RACER Trust, RAV Properties Agree to Terms on Sale of Multi-Tenant Salina Industrial Powerpark in Central New York
RACER Trust today announced it has a contract to sell the Salina Industrial Powerpark Property in Salina, N.Y., to RAV Properties, an experienced operator of multi-tenant industrial properties based in nearby Jamesville.
RACER Trust took title to the property in 2011 and has continued to operate it as a multi-tenant industrial park, providing jobs and other benefits to the community. It was previously owned and operated by the former General Motors Corporation, which relinquished ownership as part of its bankruptcy in 2009.
“RACER Trust is very pleased to have come to terms with a local buyer who understands and has had success in the Central New York market, and has the support of the local community in this endeavor,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “It was important to RACER that we find a capable buyer who would continue to provide opportunities for local businesses to invest and create jobs at that location, and RAV Properties has indicated its intention to seek additional tenants.”
The sale includes the Salina Industrial Powerpark building — formerly the GM Inland Fisher Guide plant — and just under 78.5 acres. The 805,000-square-foot building is approximately two-thirds occupied. Its 11 tenants employ approximately 425 people.
RAV Properties in 2010 purchased and improved a two-building industrial complex, once known as the Flickinger’s Warehouse. Near Carrier Circle, it has been home to various businesses since 1998. Totaling 290,000 square feet in DeWitt, it is not far from the Salina Industrial Powerpark.
“Salina Industrial Powerpark is a great property in an excellent location,” said Robert Lieberman, managing member of RAV Properties. “We plan to make strategic investments that will enhance the experience for current tenants and encourage future growth. We have confidence in our vision for the property and in the strength of the local market, and we are looking forward to getting started.”
“The Salina Industrial Powerpark is an important source of jobs for our community, and it’s great to know that the new owners are local, experienced and successful in managing these types of assets,” Salina Supervisor Colleen A. Gunnip said. “I am impressed with Mr. Lieberman’s commitment to invest in the property to attract new businesses and jobs, and thank RACER Trust for selecting a buyer with solid credentials and a record of positive results.”
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 RAV Properties: A local investor since 2008, RAV Properties is an owner operator with a long-term holding horizon. From the outset, they believe in acting responsibly, sporting pride of ownership and providing businesses “a place where local commerce prospers.”