Receiver Orders Absolute Auction of Finlandia University Real Estate

Two buildings and three lots to be sold to highest bidder regardless of price

HANCOCK, Mich.--(BUSINESS WIRE)--Finlandia University recently became one of the latest small colleges forced to close. Two desirable buildings, a nearly 4-acre lot, and two one-acre lots from the Hancock, Michigan campus, in the scenic Upper Peninsula, will be sold to the highest bidders through an absolute auction sale, presenting an exciting investment opportunity for investors, developers, and redevelopers.

According to David Levy, Managing Director of Keen-Summit Capital Partners LLC, the real estate firm retained by court-appointed receiver Patrick O’Keefe of O’Keefe and Associates Consulting, LLC to sell the properties, “This is an extraordinary opportunity to buy two of Hancock’s most iconic buildings. The Jutila Center is a large 9-story building with unparalleled views of the Portage Canal and has excellent redevelopment potential for residential, senior living, mixed-use and more. Old Main is a historic structure, in the heart of the Hancock central business district. The structure was once used as a dormitory and classrooms and last used as office space with a large meeting room and kitchen, so there are many possibilities.”

Levy said that Jutila Center, Old Main, and the three lots are being sold in a buy one, some, or all format. The Qualifying Bid deadline is November 30, and the auction will be held on December 7. Additional information is available at Keen-Summit Capital Partners.

Finlandia University Receiver Patrick O’Keefe continued, “These two cherished buildings have great investment potential. This public auction process is the most efficient way to get them sold quickly and in the hands of investors who can complete an adaptive reuse or development that adds value to the Hancock, Houghton, and Houghton County communities.”

PROPERTY HIGHLIGHTS:
Jutila Center, 200 Michigan St, Hancock, MI
140,150 sf with 9 floors (floor 4 is not included in the sale)
Multi-tenant condo building with stunning views of the Portage Canal and adequate parking

Old Main, 603 Quincy St, Hancock MI
Last used as administrative offices with a large meeting room and kitchen. This 8,835 square foot structure is listed on the National Register of Historic Places.

Vacant 3.96-Acre Lot, Intersection of Pine St. and Weldon Ave.
Adjacent to Paavo Nurmi Center Gymnasium and Fitness Center

Two Vacant 1-Acre Lots
Intersection of White St. and Finn St.
Intersection of Scott St. and Elm St.

For more information and to view the images, please visit https://www.keen-summit.com/project/receivers-sale-absolute-auction-finlandia-university/ or call Mr. Levy at 312-754-9560. The sale is subject to court approval.

For more information about Keen-Summit Capital Partners, call 646-381-9222 or visit www.keen-summit.com.