(To read more on the industrial market, click here.)
CANTON, MI-Ashley Capital, LLC recently sold the 477,000-sf industrial facility at 47440 Michigan Ave. to Tianz Inc. The industrial building will facilitate the growth of Chinese auto supplier/manufacturer, Century Auto Manufacturing. The facility will be used for sale, engineering and warehousing of automotive parts. Rents in the building average $4.75 per sf.
In 1997, Ashley assembled three parcels of land in Canton at the corner of Michigan Avenue and Beck Road west of Interstate 275--the purchase was completed as a 1031 exchange. According to Ashley, the three parcels assembled for this project were zoned rural residential but were directly in the path of commercial and residential growth.
The company's development options included build-out of an upscale logistics and light manufacturing park or a combination of high-finish buildings to the south along Michigan Avenue and townhouse style and semi-attached residential to the north. Ashley completed the first industrial building, now owned by Tianz, in 1999.
The company expects to employ as many as 200 employees during the next few years. Associates Paul Hoge and Dave Green of Signature-Oncor International represented the seller, Ashley Capital and the buyer, Tianz Inc. Neither the buyer nor seller could be reached for comment by press time.
In other news, Ashley recently acquired an approximately 300,000-sf industrial building in New Hudson, from Jervis B. Webb Co. The property sits on 45 acres, which includes 12 acres of developable land just south of Interstate 96 at Grand River Avenue and South Hill Road, adjacent to the Lyon Industrial Research Center. General Motors is an existing tenant in the building, leasing approximately 68,000 sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
