Feb 8, 2017
RACER Announces Pending Transactions, Selection Process for Former Indy GM Property
RACER Trust, the entity created to take ownership of former General Motors industrial properties in 14 states following the automaker’s bankruptcy reorganization and to remediate and sell them for redevelopment or reuse, is off to a strong start in 2017.
Since January 20, RACER has announced sale agreements for properties in Saginaw, Mich., Pontiac, Mich., and Fredericksburg, Va. In mid-December 2016, RACER announced it had come to terms for the sale and redevelopment of property in Muncie, Ind.
RACER also has worked in close consultation with the city of Indianapolis to market a 102-acre former GM stamping plant property for transformative reuse, and expects to issue a call for offers to pre-qualified prospects before the end of February.
Since its effective date of March 31, 2011, RACER Trust has completed more than 50 property transactions in eight states, with expected private investment of more than $1 billion and pledges to create more than 10,000 jobs.
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