RACER Trust Evaluating Offers for Massena Property; Marketing Efforts Continue
RACER Trust today announced that the marketing of its 217-acre Massena property will continue as it evaluates offers for portions of the property received in response to a recent call for offers from prospective buyers.
RACER is marketing the former General Motors Corp. manufacturing property in Massena for sale to a buyer or buyers who will invest in development that results in new jobs and new, net tax revenues to local taxing jurisdictions.
RACER Trust is pleased with the quality of the offers it has received to date. As expected, no buyer has submitted an offer for the entire property, nor would RACER Trust sell more property to a buyer than is necessary to support the buyer’s proposed development and operations. Because of the property’s size and the scope of its amenities, RACER Trust has anticipated and tailored its marketing toward subdivision of parcels to maximize the property’s value in terms of benefits to the community. “The Massena property has many advantages, including its size, proximity to the international border crossing with Canada, and active rail service,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “Our environmental team has done an outstanding job cleaning up the property and has prepared it for redevelopment. We look forward to successful outcomes that maximize the property’s potential to benefit the community.”
RACER Trust in March issued a call for offers for the property to capture market interest. RACER Trust will continue to evaluate offers and actively market the property to prospective buyers until it selects an offer or offers that, in RACER Trust’s judgment, best achieve the property’s development potential, considering its industrial zoning, active rail service, access to low-cost power and proximity to the international border crossing with Canada.
RACER Trust is pursuing leads in a variety of sectors, including general manufacturing, automotive, aerospace and defense, data centers, transportation, warehouse logistics, port logistics, destination commercial-retail, and recreation. RACER Trust is promoting the property to site location selection consultants, end-users, and real estate developers throughout the United States and Canada and to foreign companies exploring investment in the U.S.
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.