Industrial Realty Group, Ohio Realty Advisors, LLC, and International Risk Group, LLC, Acquire the former Ford Automobile Assembly Plant in Lorain, Ohio
January 22, 2007
Littleton, CO – IRG Lorain, LLC, has acquired the former Ford Motor Company Lorain Assembly Plant located at 5401 Baumhart Road, Lorain, Ohio. IRG Lorain, LLC is a limited liability company whose members are Industrial Realty Group, Ohio Realty Advisors, LLC and International Risk Group, LLC. The site consists of two parcels of approximately 253 acres and 26 acres, respectively. The improvements consist of two principal structures, an automotive assembly plant of 3,000,000 square feet and a newer paint plant of 845,000 square feet. The site is bounded by two major local arterials and two major railroads with spurs to the plant. The as-is where-is transaction requires IRG Lorain, LLC to accept all current and future environmental liabilities from historical operations. IRG Lorain, LLC will conduct the necessary environmental clean-up and close the site under the Ohio Voluntary Action Program, reconfigure the existing buildings and make the site available for lease to industrial tenants as early as spring 2007.
International Risk Group, LLC, is an impaired asset investment banking and environmental risk management firm headquartered in Denver, Colorado. The firm specializes in acquisitions, divestitures, mergers, liability assumptions, public to private transfers, valuations and impaired asset advisory services for assets with valuations between $1 million and $1 billion and with liabilities between $1 million and $300 million.
International Risk Group, LLC is located at 7991 Shaffer Parkway, Suite 300, Littleton, CO 80127. Phone: 303.972.6633 Fax: 303.948.4155
Contact Todd LaBandt at tlabandt@irgco.com for more information.
