LORAIN ASSEMBLY PLANT SITE SOLD

Ford Motor Company today announced the sale of the Lorain Assembly Plant property to Industrial Reality Group (IRG), a Downey, California based company that specializes in transforming industrial sites into commercial and industrial centers.

Ford worked closely with the city of Lorain and the state of Ohio to ensure the future of the Lorain Assembly Plant site would continue to serve the local community.

“We are pleased that the sale of the property to IRG will result in new development that will bring tax revenue and jobs to the surrounding communities,” said Jay Gardner, vice president, Development and Strategy, Ford Land. “IRG has a good track record transforming sites into productive commercial and industrial centers.”

This is a unique site and we are delighted to be involved in its redevelopment,” said Stuart Lichter, president of IRG. “This site is one of the only options in the Midwest for large industrial tenants and we are hopeful we’ll be able to announce the arrival of new companies and jobs to the city of Lorain in the near future.”

Lorain Mayor Craig Foltin expressed his praise to Ford and IRG on the transaction. “Too many times in the past, when jobs have left the community, nothing was done to fill the void. Ford's Lorain Plant is a prime example of cities and corporations can work together to ensure successful redevelopments. I am proud to welcome IRG to Lorain.”

A little about our new neighbor, IRG:
Industrial Realty Group, LLC (“IRG”) is a 30 year old real estate development firm specializing in the redevelopment and adaptive reuse of closed government facilities and closed or underutilized corporate campuses. With a portfolio of 50 million square feet within 70 projects across the United States, IRG is among the largest private owners of industrial real estate in the country and is widely recognized as one of the leaders in repositioning under-performing assets though adaptive use.