RACER Trust, Rivore Metals, LLC, Reach Agreement on Sale of Industrial Property in Pontiac, Mich.
February 9, 2017
Company to establish metals reclamation operation; up to 35 jobs expected
PONTIAC, Mich. — RACER Trust today announced it has reached agreement with Rivore Metals, LLC, for the sale of a vacant, 41.9-acre industrial property off North Glenwood Avenue in Pontiac. Rivore intends to establish a metals recycling business with up to 35 employees at the site, with plans to construct a 40,000-square-foot sorting facility after the business is operating.
Rivore, based in Troy, Mich., is a metals trading and project management company with offices in the United States and Canada offering full-service trading operations to international specialized markets for its ferrous and non-ferrous materials. It plans to store, sort and ship reclaimed metal from the North Glenwood Avenue property.
The company purchased property along South Boulevard in Pontiac in November 2016 and is in the process of cleaning and renovating the site. Rivore plans to have indoor non-ferrous recycling operations and 10 to 25 employees at 500 South Boulevard. Rivore also operates two recycling facilities in Detroit.
“Rivore Metals is establishing a substantial presence in Pontiac, returning underutilized properties to productive use and providing jobs and new tax base,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “Redevelopment that leads to new jobs and other community benefits is central to RACER’s mission, and I’m pleased to say we have worked with several buyers, with support from the community, who are helping us to fulfill our mission in Pontiac.”
RACER Trust has sold several former General Motors properties in Pontiac, for projects that include a destination for car enthusiasts, expansion of a sports complex, a multi-tenant industrial center and new headquarters for a local construction management firm.
“Our company is proud to be making significant investments in Pontiac, and to bring new jobs and other benefits to the community as a result,” Rivore's President, Kosta Marselis, said. “We send our products all over the world, but Southeast Michigan is home, and it’s important to me that we create opportunities here. We’re looking forward to completing the purchase and setting up our operations as quickly as possible.”
“I am delighted that companies like Rivore see the benefits in investing in Pontiac,” said the city’s mayor, Dr. Deirdre Waterman. “When companies invest, local people have job opportunities close to home, the tax base improves and there is a general sense of renewal in a community. Rivore certainly is doing its part to bring revitalization to properties that had been dormant for years, and I thank Mr. Marselis for his confidence in Pontiac.”