New York-based real estate investor and developer Ashley Capital LLC has broken ground on its third industrial building at the Enterprise Business Park in Sturtevant.
The 397,000-square-foot speculative building is being built at 11101 Enterprise Way. It will be finished by December and is available for pre-leasing, according to a news release. It can accommodate tenants from 42,000 square feet up to the full 397,000 square feet.
It is being marketed by John Sharpe and Tom Boyle of Lee & Associates, and Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke.
When fully developed, Enterprise Business Park will consist of more than 1.3 million square feet of industrial space on 90 acres of former farmland along Interstate 94.
Gary Rosecrans, vice president of Ashley Capital, said the first 376,000-square-foot building constructed there is being leased to three tenants, and has 84,000 square feet available. The second building totals 438,000 square feet and is being occupied by Amazon.
"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," Rosecrans said in a statement.
Boyle said the submarket has a number of industrial users that have continued performing well even through the current economic environment impacted by the coronavirus pandemic. The area is a "magnet" for companies in Chicago, Milwaukee and outside the region, he said.
"There is plenty of runway left for the industrial real estate market in Racine County," Ziegler said in a statement. "The combination of a strong demand from e-commerce, food, and logistics companies along with advanced manufacturing make Racine County a fast-growing area."