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Real estate company buys Cooper Tire facility

The buyer, Hilco Real Estate LLC., is an Illinois-based real estate investment corporation, officials say.

Photo by Casey Dixon

Photo by Casey Dixon

— An Illinois real estate company has purchased the former Cooper Tire & Rubber Co. plant in Albany for $8.5 million, deed records show.

The court records say the transaction between Cooper and Hilco Real Estate LLC of North Brook, Ill., doing business as HRE Albany LLC, was completed Sept. 29.

Ray Kaye, executive vice president of Hilco, confirmed the purchase Wednesday and said that the company is already working with prospective tenants.

"We did purchase that facility and intend to keep Cooper on as a tenant in a portion of the building for the foreseeable future," Kaye said. "In addition, we're looking for one or more tenants to occupy most of the remaining building."

Ted Clem, president of the Albany-Dougherty Economic Development Commission, said the EDC was aware of the pending transaction but that the details of the transaction would have to come from either Hilco Real Estate LLC, the parent company of HRE Albany LLC., or Cooper.

Cooper has largely marketed the massive, 1 million-plus square-foot facility on its own since the company announced in 2008 that it would be closing the majority of the plant — sending 1,300 people to the unemployment line and setting a new low water mark in the area's struggling unemployment and poverty situation at the time.

According to its website, Hilco is a global company who works with corporate clients to "reposition and restructure," real estate holdings to improve cash flow.

"Our clients include retail businesses and industrial concerns that may be closing under-performing facilities, consolidating as a result of a merger or acquisition, expanding into new markets, or streamlining their organization. We serve healthy companies as well as those in turnaround and renewal or in bankruptcy," a statement on the site reads.

Kaye said that the company does a lot of principal investing in property for the purpose of adding value to the property.

That's one reason why Kaye said that the company intends to demolish a part of the site that he says is non-functional and redevelop the area into something that is more conducive to business utilization.

"Our goal is to look at properties and find ways to add value so that it benefits industry and benefits the community," Kaye said.

Comments

bubbavet 2 years, 10 months ago

THIS HAS THE SMELL OF "OBAMA"

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Parent 2 years, 10 months ago

How do you blame Obama for this??

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gsujd 2 years, 10 months ago

How is it even a bad thing?

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bubbavet 2 years, 10 months ago

"PARENT " YOU ARE NOT SMART ENOUGH TO UNDERSTAND. IT IS FAR OVER YOUR HEAD.

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TamewRod 2 years, 10 months ago

We bow to your intelligence, bubba.

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Margie 2 years, 10 months ago

bubbavet, it appears to me that the purchase of this property is actually to intelligent for YOU to understand , and is far beyond your comprehensive. You are so obsessed with President Obama and you hate for him until your brain doesn't recognize or understand that a real estate company purchased the plant. But, even if OUR President is behind it, so what, if buying the property will be good for this city. Furthermore, your response to "parent, is a clear indication of your stupidity. The news article is far over your head. Sponge Bob would have absorbed and understood better. I pray that you have rid yourself of all the hate that you have for Mr. President, before God calls you to your eternal resting place.

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BobCl 2 years, 10 months ago

Ya really great ideal, tear down half the building have different tenants come in, so we lost a little over 1400 jobs and then someone buys this building and if albany lucky maybe 500 jobs might be come, we still got the shaft, and how convenient it is that the company that brought this is from Illinois, Home of Cooper Tire and Obama, and about a blue of a state that you can get, ya we get scdrew again timer to move to columbes, augusta macon somewhere else but agony, ga

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TrixibelleBento 2 years, 10 months ago

I think they should turn it into a second jail or a homeless shelter.

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Justice4Moma 2 years, 10 months ago

I agree with Bob,Trixi,and bubba.All 3 have it right in many ways.Just wait and see.If it brings jobs great for Albany.But with the people we have in ALL Gov. Offices right now there has got to be something bad comming from it.And if our Officals in office here in Albany have anything to do with it,they will probley run any buisness outa town before they get moved in good. Look i dont mean to be down on all our Officals.But they brought it on there selfs.They have showed us what they can do for Albany,thank goodness some of thems time is about up. I am no ones Judge,but i do have freedom to speak,and i am not finished yet.When it comes to the time when we can not voice what we feel without being scared of hurtting someones feelings or being taken to court about what we say(that is the truth,not just here say)That is the day i hope the God above takes me home with him.

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bubbavet 2 years, 10 months ago

MARGIE MY HEART AND SOUL IS RIGHT WITH GOD. IT IS NOT HATE OR RACISM IN MY HEART, BUT THE TRUTH. IT IS YOUR BLACK HEART THAT IS BLINDED.

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LuLu 2 years, 10 months ago

Bubba, I was concerned about that, too. The Illinois thing just raises a huge red flag! But I Googled the company and Ray Kaye yesterday and didn't find anything incriminating about them. Hopefully this will turn into a positive for Albany.

What's wrong with the Reply feature?

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TrixibelleBento 2 years, 10 months ago

It doesn't work LuLu. I tried earlier.

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