RACER Trust Sells Property in Anderson, IN, to Tower Anderson, LLC
Property Will be Used to Expand Capacity of Raceway Industrial Park
RACER Trust today announced the sale of 14.59 acres in Anderson, IN, to Tower Anderson, LLC, an affiliate of Tower Investments, owner of the adjacent Raceway Industrial Park.
The property, a terraced parking area, will be used to expand the parking and storage capacity of Raceway Industrial Park, a multi-tenant warehouse and light industrial operation whose tenants include US Leisure, a leading supplier of outdoor furnishings.
“Tower Investments has done excellent work in redeveloping the former General Motors Plant 9 property for a productive purpose, and we’re pleased to be able to help the company fulfill its vision for further growth and expansion,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “RACER Trust’s economic development mission is served by this transaction, and we look forward to the continued success of Tower Investments and Raceway Industrial Park.”
Tom Willey of Reliant Partners, a real estate advisor for Tower Investments, said the purchase positions Raceway Industrial Park to handle additional tractor-trailer and other outdoor storage as well as providing growth capacity along a developing industrial gateway to Anderson.
“We like the way the area is developing and believe we have a major role to play in the ongoing revitalization of the corridor off Interstate 69,” Mr. Willey said. “We’re grateful that RACER Trust saw the opportunity, as well, and that we were able to work cooperatively to achieve a beneficial outcome not just for us but for the community as well.”
“Tower Investments and Raceway Industrial Park have been terrific neighbors and corporate citizens for Anderson, and I congratulate Tom and his team on their success,” Anderson Mayor Thomas Broderick said. “I appreciate the work Raceway has done to provide jobs and tax base for the city, as well as its contributions to a sense of renewal in our community.”
Tower Investments purchased the former GM Plant 9, which manufactured vehicle bumper assemblies, about a decade ago. In addition to US Leisure, tenants of Raceway Industrial Park include EMT Logistics and Tractor Supply Company.
In 2015, RACER Trust sold 34.4 acres of vacant land in Anderson, across from Raceway Industrial Park, to an affiliate of GDI Construction, a local developer that built a 140,000-square-foot manufacturing facility for Sirmax North America, Inc. Sirmax, an Italy-based global supplier of plastic compounds and resins for automotive and appliance customers, opened its first North American operations in Anderson, and said it expected to create up to 50 new jobs by 2020.
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 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 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.