Industrial Contractor Buys Former
GM Facility in Pontiac to Expand Operations
PONTIAC, Mich. — An industrial contracting company has purchased the former GM ACG Penske facility on Oakland Avenue, with plans to expand its business at the six-acre property.
The RACER Trust sold the property, which includes a 32,000-square-foot building with multiple truck bays, to Lee Contracting, headquartered across the street from the ACG Penske facility, at 675 Oakland Ave.
Lee Contracting Founder and President Ed Lee said he plans to expand his more than 200-employee company, and the former ACG Penske property provides a perfect fit. “This was a great opportunity to build upon our business right here in Michigan,” he said. “Having this great site right across from our current facility provides us with a base to continue expanding the business.”
Lee Contracting is a single-source contractor specializing in complete turnkey solutions for industrial and manufacturing clients.
Terms of the sale were not disclosed.
The RACER Trust is the largest environmental response and remediation trust in U.S. history and one of the largest holders of industrial property in the U.S. When formed, the RACER Trust owned more than 44 million square feet of industrial space in 66 buildings on 7,000 acres located in 14 states. RACER was created by the U.S. Bankruptcy Court to take ownership of, clean up and position for redevelopment 89 former GM properties, with the goal of helping to revitalize communities that suffered massive job losses.
“Finding and selecting buyers who are ready to redevelop these properties and bring new job opportunities and economic renewal to these communities is central to RACER’s mission,” said Elliott P. Laws, the Court-appointed trustee of the RACER Trust.
RACER’s Redevelopment Manager, Bruce Rasher, noted that additional sales are expected soon in the Pontiac area. “We have already sold several RACER properties in Pontiac, and we expect to close on the sale of others in the city in the coming months.”