As reported by Crowdz:
FLINT, MI – A shuttered automotive plant may see new life after a Wisconsin-based commercial real estate firm purchased the former Delphi Flint East industrial plant.
The 550,000-square-foot building on the property near Dort Highway and Robert T. Longway Boulevard was bought by an affiliate of Phoenix Investors, according to a statement from the company on Monday, Oct. 2.
Phoenix Investors paid $3.15 million for the property, the statement said. The release from the company did not specify what, if any, developments are planned for the facility.
Officials with Phoenix Investors could not immediately be reached for comment.
“Although we have a real estate presence in the state, this acquisition represents our entry into the rebounding industrial markets of Michigan,” Senior Vice President of Acquisition and Leasing for Phoenix Investors Kurt Jensen said in the statement. “We are encouraged by the opportunity that strong tenant demand provides specifically in the Flint industrial market. A long period of blight and the prospect for future value-add improvements provides an opportunity in the coming months to immediately execute on a turnaround plan for this asset. We have been welcomed with open arms by community partners in Flint and we look forward to working with them as we renovate and lease this property to new tenants.”
Delphi East closed in 2013 when the work for its 287 employees was sent to a plant in Mexico, according to MLive-The Flint Journal’s files.
The company was created in 1999 as a General Motors spinoff and filed for bankruptcy in 2005.
The Flint location was the last Michigan manufacturing plant to hold the company’s name.
We are encouraged by the opportunity that strong tenant demand provides specifically in the Flint industrial market. A long period of blight and the prospect for future value-add improvements provides an opportunity in the coming months to immediately execute on a turnaround plan for this asset. We have been welcomed with open arms by community partners in Flint and we look forward to working with them as we renovate and lease this property to new tenants.
Senior Vice President of Acquisition and Leasing for Phoenix Investors Kurt Jensen.