The holding company for the former Chrysler Corp. is closing today on the sale of 211 acres in Auburn Hills to a Southfield-based developer.
The property is the undeveloped portion of the vast Auburn Hills complex called Oakland Technology Park.
While some portions of the property were valued at as high as $400,000 per acre in past years, the entire 211 acres sold for $2.5 million, according to bankruptcy court documents.
It was purchased by General Development Co., said owner Gary Weisman.
Weisman, who has developed property in Rochester Hills and Auburn Hills for 25 years, said the land represents a great opportunity. He plans to create a corporate campus on the site, drawing medical, industrial, office and other corporate tenants over the long term.
General Development has built several sites in Auburn Hills, such as an $80 million facility for United Solar Ovonic L.L.C. in Auburn Hills in 2005 and a three-building complex totaling 158,000 square feet in 2000 along the I-75 corridor.
Weisman said the sale has been approved by the bankruptcy court and the final closing documents are being signed this afternoon.
“We are open for business,” Weisman said. “This is a tremendous opportunity for us to continue developing property in an area that has been a sweet spot for us.”
He declined to verify the sale price.
The “notice of proposed sale” document filed in U.S. Bankruptcy Court indicates the property was sold for $2.5 million. UGL-Equis Corp. represented Chrysler as a broker, the document states.
The property purchased is between I-75 and Squirrel Road, north of the Chrysler L.L.C. headquarters.
Weisman said there are no buildings on the land, but there are paved roads, street lights and property that is ready to be developed.
Weisman said he and co-owner, Bruce Brickman, have been on the sidelines for the last few years waiting for the right purchase opportunity to come along.
“We’ve kept our powder dry waiting for the right deal,” Weisman said. “This was it.”
Ryan Beene contributed to this report