The proposed site was smaller at first, but REI added a few parcels to create a larger portion, and in turn sold to Magna, according to Neal Warling, senior vice president at Grubb and Ellis of Southfield.
Magna, under the division Magna Entertainment, has proposed a mixed-use entertainment facility, which would feature horse racing, restaurants, hotels, and more. The REI Group was asking about $65,000 per acre for the property at the northwest corner of Gottsfredson Road and M-14, Warling says.
"I can't say exactly how much it sold for," he adds.
He did say the company has proposed a plan to Salem Township for a thoroughbred track, as well as a harness race track in the center.
"I believe they're trying to make it into an entertainment facility, with tracks and stables, as well as a large, 10,000-sf concert arena and a 40,000-sf sports bar," Warling tells GlobeSt.com.
There was also talk of building office and retail uses, such as a hotel, on the property, Warling says, in the preliminary plan before the township. One specific plan is to include off-track betting, where wagers could be made in the bar on races that play on the television screens from around the world.
"I believe the state has to approve legislation that would allow off-track, cable television betting," Warling tells GlobeSt.com.
The broker says numerous developments in the area have shown the western portion of Metropolitan Detroit is becoming viable as a new growth zone.
"The velocity of land transactions along the M-14 Corridor shows that Washtenaw County is a focal point for economic growth," Warling says. "This trend signals a healthy economic outlook that will benefit all of southeast Michigan."
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