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Troy MI Business & Commercial Law Blog

Pro-business moves boost Ferndale's commercial real estate market

Business owners in Detroit, Michigan, would agree that when businesses do not make profits, the real estate market feels the impact of the slump. This is because the dip in profits leads a business to trim operations and adopt austerity measures that lead to the vacating of any excess commercial real estate it might be occupying for carrying out its business operations. The opposite of this also is true when the economy of a city or state is on the upswing.

Thankfully, encouraging news has gradually started coming in from certain parts of the greater Detroit metropolitan area. According to recent news reports, commercial real estate occupancy in Ferndale has risen significantly. Latest figures state that the vacancy rate in downtown Ferndale is now at only two percent, as compared to 30 percent in the year 2000. The outskirts of the city showed positive signs too, with vacancy rates of only four percent.

Energy firm asks U.S. Supreme Court for move to federal court

Michigan's business owners would probably prefer to settle legal disputes before they end up in the courtroom. Unfortunately, sometimes two sides are unable to reach an agreement, so companies have no option except to engage in business litigation. Most business disputes are settled in state courts, but cases that involve a value of $5 million or more may be moved to federal courts, especially if the parties are in differing states.

In 2013, Dart Cherokee Basin Operating Company requested that a class-action lawsuit against the company be moved from a Kansas state court to a federal court because the amount of money involved in the suit was more than the $5 million threshold established by federal law. That petition was denied by one federal court on the grounds that Dark had supplied insufficient evidence that the lawsuit's value was in excess of $5 million..

Crowdfunding may be an option for Michigan business start-ups

There are many businesses in Detroit, Michigan, that started small, but have grown significantly over the years. Owners of such businesses would agree that one of the biggest challenges that an entrepreneur faces during business formation is gathering sufficient capital to help the business sail through its formative years. The traditional practices of borrowing from friends and family and obtaining loans from banks remain the most popular means of doing so, even to this day.

However, a recent development that can be seen in Michigan and other parts of the United States is called crowdfunding. According to reports, a crowdfunding portal that operates in states such as Indiana, Wisconsin, Arizona and Texas, has now started its operating in Michigan after a brewing company from Michigan became the first company from the state to register on that portal.

Dispute leaves new transit center empty and riders out in cold

Many Troy residents can only shake their heads when they see the brand new Troy Transit Center along the Amtrak line, which is ready to operate, but still remains closed.

Although several months have passed since the transit center building's completion, Troy's rail commuters still have to use rudimentary outdoor facilities and platforms because of a dispute between the city and a local land developer.

Large commercial real estate sale in Farmington Hills makes news

Michigan business owners know that commercial real estate properties are a big concern when managing a business of any substantial size. No one wants to pay for space not being used or, conversely, not have enough space when expansion is required to grow the business. Making the right decision in commercial real estate matters is crucial to the growth and sustainability of many businesses. Any misjudgment in the sale, purchase or valuation of a property owned by a business can easily hurt the enterprise's owner.

Recently, a 46,500-square-foot industrial complex in Farmington Hills was sold by 200 Elm Realty to JR Investment Properties for an undisclosed amount. According to reports, the Regency Court deal was negotiated by brokerage firm Friedman Integrated Real Estate Solutions on behalf of the seller.

Oil giants accused of violating antitrust laws in Michigan

All companies doing business in Michigan are required to follow state guidelines as well as federal laws while they carry out their business. Most businesses comply, but some can fall victim to illegal or deceptive practices that ultimately affect their reputations and ability to lawfully address their business matters.

That may be the case behind the Michigan attorney general's recent charges in State Court against Chesapeake Energy and Encana Corp. Both are accused of violating state antitrust laws.

Senior development moving forward in Pittsfield, Michigan

Businessmen and women in Troy, Michigan, know the importance of a business contract. In addition to clearly stating the roles and responsibilities of each party in a business venture, it also states the consequences that the business partners and third party individuals face should they breach it. And although the contracts are agreed upon and finalized before the venture begins, contract disputes often arise between stakeholders and can jeopardize the future prospects of the business and the stakeholders.

Recently, a $30 million real estate contract was at risk of being scrapped after stakeholders disagreed over the development plans of the project. The project is a senior living village in Pittsfield Township, Michigan. According to reports, some members of the Pittsfield Township Planning Commission and the township's planning consultant were pressing the developer to initially build some of the five buildings that were planned for the second phase of the project.

Michigan students awarded $113,000 for three start-up businesses

Troy, Michigan, business owners would agree that every new business needs guidance and mentorship during its initial phases. In addition, another important factor that can boost entrepreneur morale during the start-up stage is monetary assistance.

A recent competition conducted by the Zell Lurie Institute for Entrepreneurial Studies at the University of Michigan's Ross School of Business recently awarded prize money amounting to $113,000 to three student start-up businesses. The four-month competition began last year with 68 student teams affiliated with the university.

Michigan-based firm sued over confidentiality agreement dispute

Business owners in Troy, Michigan, would agree that guarding trade secrets is an integral part of ensuring the growth and sustenance of any business. Trade secrets can pertain to a variety of aspects of an operating business, such as patents, technological breakthroughs, customer or client lists, information about stocks, inventory data and production capability, among other things. Unfortunately, there are times when an employee leaks these secrets and, as a result, a business may suffer irreparable damage.

Recently, Stryker Corp., a Michigan-based medical technologies firm, was taken to court by Zimmer Inc., which is a nationwide manufacturer of orthopedic devices. In addition to Stryker, a former employee of Zimmer is also named in the lawsuit. The man is currently employed by Stryker. While the lawsuit accuses the former employee of breach of contract, breach of fiduciary duty and unfair and deceptive trade practices, it also accuses Stryker of tortious interference and civil conspiracy.

Commercial real estate may see upswing in downtown Detroit

With the upswing in the economy over the last two years, Detroit is witnessing something of a revival in the real estate market. Several residential and commercial properties in the greater Detroit metropolitan area have recently been put on the market for prospective buyers. Analysts view this as the most active period for the commercial real estate market since Dan Gilbert moved the headquarters of his Quicken Loans Inc. businesses to downtown Detroit in 2010.

Of particular interest are four midsize buildings totaling 295,000 square feet that are now for sale in the downtown area. The buildings range from 15,000 square feet to 164,000 square feet and are located within a few blocks of one another in the downtown core. Buildings at Library Street and West Congress Street are 100 percent and 53 percent occupied, respectively, but two other buildings are vacant.

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