Multi-Phase Speculative Development
In 1999, Ashley Capital acquired a 117-acre industrial site in Livonia, Michigan that was formerly known as the Ladbroke Race Track. Ashley saw an opportunity to develop a high-quality warehouse park in a supply-constrained submarket, which also lacked the features found in more modern facilities.
Ashley decided to undertake a multi-phased, speculative development project and create a state-of-the-art business park known as Livonia Corporate Center. Like many Ashley Capital projects, the site is characterized by both its convenient access to major expressways (including I-96, I-275, and I-94) and strong manufacturing, warehousing, and distribution base.
The first phase of the project began in 2000 with the construction of two industrial buildings on the southern half of the site totaling approximately 1,100,000 SF. Livonia Corporate Center Building 3, a 763,000 SF industrial building, and Livonia Corporate Center Building 4, a 344,000 SF industrial building, were both completed in 2001 and have been fully leased since completion. Current tenants at the properties include Ford Motor Company and Veritiv.
The resurgence of the industrial and logistics sector after the Great Recession gave Ashley confidence to start the final phase of the project in 2017 with the construction of two industrial buildings on the northern half of the site totaling approximately 920,000 square feet. Livonia Corporate Center Building 1, a 182,000 SF industrial building, and Livonia Corporate Center Building 2, a 738,000 SF industrial building, were both completed in 2018. The features of the buildings appealed to a large regional audience, resulting in a 100% lease rate prior to the completion of the buildings and two years ahead of proforma. Notable tenants at the properties include Experi-Metal and Penske Logistics.