[Docta_Love]

Hazel Park horse track closed; owners to sell land, other assets

By BILL SHEA
Crain's Detroit Business
April 05, 2018



Hazel Park Raceway, which has struggled financially for years, was closed for good Thursday by its owners.

The track has a deal to sell it assets in the next few weeks, according to a statement provided by public relations firm Marx Layne & Co. on behalf of track owners Hartman and Tyner Inc., a Southfield-based real estate developer.

The buyer nor the financial terms were disclosed, but New York City-based industrial developer Ashley Capital, which opened a sprawling commercial warehouse on former track property last year, told Crain's that it's "seriously considering" buying the remaining 95 acres of track site.

http://www.crainsdetroit.com/article...d-other-assets

Industrial or warehouse uses likely for Hazel Park site

By KIRK PINHO
Crain's Detroit Business
April 08, 2018

Hazel Park is likely at the starting gate of what will likely turn out to be a large conversion of a now-closed horse racing track into industrial or distribution/warehouse-type uses.

A pending buyer for the remaining 95 or so acres of the Hazel Park Raceway, which abruptly closed last week following years of financial difficulties, could be revealed in a matter of weeks.

However, New York City-based developer Ashley Capital, which has its local office in Canton Township, said it was "seriously considering" purchasing the site at 10 Mile and Dequindre roads.

Two and a half years ago, the company purchased 36 acres of the 120-acre site and built a 575,000-square-foot building that now houses Amazon.com, LG Electronics and Bridgewater Interiors. The building was completed a year ago.

"Ashley Capital had huge success in building the first building," said Dan Labes, an industrial real estate expert who is senior managing director in the Southfield office of Newmark Knight Frank. "You've got to imagine that's what it's going to be, additional bulk warehouse/distribution."

He estimated that the remaining portion of the site could house two more buildings totaling 1.4 million square feet.

http://www.crainsdetroit.com/article...azel-park-site