{"id":1004397110,"date":"2020-03-03T05:41:18","date_gmt":"2020-03-03T13:41:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004397110"},"modified":"2020-03-03T06:35:49","modified_gmt":"2020-03-03T14:35:49","slug":"former-general-motors-plant-trades-in-upstate-new-york","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/","title":{"rendered":"Former General Motors Plant Trades in Upstate New York"},"content":{"rendered":"
\"\"<\/a>

Salina Industrial Powerpark. Image courtesy of RACER Trust<\/em><\/p><\/div>\n

RACER Trust has agreed to sell the 805,000-square-foot Salina Industrial Powerpark in Salina, N.Y., to RAV Properties. Both the property and the buyer are in the Syracuse, N.Y., area. The purchase price was not disclosed.<\/p>\n

\n

READ ALSO<\/strong>: Industrial Outlook for 2020-2021 Remains Strong<\/a><\/p>\n

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The building, formerly the GM Inland Fisher Guide plant, sits on an approximately 78.5-acre site that\u2019s essentially adjacent to the New York State Thruway (I-90) and about 2 miles east of I-81. It reportedly is about two-thirds occupied by 11 tenants.<\/p>\n

\"\"<\/a>

Salina Industrial Powerpark. Image courtesy of RACER Trust<\/em><\/p><\/div>\n

In 2009, the then General Motors Corp. relinquished ownership of the building as part of its Chapter 11 reorganization<\/a>. RACER (Revitalizing Auto Communities Environmental Response) Trust took title in 2011 and has since operated it as a multi-tenant industrial park.<\/p>\n

Information from the leasing broker, Cushman & Wakefield affiliate Pyramid Brokerage Co., indicates that available spaces at the property range from 28,800 to 109,300 square feet.<\/p>\n

Remediation and redevelopment<\/h2>\n

RACER Trust, based in Detroit, was created in 2011 to clean up and position for redevelopment various former GM properties. At that time, RACER was one of the nation\u2019s largest holders of industrial property and was the largest environmental response and remediation trust in U.S. history. Its initial property holdings were at 89 locations in 14 states, principally in the Midwest and Northeast.<\/p>\n

A RACER spokesperson told Commercial Property Executive<\/em>, \u201cThe property does have environmental impacts.<\/em>\u201d For example, RACER maintains a sub-slab depressurization system to control sub-slab soil vapors (vapor intrusion), as well as a stormwater and groundwater treatment system, and will continue to do so even once this sale has closed. An RAV Properties spokesperson said that the company will focus initially on the asset\u2019s immediate needs, potential capital improvements and leasing the remaining space.<\/p>\n

Last June, independent hardware distributor Orgill announced plans<\/a> to build its first distribution center in the Northeast, in Rome, N.Y. The $68 million, 780,000-square-foot facility will have the potential to expand to 1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

A trust created in the aftermath of the company\u2019s bankruptcy has sold the property in metro Syracuse, N.Y., to a local owner-operator of industrial properties.<\/p>\n","protected":false},"author":882,"featured_media":1004397170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21742,10],"tags":[32799,33192,34053],"class_list":["post-1004397110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-latest","category-northeast","tag-cushman-wakefield","tag-general-motors","tag-pyramid-brokerage-company"],"acf":[],"yoast_head":"\nFormer General Motors Plant Trades in Upstate New York - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former General Motors Plant Trades in Upstate New York\" \/>\n<meta property=\"og:description\" content=\"A trust created in the aftermath of the company\u2019s bankruptcy has sold the property in metro Syracuse, N.Y., to a local owner-operator of industrial properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-03T13:41:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-03T14:35:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Photos-provided-by-RACER-Trust-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/\",\"name\":\"Former General Motors Plant Trades in Upstate New York - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Photos-provided-by-RACER-Trust-1.jpg\",\"datePublished\":\"2020-03-03T13:41:18+00:00\",\"dateModified\":\"2020-03-03T14:35:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-general-motors-plant-trades-in-upstate-new-york\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Photos-provided-by-RACER-Trust-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Photos-provided-by-RACER-Trust-1.jpg\",\"width\":800,\"height\":620,\"caption\":\"Salina Industrial Powerpark. 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