Former General Motors Facility Sells for $6 Million

CoStar Group (press release) ^ | July 12, 2011 | By Warren Zentz

[Brad from Tennessee]

The RACER Trust, a team created by the U.S. Bankruptcy Court to clean up and position former General Motors facilities for redevelopment, sold the General Motors facility in Moraine, OH, for $6 million, or about $1.33 per square foot. Industrial Realty Group, a California-based development firm, purchased the 4.5 million-square-foot industrial building on the 300-acre site.

The property contains building and soil contamination issues. IRG plans to split the asset to be used by multiple tenants which can potential employ up to 2,000 people.

This is one of 89 GM properties that the U.S. Bankruptcy Court is looking to clean up and sell.

There were no brokers involved. Please see CoStar COMPS #2139240 for more information on this transaction.

[Brad from Tennessee]

Though GM did not go through a legitimate bankruptcy process the federal court system is being used to liquidate GM properites tainted by toxic chemicals.

[mac_truck]

GM went through Chapter 11 beginning in June 2009.

What part of that process wasn't 'legitimate' in your view?