RACER Trust Completes 50th Sale of Former GM Properties in Bedford and Lawrence County, Ind.
RACER Trust today announced it has sold three properties totaling 76.6 acres in Marshall Township, Lawrence County, Indiana, increasing to 50 the number of former General Motors Corp. properties sold in the Bedford area.
Thirteen Bedford-area properties remain available for purchase, including an undeveloped 372.3-acre property off Murdock Station Road that features mature woodlands, open fields and a stream, and is ideal for passive recreational use, low-density housing or low-intensity commercial use.
The former GM Bedford-area were deeded to RACER Trust as a result of the automaker’s bankruptcy and disposition of assets. RACER Trust’s goal in each transaction is to maximize the property’s redevelopment and reuse potential for the benefit of its host communities. The majority of RACER’s Bedford-area properties are in residential or undeveloped rural areas, and were sold to neighboring property owners or other individuals for residential or passive reuse.
“Our Bedford-area properties portfolio is unique in that few of the properties are suitable for a commercial or manufacturing reuse. Nonetheless, our commitment to selling our properties for beneficial reuse is as strong in Bedford and Lawrence County as anywhere else,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “We are proud of the results we have achieved to date, and look forward to completing additional sales in the market.”
The former GM properties included several houses and residential lots and totaled 830 acres. A total of 428 acres remain available for purchase.
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. RACER is one of the largest holders of industrial property in the United States, and when it was formed was 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 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.