CHESTERFIELD TOWNSHIP, MI-The former campus of Visteon Corp., consisting of four buildings totaling 733,752 sf on 39 acres, has been sold for $8.5 million to a local entity. The property, located at 26090-26420 23 Mile Rd., had been put on the market at an ask of $13.8 million during summer 2004 by Chesterfield Associates LP, an entity located in the township.
According to Jack Williams, senior vice president with Colliers International's Southfield office, two previous offers were made on the property, but both fell out of escrow and the property never closed. "Visteon was the prior occupant, and had sold the business that took up the plant, but they had no more use for it, so the building was vacated," comments Williams, who represented the seller in the transaction.
The buyer, a Michigan-based company represented by Joe DePonio III of Detroit-based L. Mason Capitani , will refurbish the property for manufacturing purposes. Williams tells GlobeSt.com that extensive renovations will be made to the campus, which was constructed in the 1970s, including the addition of a substation onsite for electricity and power. "They could spend up to $14 million on this building to bring it up to their requirements," he speculates.
Visteon, headquartered in Van Buren Township, works with original equipment manufacturers and the automotive aftermarket in areas including automobile climate control systems, interiors, chassis and powertrains.
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