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CHICAGO-New York-based Ashley Capital, which made the 12-building, two-million-sf Calumet Business Center on the South Side its first acquisition 21 years ago, is returning to its roots. The company has hired Circle Realty Advisors to help grow its portfolio here as well as Milwaukee.

Targets will be industrial buildings 250,000 sf or larger that can be redeveloped or leased up, as well as sites in the neighborhood of 100 acres that can be developed as an industrial park. Ashley Capital still owns Calumet Business Center at 9810 S. Dorchester Ave., where the Chicago Tribune, Solo Cup, Cargill and Mead Westvaco are among the tenants. It also owns the 299,000-sf Libertyville Corporate Center, a mostly industrial property at 1755-95 Butterfield Rd. in that north suburb, acquiring that property in 1990. That same year, Ashley Capital became a 50% partner in the Yorkville Business Center at 3030 Sylvania Ave., which has 713,000 sf of warehouse and distribution space in three buildings. It is 100% leased to APL Logistics, IMS and Johnson Diversey.

However, most of Ashley Capital’s holdings are in the Eastern US. Although most of the assets are industrial properties, it bought the 520,000-sf Fifth Third Bank office building in Downtown Cleveland in 2002.

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