FRASER, MI-Faurecia, a Tier One automotive seating and interior components supplier, has purchased the 264,000-sf former Citation Tool industrial building at 14 Mile and Groesbeck in Fraser and is expected to be operating there by November.
Faurecia had previously announced plans to build a new facility in Sterling Heights, but was lured to the vacant building by Fraser officials. "This is a very big day for Fraser," said Fraser Mayor Marilyn Lane. "This is a very healthy stepping stone, and I'm very happy that Faurecia has recognized the value in Fraser."
Last year, Fraser announced that Canadian auto supplier Magna Industries was going to purchase the Citation building, but that deal for the 27-acre parcel fell through early this year. Faurecia closed on the building June 6. A purchase price was not disclosed, but the company did say it would invest $12.7 million in "real estate acquisitions and building improvements."
Lane said Faurecia is expected to invest $26 million in personal property for a total investment of $38.7 million. The city is expected to approve a tax abatement for $13 million on the personal property.
Since she took office two years ago, Lane says the Fraser industrial park has dropped from more than 20 vacancies to 12. She hopes the addition of Faurecia will chisel away at that number further.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.