Ex-Farmer Jack store in Ypsilanti Township caught in A&P bankruptcy, $6M foreclosure
The long-closed Farmer Jack store in Ypsilanti Township is one of 73 stores in 12 states that will be affected by the A&P bankruptcy filing this month.
The chain wants a bankruptcy court to terminate the leases early as it focuses on keeping its 395 stores open and viable.
In the case of the Ypsilanti Township building, located at 3020 Washtenaw just east of Golfside Road sharing a parking lot with Kmart, the former Farmer Jack lease was set to expire on Feb. 28, 2019.
The chain had stopped making lease payments to owner earlier this year, according to published reports, before seeking the legal protection.
The Ypsilanti Township store has been vacant since 2007.
Ownership entity Ypsilanti Real Estate Holdings LLC now also faces foreclosure on a $6.2 million loan on the property.
The company, based in Franklin, is registered to Imad Al-Azem. County records indicate he bought the property for $8.5 million in 2005. It’s now assessed at just under $3 million.
Taxes on the building are current, according to county records. They totaled $173,352 in 2010.
Meanwhile, other nearby ex-Farmer Jack stores on the list for early lease termination include sites in Belleville, which faced an August 2011 expiration, and Canton, which also was signed through 2019, according to Costar real estate listings.