RACER Trust Sells Vacant Land for Redevelopment in Detroit
Project Expected to Feature Logistics Center for Major Manufacturer, Create 228 Jobs
DETROIT (01/13/2015)(readMedia)-- RACER Trust today announced it has sold 25 acres in Detroit to General Development Company and Friedman Integrated Real Estate Solutions, which are working on behalf of a major manufacturer to develop a 190,000-square-foot logistics center that will employ an estimated 228 people.
The identity of the end user will be disclosed at a later date.
The sale involves three clustered parcels - at 2751 Clark Street, 2860 Clark Street and 2730 Scotten Street, an area known as the Clark Street Technology Park. The properties are located just off Michigan Avenue, southwest of Detroit's downtown core.
In addition to a warehouse and cross-dock facility, the proposed project also will include a paved yard for up to 350 trucks.
General Development has projects totaling more than 5 million square feet, mostly in Michigan. Friedman Integrated Real Estate Solutions is a national leader in commercial real estate services.
"We're very pleased that General Development and Friedman Integrated Real Estate Solutions chose this location and excited about the opportunities it will create for the people of Detroit and surrounding communities," said Elliott P. Laws, of EPLET, LLC, Administrative Trustee of RACER Trust. "In addition to the direct employment, this project will create jobs for truck drivers and logistics support staff. We look forward to the successful redevelopment of these properties and the broad benefits that will flow from the project."
Construction is expected to begin shortly and take eight months to complete.
"General Development and the Friedman group are very excited to be developing this project and look forward to the strong economic activity that it will generate in the community," said Bruce Brickman, co-owner of General Development. "To have a major industrial user make this sort of commitment is another positive sign of Detroit's comeback and indicative of strong optimism for a continued robust recovery."
"This is great news for the city, and another example of how Detroit's progress is reaching into areas beyond downtown and midtown," Detroit Mayor Mike Duggan said. "Construction of this new facility will build on that momentum, as well as create new job opportunities for Detroiters."
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.
About General Development Company: General Development Company, LLC, based in Southfield, MI, provides built-to-suit development, construction management, general contracting, real estate consulting, property management and specialized property solutions. The company has extensive experience in brownfield and tax incentive properties as well as property redevelopment, with complete design and build services. We apply the necessary expertise to every project regardless of size, from tenant build-outs to regional warehouse distribution facilities. For more information, please visit www.gendev.com.
About Friedman Integrated Real Estate Solutions: Friedman Integrated Real Estate Solutions is a national leader in commercial real estate services, providing a single, one-stop resource for customers. Our professionals offer expertise in all aspects of commercial real estate services from leasing, buying, selling, managing and valuing properties to providing strategic planning, research, analysis, marketing and more. With over 25 years of industry knowledge and expertise, the vigorously trained professionals at Friedman Integrated Real Estate Solutions can help manage your property to the best of its potential. For more information, please visit www.friedmanrealestate.com.