RACER Trust, Ashley Capital Complete Sale of Industrial Land in Livonia, MI
Leading Commercial Development Firm is Expected to Build Multitenant Industrial Park
LIVONIA, MI — Ashley Capital, LLC, has completed its purchase of the former GM Delco Chassis property in Livonia from RACER Trust, with plans to develop a multitenant industrial park on the 116-acre property.
The property is located at 12950 and 13000 Eckles Road on the west side of Livonia, near Interstates 96 and 275.
“The sale and eventual redevelopment of this property represents the fulfillment of RACER’s mission to attract buyers whose investments will create new jobs and other economic benefits for the community,” said Elliott P. Laws, of EPLET, LLC, Administrative Trustee of RACER Trust. “We strive to maximize the redevelopment potential of each RACER property, and in Ashley Capital, we have a buyer with a strong record of success and job creation.”
“We see this as an opportunity to create another first-class industrial project that will attract new businesses and opportunities and strengthen the community economically,” said Susan Harvey, Senior Vice President for Ashley Capital. “We look forward to capturing new investment and jobs for Livonia.”
A groundbreaking is expected next spring. Ashley Capital is in discussions with a company that would use the property for manufacturing, distribution and office space.
Ashley Capital already has a strong presence in Livonia, where its projects include redevelopment of the former Peregrine plant (now the 1.1 million-square-foot Plymouth Road Technical Center, where tenants include Roush Industries and FedEx); redevelopment of the former Ladbroke/Detroit Race Course (now the 1 million square-foot Livonia Corporate Center); site preparation and construction of a 367,000-square-foot freezer/cooler building now occupied by Mastronardi Produce; and a major renovation of Laurel Park II, a 130,000-square-foot office building.
Together, these Livonia projects have led to the creation of more than 2,400 local jobs, according to Ashley Capital.
“Ashley Capital’s record of successful development and job creation has made a significant and positive impact on the City of Livonia,” Livonia Mayor Jack Kirksey said. “We look forward to working with Ashley Capital to maximize the redevelopment potential of the former GM Delco Chassis property so that it is once again producing jobs and other cascading economic benefits to the City and our larger community.”
Ashley Capital also has executed successful redevelopment projects in Detroit and Grand Rapids, among other Michigan locations.
Ashley Capital manages approximately 22 million square feet of industrial and office space in the United States and has the largest industrial property portfolio in Michigan.
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy.
RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest
and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.
About Ashley Capital, LLC: Founded in 1984, Ashley Capital has become one of the largest privately held real estate investment companies in the United States. Based in New York, the firm has offices in Atlanta, Chicago, Detroit, Grand Rapids and Norfolk, VA. Ashley pursues opportunistic investments, creating value by acquiring and redeveloping underperforming industrial and office properties; developing and managing new business parks; helping corporations reposition their real estate holdings; and advising financial institutions and tax-exempt investors on asset enhancement.
Ashley’s current portfolio stands at approximately 22 million square feet, with properties concentrated throughout the eastern half of the United States. For more information, please visit www.ashleycapital.com.