Traverse City Record-Eagle

Archive: Tuesday

May 13, 2014

Three West awarded Leland property listing

TRAVERSE CITY — Real estate agents at Three West, a Traverse City-based commercial real estate and consulting firm, will try their hand at marketing the long-unused Leland courthouse property.

The property is owned by Leelanau County and is zoned for planned unit development. The county sold the 119,563-square-foot property in 2007 for $2.4 million, but the developer defaulted on payments and it reverted back to the county.

County commissioners on May 9 picked Three West from among three real estate agencies to market the property.

“I think several of the commissioners liked their approach of not just limiting the sale to someone or a firm that wanted to continue or enhance the existing PUD, but looking openly at the possibility of other ways of marketing the property,” said Board Chair Tom Van Pelt.

Three West representatives pitched their company as an alternative to the traditional real estate agency.

“We’re coming forward more as a consulting company to be your partner in this project,” said Kevin Endres, founder and co-owner of Three West.

Endres told commissioners that keeping the PUD would limit the number of interested buyers.

“It’s like finding a needle in a haystack,” Endres said. “That was designed for a specific developer with a specific project in mind. Trying to induce a developer to come in and take someone else’s project ... you’ve pigeon-holed them.”

The firm will market the property for 6 percent of the selling price. Representatives from Three West still have to meet with county Administrator Chet Janik this week to iron out the details.

Van Pelt was hopeful the property could by on the market in about 10 days.

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