Winners were selected by a panel of more than 660 esteemed industry professionals across 128 markets at the third annual commercial real estate awards
The Flint Commerce Center, Phase I, was named the 2024 Sale/Acquisition of the Year CoStar Impact Award winner in the Detroit market. Winners — chosen for their growth, diversification and ability to overcome unique challenges in their markets — were selected from a panel of more than 660 industry professionals drawn from each respective market.
The Flint Commerce Center, Phase I, is the beginning of a $300 million industrial park redevelopment by Ashley Capital that, when finished, is expected to have 3.5 million square feet of logistics and light manufacturing space across 10 buildings and create 3,000 permanent, full-time jobs at the site of the former Buick City automotive manufacturing complex in Flint.
Ashley Capital, a New York-based company whose acquisition, development and redevelopment of industrial and office properties has placed it among the largest privately held industrial real estate investment companies in the country, purchased more than 300 acres from RACER Trust in two transactions, both of which closed in 2023.
Phase I, a 330,000-square-foot building for light industrial tenants, is expected to be completed this spring. The remainder of the project will be built out in accordance with market demand.
“We are thrilled that a team of respected industry colleagues has recognized and honored our work to transform a long-vacant industrial site into a thriving new hub of opportunity in Flint,” said Susan Harvey, a senior vice president of Ashley Capital who oversees the developer’s operations in Michigan.
Harvey added: “The Flint Commerce Center is the culmination of tremendous effort and dedication from multiple parties, including community and state leaders who have supported us, regulators who worked with us to advance redevelopment plans and a dedicated team at Ashley Capital who saw in this property an opportunity to create something with a lasting, positive impact for the community.”
“RACER Trust strives in all its transactions to seek buyers who are capable of maximizing a property’s redevelopment potential with respect to job creation, investment and benefits to the community,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust, which took title to the Buick City property and dozens of other former General Motors Corp. properties following the automaker’s 2009 bankruptcy.
“Ashley Capital has been a tremendous partner with RACER, purchasing and successfully redeveloping a former auto manufacturing property in Livonia that today employs more than 1,500 full-time workers. We congratulate Ashley Capital for this well-deserved recognition.”
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2023 that have significantly influenced neighborhoods or submarkets across 128 major international markets in the United States, Canada and the United Kingdom. The awards honored over 380 winners for their commercial real estate transactions across five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year and Redevelopment of the Year.
“Now in its third year, the CoStar Impact Awards are an incredible opportunity to recognize the real estate projects fundamentally transforming the industry landscape,” said Andy Florance, founder and Chief Executive Officer of CoStar Group.
Florance added: “Our diverse panel of judges worked diligently to identify the most impactful commercial real estate projects across a range of categories that are shaping the future of the industry and the communities in which they serve. It’s an honor to recognize the companies and projects propelling the real estate sector forward.”
To learn more about the CoStar Impact Awards and review the full list of winners, please visit
www.CoStarImpactAwards.com/.
