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Ashley Capital Buys Vacant 1M-SF GM Plant

LANSING, MI-The former engine plant, which has an estimated market value of around $32 million, will be leased to a just-in-time shipper serving GM's Lansing area plants.

By Dan Heaton | Updated on January 17, 2005

LANSING, MI-Ashley Capital has purchased a 1.2-million-sf vacant General Motors plant near the city. New York-based Ashley Capital LLC will renovate former Lansing Plant 5 engine plant and then lease the facility to Ryder Supply Chain Solutions.

Although terms of the sale were not disclosed, the property had an estimated market value of around $32 million, according to information compiled by a local economic development agency that was not directly involved in the transaction. In 2003, GM paid $820,000 in property taxes on the facility, which was built in 1981.

“The sale of this surplus property will put a prime piece of real estate in Delta Township to productive use,” says Matt Cullen, GM’s general manager for economic development and enterprise services. “We feel it is important for the communities in which we do business to be successful, and this project will benefit the community while supporting GM’s Lansing-area production facilities.”

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