Three Former General Motors Facilities Sold in Ohio and Michigan
Three properties in Ohio and Michigan that previously belonged to General Motors Corp. have been sold in separate transactions.
Each of the purchasers plans to redevelop the sties to bring new jobs and economic development to the local communities.
The Racer Trust, created in March by a U.S. Bankruptcy Court to conduct environmental cleanups, redevelop and sell 89 former GM facilities in 14 states, sold these properties.
“The sale of these properties creates a tremendous opportunity for economic growth in these communities,” said Bruce Rasher, redevelopment manager of The Racer Trust.
In Ohio, the properties are located in Parma and Moraine, while the third facility is in Wyoming, Mich.
The Parma facility, which was used as a GM transmission plant, was sold to an Ohio-based development firm called 54 Chevy LLC. The firm plans to market the existing 527,000-square-foot building and redevelop the 60-acre facility to attract “green” manufacturing jobs to the area.
“We are thrilled that this property has transferred,” said Dean DePiero, mayor of Parma.
Industrial Realty Group acquired the Moraine facility, a former GM assembly plant site that is approximately 400 acres. The Downey, Calif.-based development firm has renamed the facility to Progress Park and plans to divide the property among multiple tenants that would create jobs for 2,000 people.
“The city is delighted the sale is complete,” said Dave Hicks, city manager of Moraine. “IRG is a well-known company with a strong history of success in redeveloping sites and we expect they will be equally successful here.”
Developer Lomax Stern purchased the 88-acre Michigan facility as part of a $1 public-private partnership between the city and the West Bloomfield, Mich.-based firm. The developer said the existing 2.6-million square-foot property will be torn down and then marketed for redevelopment through The Right Place Program, a nonprofit economic development organization based in Grand Rapids.
“Our focus from the beginning has been to put people who lost jobs when the stamping plant closed back to work,” Holt said. “The redevelopment of this site will help to accomplish that goal.”