An Illinois real estate investment company discovered gold in abandoned Michigan factories. Filling the spaces with viable companies brings jobs, and an economic boost, to the area.
According to excerpts from the story:
Franklin Partners might be the ultimate economic recycler. The Oak Brook, Ill., real estate investment firm buys buildings other companies no longer need, usually at a fraction of their replacement cost and puts them back on the market for lease.
"I'm an empty-space guy," said Don Shoemaker, Franklin Partners' co-founder, said during a tour of the former Siemens-Rapistan office building in Wyoming -- now half-occupied with a couple of other potential lease deals on the table.
The Franklin business model is simple: Have cash ready, make an offer and be ready to close when the right opportunity comes.
Read the complete story here.
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