RACER Trust - Revitalizing Auto Communities Environmental Response - facilitated the sale of the 2.7 million square foot industrial property at 2525 W. Fourth St. in Mansfield, OH. The property, a former General Motors stamping plant, has been vacant since GM shut down operations in 2009.
The property was purchased by the Brownfield Communities Development Co., a joint venture between the Adler Group and Hilco Real Estate. The sale price was $4.4 million.
The deal is expected to create 1,100 jobs in the next five years. Two tenants for the property, half of which will be demolished, are confirmed. Those tenants have not yet been identified due to confidentiality agreements.