Former RACER Trust Property in Missouri to Remain in Active Use After Sale
RACER Trust today announced it has sold a 38-acre former General Motors property in Kansas City, Mo., to Leeds Industrial Park, Inc., which intends to continue its use as a vehicle parking and storage business.
Leeds Industrial Park, Inc., was using the property, located at 6817 Stadium Drive, for vehicle parking and storage under terms of a long-term lease that pre-dated the formation of RACER Trust. The sale terminates RACER’s ownership in the property.
The property and the lease were conveyed to RACER Trust as part of the GM bankruptcy settlement in 2011, along with other commercial and industrial properties at 89 locations in 14 states. RACER will continue to perform necessary environmental activities at the property.
“RACER Trust’s redevelopment mission compels us to ensure we’re doing all we can to maximize a property’s reuse potential while recognizing that we’re not structured to hold property indefinitely,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “In this case, we had a prospective buyer who had been using the property productively over a period of years, with many more years remaining on its lease. We’re very pleased that Leeds Industrial Park, Inc., was interested in taking ownership and intends to continue the use that has been in effect for several years. We wish them continued success with the business.”
“The property has suited our business needs over the years, and we’re happy to have the opportunity to own it moving forward,” said Tim Vance, Vice President of Leeds Industrial Park, Inc. “It is ideally located for the transportation and logistics customers that we serve.”
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. When it was formed in 2011, RACER was one of the largest holders of industrial property in the United States and was the largest environmental response and remediation trust in U.S. history. Its initial property holdings were at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.
About Leeds Industrial: Leeds Industrial Leasing offers 1.5 million square feet of warehouse and storage space spread on 85 acres conveniently located near both I-435 and I-70 in Kansas City, MO. The secure facility provides rail access and both interior and exterior loading docks. Space is dividable from 1,600 SF to 100,000 SF to fit tenant needs. For more information, please visit https://leedsindustrialleasing.com.