Racine Sun

New York-based Ashley Capital eyes April as when the privately-held real estate investment company will commence construction on two speculative buildings in Mount Pleasant’s Enterprise Business Park.

A press release published by the Racine County Eye said the structures will stand 390,000 square feet each upon completion, which is expected to be by the end of 2022.

The project will be built west of Highway H and north of Highway 11, as well as prompt the extension of Enterprise Way west to International Drive for motorists to have an easier time getting on the I-94/41 corridor, according to Ashley Capital.

“Ashley Capital has already completed three speculative industrial buildings in Enterprise Business Park totaling more than 1.2 million square feet,” Ashley Capital said in the release.

The property has space to accommodate a 125,000-square-foot building.

The Milwaukee Business Journal reported that Ashley Capital is addressing the demand for industrial space in Racine County by working with dual brokerage teams based in Chicago and Milwaukee.

According to Milwaukee-based Cushman & Wakefield/Boerke principal Terry McMahon, demand in 2021 “skyrocketed.”

“This increase in demand left many companies searching for industrial space with few alternatives amidst stiff competition,” McMahon told the Milwaukee Business Journal.

McMahon and Cody Ziegler are overseeing marketing for the business park in Milwaukee while the Chicago side is handled by John Sharpe and Tom Boyle with Lee and Associates.

Companies such as Amazon and Fresenius USA Manufacturing have facilities in the business park, the Milwaukee Business Journal reported.

According to the publication, Mount Pleasant leaders last year voted for around $11 billion in tax incremental financing for infrastructure and incentives for the pair of new buildings.

The Racine County Economic Development Corporation said on its website that more than 500,000 square feet is still available for purchase and development.