One General St. LLC, an Indiana Limited Liability Co., owns a 30 acre parcel of real estate that is uniquely positioned in the community of Wabash, IN. The site was formerly a General Tire (GDX) manufacturing facility and all buildings other than a 20,000 square foot office and a small storage shed have been removed. In 2008 the property assessed at over $4 million. The property has the only private active rail spur in the area and due to it's status in the history of the community there is great demand for it's use once cleaned up. Today there are a lien and taxes owed which can be remediated via working with the city's counsel. Arrangements have already been made to this end. In addition, there are environmental issues that will pay off big for the right ownership group. Experience with environmental issues is a must for the buyer. With this experience it will be obvious to see that this property is a cash cow for whoever deals effectively with IDEM to go after GDX for clean up costs. Current ownership is not equipped to take on this task so we are looking to move the company and, thus, the real estate with it. This is the only asset ever owned by the company and the only operation it has ever undertaken. Hence, the name of the company is associated with the address of the property (One General St.).
The liens and taxes amount to roughly $200,000. This is not due upon sale of the COMPANY but would be upon sale of the assets of the company. Thus, new ownership may come in and negotiate even better settlements than have been arranged to date.
We are asking $300,000 in addition to whatever costs are associated with closing. Please contact Scott at 317-682-7967 with any questions or to set up a time to close. I look forward to hearing from you.