Party Store Sells For $3.2 Million In Future District Detroit

Man signing a contract when buying a new house

A lot of factors go into a business sale, especially as the businesses get bigger, with one of the key things being the care of the employees post sale.

But what about when the business being sold has been closed for months? Then things get a lot easier.

Just recently, a party store near Little Caesars Arena was sold for a jaw-dropping $3.2 million. The store was one of two stores on Cass Corridor recently bought by a business entity related to the CEO of Wireless Giant.

According to the owners of the stores, both had rejected an earlier offer from the real estate arm of the billionaire Ilitch family, Olympia Development of Michigan. The amounts offered by the group were not revealed by any of the involved parties.

Paul’s Place, the party store in question, was sold for $3.2 million last month, according to the county property records. It was purchased originally in 1999 for $200,000 by Salem and Ayser Toma, as stated in public records. Neither was willing to comment on the sale.

Grade Cole, who is a longtime Detroit resident and a cab driver in the local area, commented on the sale as he left the store.

“It’s one of the last party stores still open around here. This area — I stayed away for a long time — but they really cleaned it up. What’s going to happen when that arena opens — who knows?”

According to the article by Detriot News, this building was one of the last two holding out in what will be described as “the soul” of District Detroit, which is a building plan that will take place over the next few years.

The other “hold out” property is a home right near Paul’s Place, and residents told the Detroit News three years ago they had received an offer from the Ilitch Organization for $350,000 in the early 2000s. Since then the home has been listed on the market for $4.9 million.

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