CLEVELAND, Jan. 13, 2016 /PRNewswire/ -- Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) closed two significant year-end deals in Batavia, Ohio and Wayne, Michigan. In 2015, Semarjian and Lichter acquired 12 new properties, encompassing 4.5 million square feet to their already impressive portfolio.
"Our 2015 aggressive acquisition strategy will be continued in 2016 and the foreseeable future," said Semarjian. "These two buildings signify our commitment to continue to expand in the region as the industrial real estate market continues to tighten."
Founders Boulevard (4101 Founders Boulevard, Batavia, Ohio) is a 292,500 square foot, multi-tenant office and industrial asset on 16.137 acres of land. This is the 6th acquisition for Semarjian and Lichter in the Greater Cincinnati area in the last five years.
"We are excited about the acquisition of this institutional Class A building as we continue to invest in the dynamic growth of the Greater Cincinnati area," said Semarjian. "Only 15,500 square feet of office space remain in this beautiful, 292,500 square foot building."
The building was originally designed and built for Grabel Sportwear. National Life Insurance Company ultimately owned and operated the multi-tenant industrial building. Stewart Devitt was the broker who represented the seller, National Life Insurance, during the transaction.
Semarjian and Lichter also acquired Metro Commerce Center (32500 Van Born Road, Wayne, Michigan), which is a 490,000 square foot, multi-tenant industrial asset on 34.5 acres of land.
This is the 5th acquisition for Semarjian and Lichter in the Greater Detroit area.
Purchased from the Farbman Group, the building was originally designed and built for Perkins Diesel. It was then purchased by Massey Ferguson followed by the Farbman Group, who turned it into a multi tenant industrial building that is now fully occupied. Jason Hempel was the broker who represented the seller, Farbman, during the transaction.
"We intend to make capital investments to enhance the building which will truly exploit the quality of the building," said Semarjian.
Semarjian and Lichter are both nationally known for their ability to purchase large-scale facilities and repurposing the buildings and sites for new tenants.
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 have 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