BUENA VISTA TOWNSHIP, Mich. (WNEM) — A major industrial real estate deal is bringing new investment to Buena Vista Township.
Phoenix Investors purchased about 1.8 million square feet of industrial space from Nexteer Automotive, including three buildings known as Plants 5, 6/1 and 7.
Nexteer will keep making parts in Saginaw, leasing back about 1.27 million square feet in two of the buildings and retaining ownership of Plants 3 and 4, plus the solar field and test track.
Phoenix plans capital improvements and will market about 552,000 square feet in Plant 5 for new manufacturing or industrial tenants.
Nexteer Automotive’s vice president & USA division president shared the following statement:
As part of Nexteer’s ongoing Saginaw site transformation, the company has completed the sale of what is locally known as Plant 5, along with Plants 6/1 and 7 as a bundled transaction, to a private company. Nexteer will continue operations in select facilities through a lease-back arrangement during the planned transition period.
This transaction allows Nexteer to divest under-utilized space and reinvest in core operations, including modernization plans for Plants 3 and 4 that support future growth and long-term competitiveness in Saginaw. The sale is part of a Saginaw site transformation that began in 2018, focused on improving operational efficiency, strengthening core operations, and supporting the company’s long-term competitiveness in Saginaw.
Day-to-day operations are expected to continue as they do today during the planned transition period. As with any manufacturing business, staffing needs will continue to be managed based on customer programs, product transitions and business conditions.
Nexteer remains committed to its Saginaw employees, the local community and continued growth in the region.
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