Three Lansing-area properties of the pre-bankrupt General Motors Co. will be sold to a Kansas City-based company for redevelopment.
The Revitalizing Auto Communities Environmental Response (RACER) Trust — the entity tasked with maintaining and selling former GM land that wasn’t part of the new company that emerged from the 2009 bankruptcy — this week announced it has entered into agreements with NorthPoint Development for the sale and development of nearly 260 acres of industrial property in the city of Lansing, Lansing Township and Delta Township.
NorthPoint, which has developed and is managing more than 28 million square feet of industrial property in eight states, plans to build a mix of manufacturing, warehouse and distribution facilities, primarily for companies in the automotive sector, according to racertrust.org.
“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,” said NorthPoint Development COO and President Chad Meyer in a statement.
The agreements between RACER Trust and NorthPoint cover all of RACER’s Lansing-area properties, known as Lansing Plants 2, 3, 5 and 6. Before the sales close and construction begins, the company will conduct its due diligence and planning, and seek approval for its projects.
Financial details of the agreement weren’t released.
NorthPoint also has purchased RACER Trust properties in Kansas City, Kansas, and Lordstown, Ohio, also for development as manufacturing-related centers.
“We’ve made tremendous progress in Michigan and all across the portfolio,” RACER Trust Redevelopment Manager Bruce Rasher told The Detroit News earlier this week.
Rasher said the RACER Trust has sold about half of the 7,000 acres of land it started with when it was established in March 2011 by the U.S. Bankruptcy Court to sell and clean up former GM properties.