Wayne County closes deal worth $4.9 million on Pinnacle Aeropark Property

Initial site plans, seen here in this rendering, call for two storage or warehouse type buildings totaling more than 600,000 square feet. (Photo courtesy Wayne County)

  • Initial site plans for the property, which sold for $4.9 million, call for two storage or warehouse type buildings totaling more than 600,000 square feet
  • Purchasers have agreed to invest $40 million into the property within five years.
  • Tenants for the proposed warehouses have not yet been secured

By Scott Bolthouse | The Huron Hub
ScottBolthouse@HuronHub.com

Posted Dec. 18, 2019 — 12:02 PM EST

Wayne County announced Wednesday that the sale of the Pinnacle Aeropark Property to HS Commerce 275 LLC — a joint venture between Hillwood Enterprise, L.P. and Sterling Group — has been finalized.

The 650-acre property was sold for nearly $4.9 million following inspections.

County officials say even though tenants for the proposed buildings at this point have not been secured, they are hopeful that the location will draw interest.

“Given the proximity to the airport and the expected growth of the logistics industry, we think potential tenants will be as interested and excited about this project as we are,” said Wayne County Executive Warren C. Evans in a statement. “We are continuing to leverage assets like Detroit Metro Airport to attract investment, create jobs and expand the tax base.”

Initial site plans call for two storage or warehouse type buildings totaling more than 600,000 square feet, according to the county.

Under the sale terms approved by the Wayne County Commission on October 3, the purchasers agreed to invest $40 million into the property within five years.

Related: Wayne County Commission approves mixed-use development at former Pinnacle Racecourse site

The property in Huron Township was rezoned in August by Huron Township from a Special Purpose District to the Pinnacle Development Area District, which the county says helped clear the way for the project.

The site, which is bordered by Pennsylvania, Wayne, Sibley and Vining roads, includes 350 acres of County-owned land and the 300-acre Pinnacle Race Course site, which was acquired after foreclosure in 2019 via the right of refusal process.

“This property is perfectly situated for mixed use industrial development to drive commercial investment. The fact that Hillwood was willing to move forward with these buildings before securing tenants tells us they expect the property to be in demand and that’s a great sign,” said Assistant Wayne County Executive Khalil Rahal. “We want to thank the local officials in Huron Township for partnering to bring this project to fruition.”

In 2016, structures and debris from the defunct racecourse were removed following an agreement between the County and the property’s then-owner to clear the site.

Photos: Pinnacle Racecourse demolition

Background:

Hillwood Enterprise, L.P. has large-scale global development experience in the industrial and residential sectors and is part of Perot Investments founded by former presidential candidate Ross Perot.

Sterling Group is a Detroit based equity firm.

On June 19, representatives from Hillwood visited the Board of Trustees during an open meeting to discuss their plans.

During the lengthy meeting, the developers laid out a potential plan for the site and took feedback from residents who were in attendance.

On July 29, the Huron Township Board of Trustees approved the development plan.

According to a resolution passed by the township board, protection is provided against industry that does not fit the Township Master Plan.

The resolution also retains Huron Township’s zoning process, which allows the board to put stipulations on the types of developments that buyers can build on the property.

Video: Pinnacle property discussed at July board meeting

To view The Huron Hub’s complete coverage of the Pinnacle property, including the defunct race track through the recently announced proposed development, please visit this archive on HuronHub.com.


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