Chris Semarjian of Industrial Commercial Properties (ICP) and Stuart Lichter of Industrial Realty Group (IRG) purchase 6800 Arnold Miller Parkway in Solon, Ohio

Aug 20, 2015, 13:12 ET from Industrial Commercial Properties

CLEVELAND, Aug. 20, 2015 /PRNewswire/ -- Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) are once again investing in Northeastern Ohio with the purchase of 6800 Arnold Miller Parkway, Solon, Ohio. 

The world-class, 195,000 sq. ft. building is situated on 42 wooded acres.  It was designed and built for Matrix Essentials in the early 1990's.  The building's primary use was as the company's national distribution center.  After L'Oreal acquired Matrix, they relocated the operation to Streetsboro, Ohio.

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 is one of their newer, smaller properties.  Their continued investment in the region will promise to provide not only a potential home for a single tenant, but will retain and create jobs in Solon, Ohio.

"We are very excited about the potential of this building.  There is really nothing like it in the market," said Chris Semarjian.  "It is a flexible building that can be used for warehousing or manufacturing. We also have up 20 acres of surplus land that can be used for expansion or development."

Semarjian and Lichter own and operate over 70 properties totaling more than 40 million square feet in the region. Some of their notable projects include Goodyear, Lockheed Martin, Hoover, American Greetings, and Randall Park Mall.

"We are experiencing strong growth in the region," said Semarjian.  "We are continuing to make advantageous acquisitions, while filling our vacancies faster than ever. We are also seeing rental rates climb in the more mature markets."

About Industrial Commercial Properties (ICP) and Industrial Realty Group (IRG)

Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) 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 Ohio region.

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SOURCE Industrial Commercial Properties