Although terms of the sale were not disclosed, the property had an estimated market value of around $32 million, according to information compiled by a local economic development agency that was not directly involved in the transaction. In 2003, GM paid $820,000 in property taxes on the facility, which was built in 1981.

"The sale of this surplus property will put a prime piece of real estate in Delta Township to productive use," says Matt Cullen, GM's general manager for economic development and enterprise services. "We feel it is important for the communities in which we do business to be successful, and this project will benefit the community while supporting GM's Lansing-area production facilities."

GM stopped using the Delta Township plant in early 2001 after more than 20 years of engine production. "Ryder applauds GM's innovative collaboration which will help retain economic activity and employment in the Lansing community and we appreciate this opportunity to serve GM's strategic business needs," says Tony Tegnelia, Ryder executive vice president of US supply chain solutions.