Many leads on former Shreveport GM plant, but no buyer yet

Nov 30, 2012

The former General Motors plant in Shreveport has officially changed hands. GM’s lease is up and the court-appointed RACER Trust will now maintain the property. The Trust took title last year as part of the GM settlement agreement. Redevelopment manager Bruce Rasher says marketing efforts will be stepped up since the plant’s 3.1-million square feet are now vacant. Rasher says he’s optimistic that he’ll find a buyer, and he’s following up on promising leads alongside state and local economic developers.

“Because of the strong local and state economy, and where it's located geographically in the U.S., we're confident that there will be a new manufacturing user taking over that facility,” Rasher said, during an interview at Shreveport’s Government Plaza.

Since the plant is large, Rasher envisions that it will be subdivided with multiple tenants. RACER Trust is governed by specific criteria designed to gauge the efficacy of a buyer. Rasher said a prospective buyer’s intentions for the facility must pass muster with the wishes of Shreveport governance.

“We're not like a typical seller of surplus corporate industrial assets where we're simply looking for who will pay the highest price, with no regard to what happens to the facility,” Rasher said. “The Trust has more of an economic development mission."

The Trust hired a site manager to maintain the facility and conduct tours for prospective buyers, Rasher said. The Trust will now pay the bills on the plant – carrying costs – until it is sold or leased.