:
- PR Newswire
- Article date:
- October 28, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GROSSE POINTE WOODS, Mich., Oct. 28 /PRNewswire/ -- King Penguin Properties Grosse Pointe, LLC acquired a multi-tenant retail commercial building located in Grosse Pointe Woods, Michigan in December 2006. Grosse Pointe is an upscale suburb located just outside of Detroit.
Michael Mikelic, the President and one of the founding members of King Penguin Properties, LLC was born and raised in Grosse Pointe Shores, Michigan. Mikelic believes, "With capitalization rates in New York and most major cities now well below 6% for a Class A retail property, it's impossible to cover your costs if you are purchasing commercial property with bank issued debt. Should the ...