2017 Recap: A Couple's Party Store Near Little Caesars Arena Sells for $3.2 Million
December 29th, 2017, 7:32 AM
This repost from June 9 is No. 3 in our Top 10 countdown of most-read articles in 2017. Links to earlier installments are at the end.
Property values have skyrocketed around Little Caesars Arena.
The latest example: Paul’s Place, a party store at the northeast corner of Cass and Henry, has sold for $3.2 million.
The mom-and-pop shop was bought in May by an entity linked to the chief executive of Wireless Giant, a Madison Heights phone retailer, reports Louis Aguilar of The Detroit News.
The happy sellers, Salem and Ayser Toma, bought it for $200,000 in 1999.
We do the math: Their investment increased 1,500 percent in 18 years..
The same suburban buyer last fall acquired another small business, the former Stadium Liquor at the corner of northeast of Cass and West Fisher Service Drive.
Both stores' separate owners rejected offers from Olympia Development of Michigan, real estate arm of the Ilitch family.
Top 10 countdown so far