RACER Trust sells GM property
The trust handling properties that aren’t part of the new General Motors Co. said Wednesday it has sold more than 1.7 million square feet of building space in Pontiac to a real estate group.
The RACER (Revitalizing Auto Communities Environmental Response) Trust said it has sold both the 79-acre Pontiac Centerpoint Campus West and 74-acre Pontiac Centerpoint Campus Central to Industrial Realty Group, a national real estate group that plans to renovate the buildings for manufacturing and office tenants.
RACER said other companies have expressed interest in new development and construction on the properties, including automotive and energy-related businesses. The project is expected to create hundreds of new jobs once it is complete.
The sales price was not disclosed.
“IRG is a nationally recognized leader in the adaptive reuse of commercial and industrial real estate, and its record of job creation and economic revitalization is extraordinary. We congratulate IRG and the Pontiac area, and look forward to seeing these properties returned to productive use,” Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust, said in a statement. “IRG has been an excellent partner to RACER as we carry out our economic redevelopment mission, and I am confident that IRG’s investments will be broadly beneficial to Pontiac and Oakland County.”
RACER was established in March 2011 by the U.S. Bankruptcy Court to sell and clean up former GM properties that are not part of the “new” GM.