RACER Trust Sells Portion of Former GM Property

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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.