Florida-based AE Industrial Partners has purchased a Muscle Shoals industrial facility from the Retirement Systems of Alabama and plans to create an aerospace center of excellence in Colbert County.
AEI said its affiliate, Rocket Shoals LLC, would redevelop the 638 acres that has 2.27 million square feet of zoned manufacturing capacity. Previous tenants in the building include National Steel Car, Navistar and, most recently, FreightCar America.
AEI says the space will become headquarters for select companies, including aerospace suppliers, manufacturers and innovators.
AEI says it also will be partnering with the Poarch Band of Creek Indians to work with federal customers.
“AE Industrial is a highly focused investment firm, with a strategy to drive value creation at the nexus of the aerospace, space and defense markets — all sectors that are currently thriving in Alabama,” said David Rowe, co-CEO and managing partner at AE Industrial. “We look forward to building an aerospace center of excellence in Muscle Shoals that benefits the community, the state of Alabama and our portfolio companies.”