News & Media
Chicago-Based Hilco Reaches Agreement to Develop Former GM Facility in Ohio
Hilco partners with developer to help revitalize local auto community…
CHICAGO--(BUSINESS WIRE)--The Brownfield Communities Development Company (BCDC), a joint venture company between Northbrook-based Hilco Trading LLC and Miami-based developer, The Adler Group, has announced that it has entered into an agreement with The RACER (Revitalizing Auto Communities Environmental Response) Trust to purchase and develop the former GM Mansfield-Ontario Stamping Plant in Ontario, Ohio.
At a press conference held at the massive former GM plant, Jeffery B. Hecktman, CEO of Hilco Trading, LLC said: “Hilco is proud to be a partner in this deal and we’re delighted to serve as a catalyst for an economic revitalization of the entire region.” The BCDC group plans to redevelop the historic single purpose facility into a modern, accessible, multi-tenant corporate park. “We believe that this redevelopment will meet the needs of businesses so they can compete in today’s global market place,” added Hecktman.
The agreement is the product of a dedicated partnership of federal, state and local officials who were determined to bring new economic activity to this region. The RACER Trust said that BCDC has already identified two tenants who are interested in occupying much of the 2.5-million-square-foot building that sits on 266 acres just west of Mansfield in Richland County. The GM facility served as an economic engine for the community for 55 years but was closed in 2010.
RACER Trustee Elliott P. Laws said, “The agreement with Hilco and the Adler Group sets the stage for a new era of economic vitality on this property. We envision the creation of 1,100 new jobs as a transformative event for the entire region. We are delighted for the Ontario/Mansfield community and for Ohio.” The Mansfield-Ontario Stamping Plant is the 17th former General Motors location sold since the RACER Trust was established in March 2011.
The press event to announce the positive economic news was well attended by local, state and federal officials including Senator Sherrod Brown(D); five local mayors and numerous city council members. “It is such a proud moment for Hilco and me personally to be helping to bring back jobs and development to communities here in Ohio and across the nation,” said Hecktman.
About The RACER (Revitalizing Auto Communities Environmental Response) Trust: RACER Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned 89 properties in 14 states, principally in the Midwest and Northeast.
About Hilco Trading, LLC: Headquartered in Northbrook, Illinois (USA), Hilco is a privately-held, diversified financial and operational services firm whose principal competency is understanding and maximizing the value of business assets, including retail, consumer and industrial inventory; machinery and equipment; real estate; accounts receivable; intellectual property; and, going-concern enterprises. Through 500 professionals operating on five continents, Hilco helps companies and their professional advisors assess asset value, maximize value for said assets through asset monetization solutions, and enhance value through advisory and consulting solutions. Hilco serves retailers, wholesalers, distributors, manufacturers, directly and through their lenders, investors and advisors, including private equity firms, hedge funds, investment banks, law firms, turnaround professionals, accounting professionals, bankruptcy trustees and receivers. For more information please visit our web site: www.hilcotrading.com.
About Adler Group: The Company is headquartered in Miami, Florida, and its affiliates offer a seamless network of services designed to maximize the value and strength of the organization’s real estate assets. Throughout its history, Adler Group has developed, acquired and operated in excess of 20 million square feet of industrial, office, retail and residential real estate. Today, by means of relationships with a prestigious list of institutional and private investors and nationally recognized financial lenders, the company owns and manages an extensive real estate portfolio comprised primarily of multi-tenant industrial and office properties located in strategic markets throughout the Southeast, Mid-Atlantic and Southwest United States. Recently, Adler Group has acquired commercial assets in Florida, Tennessee, Virginia, Washington D.C., Maryland, Texas, and Colorado. For further information, please visit www.adlergroup.com.
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Hilco Trading LLC
Gary C. Epstein, (847) 418 2712
Chief Marketing Officer