posted on December 22, 2017
(Janesville, WI) The former General Motors Janesville Assembly Plant, which represented over four million square feet and 250 +/- acres, has been sold. The buyer is Commercial Development Company, Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company.
CDC plans to invest significant resources to reposition this large industrial property for new utilization. Preliminary activity is expected to include environmental remediation, demolition of some or all facilities, and extensive redevelopment planning.
"Our team understands the historical significance behind this project and we are pleased to lead the redevelopment process. We are very impressed with Janesville's pro-growth leadership and look forward to working with them, as well as Rock County and the State of Wisconsin, to help create new growth opportunities," said Randall Jostes, CEO of Commercial Development Company, Inc.
Janesville City Manager Mark Freitag stated, "This announcement marks a significant turning point for the Janesville community. Our city has benefitted from a great relationship with GM for nearly a century, but we are eager to start a new chapter. CDC has impressed City leaders with their professionalism and vision for the former GM site, and we anticipate a smooth transition and economic growth in our community as a result of this sale."
The property transaction was facilitated by various GM, CDC and CBRE representatives.
Commercial Development Company, Inc. (CDC) is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning and redevelopment of underutilized, distressed or environmentally-challenged properties. CDC has purchased and developed over 50-million square feet under roof located on over 300 sites throughout the U.S. and Canada.
According to James Otterstein, Rock County Economic Development Manager, "The future redevelopment and repositioning of this property will enhance, as well as diversify, the Janesville-Beloit MSA's industrial real estate portfolio - particularly with respect to energy intensive and rail served opportunities."