RACER Trust Announces Sale of Former GM Livonia Powertrain Plant to Schostak Brothers & Company
950,000-Square-Foot Building Expected to Attract Multiple Business Tenants
LIVONIA, MI — RACER Trust today announced it has sold the former GM Livonia Powertrain Plant in Livonia, MI, to Schostak Brothers & Company, Inc., a fourth-generation commercial real estate company that is based in Livonia.
The deal includes the transfer of a lease for approximately 250,000 square feet of the 950,000-square-foot building. The leased space is occupied by Bay Logistics, a provider of supply chain management services. Schostak will seek a tenant or tenants for the additional space.
The transaction also includes 40 acres of land. The property is located at 12200 Middlebelt Road.
“Schostak Brothers & Company has been a strong and positive force in Livonia for nearly 100 years, and their commitment to the betterment of the community is unquestioned. We couldn’t be more pleased,” said Elliott P. Laws, administrative trustee of RACER Trust. “This facility is a very valuable asset with which to attract new jobs and other community benefits, and we wish Schostak Brothers & Company success as it helps create renewed economic vibrancy.”
Schostak Brothers & Company, founded in 1920, developed the Wonderland Village and Laurel Park Place commercial areas in Livonia, as well as offices at Laurel Park. The company operates commercial properties in 19 states.
“We’re very excited to purchase this asset and eager to contribute more to the continuing resurgence of a strong and growing Livonia,” said Jeffrey Schostak, Vice President & Director of Corporate Real Estate for Schostak Brothers & Company. “The re-emergence of the auto industry and the overall improvement of the Michigan economy are creating great opportunities in both logistics and manufacturing, and we’re looking forward to capitalizing on those opportunities for our neighbors in Livonia.”
The former Livonia Powertrain Plant housed machining operations for automotive engines and related components before General Motors closed the facility in 2010.
About RACER Trust: The 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. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust, which is independent, 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 Trust property in Massena, NY. For more information, please visit www.racertrust.org.
About Schostak Brothers & Co.: Schostak Brothers & Company currently operates commercial properties in 19 states as a full-service real estate development, management, leasing and consulting company. Since 1920, the company's activities have included development, acquisitions and leasing of retail, office, industrial, residential, and mixed-use projects, both urban and suburban. Schostak’s current activities include joint ventures, build to suit projects, mixed use developments and a variety of necessity-based retail and open air centers located throughout the United States. For more information, please visit www.schostak.com.