CLEVELAND, Dec. 19, 2013 /PRNewswire/ -- Developers Chris Semarjian and Stuart Lichter are once again investing in southwestern Ohio with their most recent acquisition of the SuperValu Warehouse, a building formerly operated by the grocery industry leader, located at 1003 Bellbrook Avenue, Xenia, Ohio. This 522,000 square foot facility was formerly SuperValu's food distribution and warehouse center for large scale dry, cool and freezer storage.
Semarjian and Lichter are both nationally known for their ability to purchase large scale facilities and repurposing the buildings and sites for new tenants. Their interest in southwestern Ohio will continue to provide more jobs, economic growth and vast opportunities for both businesses and individuals. Their SuperValu Warehouse acquisition was made by Xenia Bellbrook LLC.
"We are very pleased with the acquisition of this building and the offerings that come along with it," said Semarjian. "We have already begun the marketing efforts that show much promise for several tenants to naturally occupy this facility."
Adaptive reuse plans offer potential businesses who need temperature controlled storage and distribution. The building includes 300,000 square feet of dry storage, 100,000 square feet of refrigerated space and 80,000 square feet of freezer space.
"We are confident that there will be many businesses who require this rare and valuable space," said Semarjian. "It is a natural transition for companies who would prefer a reuse rather than the cost and length of time that it would take to create this space from inception."
As with other projects in southern Ohio, it is their goal to purchase underutilized corporate assets and repurpose them into vibrant new projects. In the end, it will not only breathe new life into the existing buildings, but add jobs, economic growth and opportunity for Xenia.
"We are excited about the chance to once again work in southwestern Ohio and continuing to execute our core business plan of repurposing corporate amenities," said Lichter. "We will continue to work with community leaders in the city of Xenia as we find qualified tenants who in turn, will provide jobs and further economic promise."
Semarjian and Lichter have several high profile projects in the Miami Valley, totaling well over 7 million square feet. The groups southwestern Ohio projects include the acquisition and redevelopment of the General Motors Moraine Assembly Plant, Ford Motor Batavia Car Plant, Emery Air Freight/UPS Center at the Dayton International Airport, Cooper Tire and Delphi Automotive Campus. All are recognizing rebirth based on their vision and commitment.
"We look forward to a continued strong interest in this great area," said Semarjian. "Our business model of adaptive reuse and investment in existing properties will continue to provide further opportunities and growth in this area."
About Industrial Real Estate Group (IRG) and Industrial Commerce Limited (ICL)
Developers Stuart Lichter (IRG) and Chris Semarjian (ICL) 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 portfolio spans more than 80 million square feet and has a well-earned national reputation as a leader 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 Ohio region.
SOURCE Industrial Commerce Limited