ANN ARBOR, MI - Remember that deep breath you took upon hearing the Blind Pig was for sale?

You can let it out now: The iconic music venue has changed hands, but will continue to rock Ann Arbor under the new ownership, with some improvements on the way, said Joe Malcoun, CEO of Ann Arbor-based software company Nutshell.

Malcoun told The Ann Arbor News that he and a group of investors have purchased the property at 208 S. First St. and its accompanying businesses, the Blind Pig and adjoining 8 Ball Saloon.

The Blind Pig has been a showcase for local music and underground acts before they caught their big break, playing host to bands like Nirvana, Smashing Pumpkins, Jack White and The White Stripes, the Rollins Band, Buddy Guy, Sonic Youth, Modest Mouse, Kid Rock, Yo La Tengo, Bo Diddley, Soundgarden and Pearl Jam.

The deal to purchase the Blind Pig started with casual conversations as early as 2016, Malcoun said, especially upon hearing the previous owners were interested in seeing the property continue to serve as a live music venue.

Talks started to speed up once the property was listed by local real estate company Swisher Commercial in February.

The listing sent rumors swirling of what could be next for 208 S. First and whether its musical legacy would hit its final note.

Malcoun said he is happy to report the Blind Pig won't be transformed into condominiums, something he heard whispered about as a result of declining downtown space for housing.

"Ann Arbor was very vocal in their concerns about the Blind Pig not being turned into condos," Malcoun said. "Like everybody else, we didn't want to see it go away."

While he said real estate brokers were fielding hundreds of phone calls from around the country about the Blind Pig, it came down to a local connection and a promise to keep the music playing and the employees working.

"She really, really cared about the fact that we wanted to keep it the Blind Pig and their tradition of it being a music venue," Malcoun said about Betty Goffett, who purchased the business in 1981, along with her husband Roy.

That passion is carried forward with the new ownership, he added.

"Everybody involved is passionate about making sure the Blind Pig goes into a new era of thriving," Malcoun said.

Malcoun declined to comment on the purchase agreement or the investment team, but described the group as an "incredible group of local business leaders, notable and successful alumni and community people who wanted to participate in some way."

He did say musicians and their fans can expect a better concert experience as the new owners look to invest in a new sound system and fill the Blind Pig's calendar with more bands on more days.

In another major change, The Blind Pig will start accepting debit or credit cards, Malcoun said, with the addition of a point-of-sale system throughout the venue.

The 4,355-square-foot building was built in 1901, and for almost three decades, it has been filled with the sounds of blues, punk, techno and rock that have poured out of its doors and into downtown Ann Arbor.

The Blind Pig became more widely known beyond Washtenaw County after an up-and-coming band named Nirvana cited the club as their number one venue of choice in the early 90s, providing it a spike in popularity.

The property is assessed at $340,700, according to Ann Arbor city records for 2017.

Malcoun said he has no way of tallying up the number of shows he has seen at the Blind Pig, but is happy to get involved with one of his passions, music.

"I've seen countless show there, friends' bands, bands I look up to and love," Malcoun said. "Our goal is that we want the Blind Pig to be most beloved place for musicians."

He spent his 40th birthday this week at the Eight Ball Saloon, celebrating with friends and reveling in his new involvement in the Ann Arbor music scene.

"It's a pretty amazing birthday present," Malcoun said. "This is a win, this is a happy story. Other communities are not seeing their local music venues survive; it feels really good and almost honored to be a part of doing this."