RACER Trust, NorthPoint Development Reach Agreement for Sale of Lansing-Area Industrial Land
RACER Trust announced yesterday that it has entered into agreements with NorthPoint Development for the sale and development of nearly 260 acres of industrial property in the City of Lansing, Lansing Township and Delta Township.
NorthPoint, which has developed and is managing more than 28 million square feet of industrial property in eight states, plans to build a mix of manufacturing, warehouse and distribution facilities, primarily for companies in the automotive sector.
“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,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “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.”
The purchase agreements between RACER Trust and NorthPoint cover all of RACER’s Lansing-area properties, known as Lansing Plants 2, 3, 5 and 6. The Plants 2 and 3 properties are in Lansing Township, the Plant 5 property is in Delta Township and the Plant 6 property is in the City of Lansing. Together, the properties comprise 259.6 acres. There will be an extended period in which NorthPoint undertakes due diligence and planning and seeks approvals for its projects before the sales close and construction begins.
NorthPoint previously purchased RACER Trust properties in Kansas City, Kan., and Lordstown, Ohio, also for development as manufacturing-related centers.
“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,” said Chad Meyer, President and COO of NorthPoint Development. “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.”
“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,” Lansing Mayor Virg Bernero said. “I look forward to welcoming NorthPoint Development to our community, and to the opportunities NorthPoint will provide to our workers and growing businesses.”
“NorthPoint’s investment will both revitalize these properties and provide a strong sense of renewal to our communities,” Lansing Township Supervisor Dion’trae Hayes said. “Our high-quality workforce, infrastructure and services give businesses the confidence they need to invest and grow with us, and I’m delighted that NorthPoint saw the value those of us who live here see every day.”
“Communities thrive when jobs and opportunities are plentiful, and NorthPoint’s redevelopment of these properties is another clear indication that we are a great place to raise a family and run a business,” Delta Township Supervisor Kenneth Fletcher said. “I thank NorthPoint for its confidence in Delta Township and the region. It is well- placed.”
“LEAP is very pleased to be working closely with two high-quality partners like NorthPoint and RACER Trust to return these large properties into productive job- producing sites once again,” said Bob Trezise, President and CEO of the Lansing Economic Area Partnership, or LEAP.
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.