Ashley Capital has purchased Whirlpool’s former manufacturing facility in La Vergne for $4.65 million.
It is the real estate investment company’s first acquisition in the Nashville area, according to The Tennessean.
Ashley will seek manufacturing and distribution tenants for the building, located at 1714 Heil Quaker Blvd. After renovations, the building will have 775,000 square feet of space available for lease. Three short-term tenants currently occupy about 100,000 square feet in the building, which sits on almost 53 acres, the newspaper reports.
Ashley’s strategy is to create value by acquiring and developing under-performing industrial and office properties, developing and managing new business parks, helping corporations reposition their real estate holdings and advising clients on asset enhancement, according to the company’s website.
The New York-based company was founded in 1984 and has offices in Atlanta; Chicago; Detroit; Grand Rapids, Michigan; and Norfolk, Virginia. It has about 22 million square feet of space in its portfolio, the website notes.
Whirlpool announced in January 2008 that it was closing its refrigerator factory in La Vergne, cutting 500 jobs and moving the work to a plant in Fort Smith, Arkansas.