"The master lease mechanism allowed Ashley to undertake extensive renovations that resulted in 100% occupancy in fewer than 18 months."
Development: Brownstown Business Center
In 1992, Ashley entered into a master lease on a largely vacant, 70’s vintage 900,000 SF building built in Brownstown Township, Michigan. The existing owners faced a significant tax issue which prevented an immediate sale to Ashley; the situation was further complicated by their reluctance to invest additional cash for badly needed repairs. The master lease mechanism allowed Ashley to undertake extensive renovations that resulted in 100% occupancy in fewer than 18 months.
After a purchase option was exercised in 1996, Ashley bought 95 acres of contiguous land for a two building development consisting of 725,000 SF. To round out this park, Ashley built an additional 232,000 SF building and leased a parcel of land for an existing tenant’s build-to-suit. The five buildings are occupied by tenants such as Keystone Automotive, American Tire, Hollingsworth Logistics and Norplas Industries.
With the lease-up of Brownstown North, Ashley assembled 240 acres with I-75 frontage one half mile south. Ashley worked with its development team and municipal officials to create a 2.8 million SF five building park in Brownstown South. Tenants include Ford Motor Company, Amazon, General Motors, Thyssenkrupp and MTU.