Chris Semarjian of Industrial Commercial Properties (ICP) and Stuart Lichter of Industrial Realty Group (IRG) purchase Northline Industrial Center

ROMULUS, Mich., Sept. 16, 2015 /PRNewswire/ -- Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) are once again investing in the Greater Detroit area with the purchase of Northline Industrial Center, 38481 Huron River Drive, Romulus, Michigan.

Strategically and centrally located, Northline Industrial Center is a warehouse facility with rail access in Romulus, Michigan, just minutes from Detroit Metro Airport and near Detroit's major expressways.

Northline houses over one million square feet of warehouse facilities on 164 acres.  Home Depot, W.F. Whelan Company and Renaissance Global Logistics are the anchor tenants.

"This is a substantial long term investment," said Chris Semarjian. "We anticipate continuing to provide a first-class facility for our current tenants and to fill the limited amount of remaining space with new tenancies.  We continue to explore new and dynamic investment and redevelopment opportunities in the Greater Detroit region and expect our investments in the area to become a catalyst for further economic and job development."

Purchased from Soave Enterprises, and brokered by Gary Glotzhober of Colliers International Southfield Michigan office, Northline was originally designed and built for a government jet engine manufacturing facility.  It was sold to Ford Motor Company and ultimately was owned and occupied by Kelsey-Hayes as a wheel manufacturing facility.

While Semarjian and Lichter are both nationally known for their ability to purchase large-scale facilities and repurposing the buildings and sites for new tenants, this building was purchased as an investment property. This is their fourth major acquisition in Metro Detroit which includes American Axle Manufacturing (2 plants totaling 700,000 square feet on 108 acres), two major former General Motors facilities, Centerpoint Central and Centerpoint West in Pontiac Michigan (over 1.6 million square feet on 150 acres) and Northline Industrial Center (1 million square feet on 164 acres).

"With thirty acres available for additional development, twin rail lines that service the site, heavy crane potential and 50 foot ceilings, this property could accommodate manufacturing tenants in the future," said Semarjian. 

Semarjian and Lichter own and operate 66 properties of over 40 million square feet in the region. Some of their notable projects include Goodyear, Lockheed Martin, Hoover, American Greetings, and Randall Park Mall.

About Industrial Commercial Properties (ICP) an Industrial Realty Group (IRG)
Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) and partner on national and regional projects and specialize in the acquisition, development and management of commercial and industrial real estate throughout the United States.   Their unique business model allows this team to purchase underutilized corporate assets, readapt and repurpose the property for new business development.  Their impressive portfolios span more than 80 million square feet and has a well-earned national reputation as leaders in adaptive reuse of commercial and industrial real estate.  The group has over 40 million square feet of industrial and commercial real estate in the region.

SOURCE Industrial Commercial Properties

Related Links

http://www.icpllc.com