RACER Trust Sells Portion of Former GM Property

Posted: Updated:
MUNCIE -

The Michigan-based RACER Trust has announced the sale of a portion of the former General Motors Manual Transmission plant in Muncie to school bus contractor M&M Bus Co. Inc. The company had been leasing the approximately 1.2-acre lot for bus parking since 1988.

RACER Trust took ownership of the more than 66-acre site in 2011 after GM filed for bankruptcy. The company ceased operations in 2006.

"We appreciate RACER Trust’s willingness to work with us to keep this piece of property in the M&M Bus family," said David Willard, president of M&M Bus. "We had been leasing our lot for nearly 30 years, but we know RACER’s mission is to sell properties, not hold them over the long term. This purchase allows both RACER and M&M Bus to achieve their goals and solidifies M&M’s place at home here in Muncie."

In January, RACER Trust completed the sale of six acres of the property to Ross Community Center Inc. The organization plans to transform the property into athletic fields and facilities.

RACER Trust is looking to sell the remaining portions of the property with the goal of finding a buyer who will invest in redevelopment and job creation.

  • Perspectives

    • Wojtowicz founded Indianapolis-based Cambridge Capital Management Corp. in 1983.

      Fixed, Long-Term Interest Rates Protects Against Rate Hikes

      A Hoosier small-business owner recently told his banker that, “Interest rates are as low as they ever will be” in the foreseeable future, and he wanted to get a loan with a “friendly” rate. The Fed made that official recently when it indicated  another quarter-percent rate hike will likely occur in December.  Most pundits expect there to be  three more rate hikes in 2019. Small-business owners are under pressure to act if they are considering...

    More

Events



  • Most Popular Stories

    • Wesemann Hall at the Valparaiso University Law School (photo courtesy Tony V. Martin/The Times of Northwest Indiana)

      Valpo School of Law Transfer Denied

      A proposal to transfer Valparaiso University's law school to another university has been shot down. The Tennessee Higher Education Commission has denied the transfer to Middle Tennessee State University, which would have led to the creation of a College of Law at the school. 

    • WOWO Names 'Morning News' Host

      The program and news director of WOWO radio in Fort Wayne has been named the new host of the station's morning show. Kayla Blakeslee will lead Fort Wayne's Morning News, succeeding Charly Butcher, who passed away in August. 

    • Mega-Merger Involves Fort Wayne Operation

      A defense industry contractor with a significant presence in Fort Wayne has announced a merger agreement. Florida-based Harris Corp. (NYSE: HRS) and L3 Technologies Inc. (NYSE: LLL) in New York say the combination will create the sixth-largest defense company in the country. In early-2015, Harris completed the $4.75 billion acquisition of Exelis, a long-time manufacturer of military radio technology in Fort Wayne. Shortly after the acquisition, Harris consolidated...

    • High Alpha Spawns Tenth Tech Startup

      The first company has launched from Indianapolis-based High Alpha since the venture studio received a $100 million infusion in July, and the tenth overall. Anvl develops software designed to reduce and prevent maintenance service industry injuries. The company is led by Hoosier tech scene veteran Robin Fleming, who previously served as vice president of technology for Angie's List before its acquisition by New York-based IAC (Nasdaq: IAC). Anvl was born out of a first-of-its-kind...

    • Rolls-Royce in Indy Selected For $100M Contract

      The U.S. Department of Defense has awarded a contract worth up to $100 million to Rolls-Royce Corp. in Indianapolis. The contract is related to Phase I of the Advanced Turbine Technologies for Affordable Mission-Capability program for the U.S. Air Force.