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Friday, October 14, 2011 - 4:55am

New Life For Old Plant

An Illinois real estate company has purchased the former Cooper Tire and Rubber Company plant in Albany for $8.5 million.

Court records say the transaction between Cooper and Hilco Real Estate LLC of North Brook, Illinois, was completed September 29th.

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

Cooper has largely marketed the 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.

The Albany Herald reports Kaye says Hilco intends to demolish a part of the site it considers non-functional and redevelop the area into something that is more conducive to utilization by businesses.