Industrial Developer Looks for Other Opportunities

ROMULUS, MI-A development firm known for its concentration in industrial property is branching out into other products and markets because of the weak economy.Ashley Capital of Romulus, which is the southwest suburb that contains the Detroit Metro Wayne County Airport, has agreed to build a warehouse with a larger docking area, and invested in an office complex in Cleveland.

Ashley, a branch of the New York-based firm, has notably been the largest developer/owner of industrial space in Southeast Michigan. Its Crossroads Distribution Center in Van Buren Township, for example, is 1.3 million sf. Most of the company’s other projects run into the millions of square feet in size.

However, Kevin Hegg of the company slow market conditions have forced the firm to be more careful in how it builds, and where it invests.For example, he said the company has plans for a build-to-suit warehouse facility, with 300-foot wide, cross-docks, for Transfreight Ltd. in Brownstown Township.