A Solon multitenant workplace/warehouse constructing at 30500 Bruce Industrial Parkway is again in native arms after Industrial Industrial Properties acquired it from an affiliate of SFF Realty Fund LLC, a San Francisco-based funding fund, for $three.2 million.
The 155,000-square-foot constructing, massive sufficient to comprise virtually three soccer fields, is vacant, in line with realty information supplier CoStar Inc. In a separate transaction, additionally on July 17, ICP paid $390,000 for a Four-acre parcel of empty industrial land that the vendor of the constructing had held individually.
Angee Shaker, Solon financial growth director, stated in an electronic mail that the town is happy that ICP, which is predicated in Solon, has acquired its fifth constructing within the suburb as a result of the agency maintains its properties nicely and markets them successfully.
Previous to the acquisition, the Cuyahoga County Auditor’s workplace assigned the constructing a market worth of $7.three million and the empty parcel a worth of $273,000. ICP holds the properties via Solon Bruce Industrial LLC.
ICP owns greater than 40 million sq. ft of business and workplace house in 4 states.
Chris Semarjian, ICP proprietor, stated in a Monday, July 27, interview that he believes the constructing has been an “underappreciated piece of business actual property.”
ICP plans to cowl the constructing with a brand new floor to present it a extra modern look and demolish “a good quantity” of the 60,000 sq. ft of workplace house to make more room accessible for brand new industrial use.
“We’ll give it the look of a surgical procedure middle,” Semarjian stated, “as a result of that’s the kind of feel and look we imagine that industrial customers need as we speak, particularly in Solon.”
He declined to say how a lot ICP plans to spend money on updating the 1986-vintage property.
The construction will likely be marketed as a single tenant or two-tenant property, though it has served as many as three tenants prior to now, he stated. The positioning can accommodate a significant addition to the constructing, he stated, even with out utilizing the adjoining parcel. Semarjian stated ICP could promote the adjoining Four-acre parcel to a consumer or develop it on a build-to-suit or lease foundation.
Bob Garber, a principal of Cushman & Wakefield | Cresco of Independence, stated he and Matt Beesley, additionally a Cresco principal, marketed the constructing for the prior proprietor as a result of the funding fund determined to not proceed to spend money on Cleveland, and the property requires investments in updates to win new tenants.
ICP outbid a number of bidders for the property, Garber stated. Garber and Beesley will lease the constructing for ICP, as they did the prior proprietor.