The Racer Trust plans to sell GM’s Mansfield-Ontario stamping plant in Ohio to Brownfield Communities Development.
The Racer Trust has several of the GM’s plants that the automaker sold during bankruptcy. The Ohio Mansfield-Ontario stamping plant will now be sold to Brownfield Communities Development, which has found two tenants that are interested in the 2.5 million-square-foot building. The company also announced it will add 1,100 new jobs at the plant in Ohio.
In March 2011 the Racer Trust, known as Revitalizing Auto Communities Environmental Response Trust, was created in order to sell the facilities GM had to leave behind because of its bankruptcy and the taxpayer bailout of $50 billion. The trust must sell the 44 million-square-feet industrial space, create new jobs and increase tax revenue in the areas where the facilities were of utmost importance for the community.
The Mansfield-Ontario Stamping Plant is GM’s 17th property to be sold since March 2011, for the total price of over $24 million. Brownfield Communities Development, who will buy the Mansfield-Ontario stamping plant, is a joint venture between real estate firms Hilco Real Estate and Adler Group Inc.