Up And Running
Ashley Capital held an open house last week for its Grand Rapids Commerce Center, a mixed-use development being built on 206 acres at Eastern Avenue and 44th Street that the New York-based real estate development firm bought from Steelcase Inc. “The purpose of the event is to celebrate the successful redevelopment and marketing of several of the existing facilities and to provide a look inside one of the renovated spaces,” said Kevin Hegg, vice president of leasing for Ashley Capital. Hegg said three existing buildings in the Commerce Center have been sold so far to Diversified Distribution Systems (950,000 square feet), Amstore Inc. (895,000 square feet) and Bata Plastics (120,000 square feet). Ashley is investing about $50 million into the property’s development, a project it hopes to complete by 2011. Pictured at the open house are, from left, Wyoming City Manager Curtis Holt, Ashley Capital’s Paul Rubacha, Steelcase Inc. Senior Vice President and Chief Administrative Officer Nancy Hickey, Ashley’s Susan Harvey and Grand Rapids Mayor George Heartwell.