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Plante Moran Realpoint assists religious institute with building sale & residential transition

The Society of St. Paul (SSP), a religious community in Dearborn, Mich., was using a 40,000-square-foot school building constructed in the 1920s as a residence and publishing/media center. The age of the building was leading to exponentially more expensive upkeep and maintenance costs. Due to aging and declining numbers, the members could no longer operate its bookstore and the building was too large for its residential needs. Moreover, ownership of the building no longer aligned with the SSP’s mission or ministry.

SSP engaged Plante Moran Realpoint (PMR), formerly Plante Moran REIA, to help review its occupancy costs and all available options to guide the local members through this difficult and emotional process. With our analysis confirming that the current occupancy costs were unsustainable, we looked at local relocation options. Ultimately, through community discernment and PMR’s assistance, SSP chose to divest itself of the antiquated building that no longer had a mission focus and relocate the remaining men to larger SSP communities in Staten Island, NY, and Canfield, Ohio.

PMR then assisted SSP with the shutdown of the SSP media operation as our team facilitated marketing the property for sale. Through this process, we helped SSP compare buyers and manage the sale process, resulting in the sale of the building for market value to a successful, local charter school.

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