NorthPoint Development has agreed to purchase 260 acres of industrial property in and near Lansing, Mich., for the development of a mix of manufacturing, warehouse and distribution facilities, primarily for companies in the automotive sector.
The seller, RACER Trust, was set up after General Motors’ 2009 bankruptcy to position 89 former GM parcels in 14 states for redevelopment. NorthPoint previously purchased RACER Trust properties in the Fairfax Industrial District in Kansas City, Kan., and in Lordstown, Ohio, also for development as manufacturing-related centers.
“NorthPoint Development has rapidly emerged as a national leader in the construction of facilities that play an important role in the making and moving of critical supply chain components,” Elliott Laws of EPLET LLC, administrative trustee of the RACER Trust, said in a release. “NorthPoint projects have resulted in hundreds of jobs and created new economic vitality and opportunities for a growing number of communities. We’re excited by the vision NorthPoint has for our Lansing-area properties and to know that the redevelopment of these properties will be in such capable hands.”
Founded in 2012 and based in Riverside, NorthPoint has developed and is managing more than 28 million square feet of industrial property in eight states.
“We’re thrilled by this opportunity and looking forward to completing a project that our team, our tenant companies and the community will be proud of,” NorthPoint President and COO Chad Meyer said in the release. “We’ve long recognized the potential of these properties for redevelopment and reuse, and we look forward to working with community partners and industrial users who can benefit from the strong infrastructure, logistics advantages and strong workforce the area has to offer.”
There will be an extended period during which NorthPoint undertakes due diligence and planning and seeks approvals for its projects before the sales of the tracts that make up the 260 acres close and construction begins. Financial terms of the transaction were not disclosed.
All development activity will be coordinated with ongoing environmental cleanup, which remains the responsibility of RACER Trust under the oversight of the Michigan Department of Environmental Quality. RACER Trust will work closely with NorthPoint to integrate remediation work with site development.