NEW HUDSON, MI-New York City-based Ashley Capital has added to its extensive Michigan-based portfolio through its acquisition of a 300,000-sf industrial building from Farmington Hills, MI-based Jervis B. Webb Co.

Located south of Interstate 96 at Grand River Avenue and South Hill Road, and situated on 45 acres, the property, which includes 12 acres of developable land, was listed at $11 million. "We're always looking for acquisitions," says Lori Roth, vice president of Ashley Capital. "This opportunity came along and, after examining it, it made sense for us."

Rick Morton, principal of Ashley Capital, notes that the property offers an ideal location, as it is located along the I-96 corridor; and the property itself offers enough flexibility for either manufacturing or warehouse use. Additionally, "the market is a high-growth area," he says.

The building, constructed in 1989, has one tenant, General Motors, which leases approximately 68,000 sf. Roth tells GlobeSt.com that the remaining space, which has been vacant since Jervis Webb's departure, is slated for renovation in excess of $5 per sf, Renovations will include the addition of new docks, trailer staging areas, an ESFR fire protection system and new office space. A completion date for the renovation was not obtained by press time.

Roth tells GlobeSt.com that Ashley Capital will oversee management of the property, with Signature Associate's Southfield, MI office handling the leasing activities. Steve Gordon of Signature Associates' Southfield office represented Jervis Webb in the transaction and Ashley Capital was self-represented. Jervis B. Webb Co. is a developer and installer of material handling systems including Automatic Guided Vehicles, conveyor systems and airport baggage handling systems.