RACER Trust has announced the sale to NorthPoint Development of 260 acres of industrial property in Lansing, Lansing Township and Delta Township.
NorthPoint plans to use the property for a mix of manufacturing, warehouse and distribution facilities primarily catered to the automotive industry. Though NorthPoint still has to seek approval for its projects before the sales officially close and construction begins, both companies appear eager at the prospects entailed.
“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,” Chad Meyer, president and COO of NorthPoint Development, said.
NorthPoint currently manages more than 28 million square feet of industrial property across eight states. Elliot Laws of EPLET, LLC, administrative trustee of RACER Trust, pointed to the jobs NorthPoint has created in other areas already, and Lansing Mayor Virg Bernero echoed that hope in local terms.
“The redevelopment of these properties is great news for the Metro Lansing area, and demonstrates the market’s confidence in our strong, diverse workforce and overall economy,” Bernero said.
While NorthPoint will have control of the property henceforth, RACER Trust will still be in charge of any necessary environmental cleanup, under oversight of the Michigan Department of Environmental Quality. Those remediation efforts will be ongoing and will have to go hand in hand with any on site development.