Ashley Capital Begins Construction of Industrial Real Estate Property in Wisconsin
(RACINE COUNTY, WI – June 23, 2020) — Ashley Capital has started construction on a new speculative 397,000 square foot cross-dock, industrial building. Located at 11101 Enterprise Way, Sturtevant, Wisconsin, it is the third building to be constructed at Enterprise Business Park. John Sharpe and Tom Boyle of Lee & Associates; and Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke are exclusive marketing agents for the property.
Gary Rosecrans, Vice President of Ashley Capital, shared, “Several years ago, we acquired 90 acres of farmland along I-94 between Chicago and Milwaukee. We then entitled and improved it as a master planned business park. The first building we constructed is a 376,000 square foot speculative distribution building. It is presently leased to three tenants and has 84,000 square feet immediately available for lease which can be subdivided in half. The second building we built is a 438,000 square foot speculative distribution building. It is finished and occupied by Amazon. This was a catalytic project that resulted in the construction of our next speculative warehouse building which will be completed in December 2020 and is now available for preleasing.”
Enterprise Business Park represents over 1.3 million square feet of Class A industrial space when fully developed. According to Rosecrans, “There is one remaining parcel at the entrance to the Park that supports up to 125,000 square feet of industrial space and can be used for either speculative or build-to-suit construction.” The new building brings Ashley’s industrial property portfolio in Racine County to over 1,945,000 square feet.
According to John Sharpe, Principal of Lee & Associates, “11101 Enterprise Way is the most versatile speculative distribution building in the submarket as it can accommodate tenants from 42,000 to 397,000 square feet and provide them with 36’ clear height, LED lighting, an ESFR sprinkler system, built-to-suit office space, a cross-dock configuration and ample power, loading, trailer and car parking.”
Terry McMahon, principal of Cushman & Wakefield | Boerke emphasized that Enterprise Business Park benefits from an outstanding location – adjacent from the Foxconn advanced manufacturing and science and technology campus, close to two full interchanges along I-94 and between Milwaukee and Chicago.
Tom Boyle, Principal of Lee & Associates, added, “the local submarket has a large number of industrial space users that continue to do well notwithstanding the current economic environment. It is also a magnet for companies in Chicago, Milwaukee and outside the region.”
Cody Ziegler, real estate advisor with Cushman & Wakefield |Boerke mentioned, “There is plenty of runway left for the industrial real estate market in Racine County. The combination of a strong demand from e-commerce, food, and logistics companies along with advanced manufacturing make Racine County a fast-growing area.”
About Ashley Capital
Ashley Capital, LLC is one of the largest privately owned industrial real estate investment/development firms in the United States. The firm has offices in Atlanta, Chicago, Detroit, Grand Rapids, Norfolk and New York. Ashley’s current portfolio is over 27,000,000 square feet. Ashley is a long-term flexible owner that actively manages its properties and pays close attention to the needs of its tenants.