Buyers of NAPC plan to drop $7.5M price of ex-Proquest HQ at I-94 and Zeeb Road in Scio Township
The new owners of National Archive Publishing Co. plan to lower the asking price for its 71.5-acre headquarters site at I-94 and Zeeb Road just west of Ann Arbor.
The property - a high-profile parcel thanks to its potential for retail development - has been listed for $7.5 million.
But Mark Carroll, managing partner of Superior Capital Partners LLC, said his Detroit-based investment firm plans to drop the asking price this month.
“The market for commercial property is soft and Scio Township has a reputation for difficult zoning requirements, which certainly chills the market, but we are looking to sell it - so we’re going to have a very attractive asking price on the property,” he said.
The price change comes as Superior finalizes its purchase of NACP from senior lender National City, now PNC Bank, and prepares to move to a smaller location in the area.
The deal closed today, giving Superior control of the assets of NAPC under the new entity NAPC Holdings LLC.
The business will operate through two new subsidiaries, according to a statement from Superior: XaEdu Publishing Inc. and NA Publishing Inc. XanEdu produces coursepacks for the higher education market - representing 70 percent of NAPC’s estimated $30 million in annual revenue - and NA Publishing, which does microfilm archiving.
NAPC was purchased by former ProQuest executives in 2005, and the Zeeb Road building had headquartered that business - part of which also was sold to Cambridge Information Group - for about 20 years. Cambridge now operates its own division under the ProQuest name.
The building was acquired by Superior as part of the deal, Carroll said.
Superior Capital is seeking a new local headquarters for its operations, which Carroll estimates will require a 45,000 square foot facility.
“We don’t have one identified yet,” he said. “We’re targeting locations within 10-15 miles of the current property.”
About 100 local jobs will survive the transition, Carroll said, while another 30 work in other locations. No decision has been made about the out-of-state facilities.
That number could grow, Carroll emphasized.
“We’re excited about the growth prospects for the business,” he said.