Search
 

Ashley Capital Buys 1M-SF GM Asset

LANSING, MI-Ashley Capital purchases the former engine plant at 2901 South Canal Rd. in Delta Township. The size of the building makes it the largest industrial facility transaction in the metro area, brokers say.

By Dan Heaton | Updated on March 01, 2005

LANSING, MI-In what’s being billed as the largest industrial transaction in the history of the metro area, Ashley Capital has purchased an idled former General Motors plant in Delta Township. New York-based Ashley, which also maintains a Detroit area office, purchased the former GM PowerTrain factory at 2901 South Canal Rd.

At 1.1 million sf, CB Richard Ellis, the broker on the deal, says this is the largest single industrial facility transaction ever recorded in the local market. However, the parties did not reveal a purchase price.

Ashley says the former engine plant, also known locally as Plant 5, will be converted into a sequencing and warehouse/distribution facility. Ryder System, Inc. has signed a long-term lease to occupy the entire facility and service General Motors’ Lansing Grand River stamping plant and the new Lansing Delta Township assembly plant. Ryder will take full occupancy of the building on Jan. 1.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.