LANSING — RACER Trust, the company charged with selling off assets of pre-bankruptcy General Motors, announced an agreement to sell nearly 260 acres of industrial land in Lansing, Lansing Township and Delta Township.
The buyer, NorthPoint Development, plans to build a mix of warehouse, manufacturing and distribution buildings on the land, primarily for companies in the automotive sector.
Riverside, Mo.-based NorthPoint has developed and is managing more than 28 million square feet of industrial property in eight states.
“NorthPoint Development has rapidly emerged as a national leader in the construction of facilities that play an important role in the making and moving of critical supply- chain components,” said Elliott P. Laws, of EPLET LLC, administrative trustee of RACER Trust. “NorthPoint projects have resulted in hundreds of jobs and created new economic vitality and opportunities for a growing number of communities. We’re excited by the vision NorthPoint has for our Lansing-area properties, and to know that the redevelopment of these properties will be in such capable hands.”
The purchase agreements between RACER Trust and NorthPoint cover all of RACER’s Lansing-area properties, known as Lansing Plants 2, 3, 5 and 6. The Plants 2 and 3 properties are in Lansing Township, the Plant 5 property is in Delta Township and the Plant 6 property is in Lansing. Together, the properties comprise 259.6 acres. There will be an extended period in which NorthPoint undertakes due diligence and planning and seeks approvals for its projects before the sales close and construction begins.
NorthPoint previously purchased RACER Trust properties in Kansas City, Kan., and Lordstown, Ohio, also for development as manufacturing-related centers.
Said Chad Meyer, president and COO of NorthPoint Development: “We’ve long recognized the potential of these properties for redevelopment and reuse and we look forward to working with community partners and industrial users who can benefit from the strong infrastructure, logistics advantages and strong workforce the area has to offer.”
All development activity will be coordinated with ongoing environmental cleanup, which remains the responsibility of RACER Trust under the oversight of the Michigan Department of Environmental Quality. RACER Trust will work closely with NorthPoint to integrate remediation work with site development.
More at http://www.racertrust.org and http://beyondthecontract.com.