ICP Buys Former Kmart Building
The company has obtained a $2.1 million loan from Home Savings Bank to acquire and redevelop the 89,300-square-foot property in Garfield Heights, Ohio.
12501 Rockside Road. Image courtesy of Industrial Commercial Properties
Industrial Commercial Properties has acquired a former Kmart building in Garfield Heights, Ohio, for $1.4 million. The seller of the property at 12501 Rockside Road was a private investor based in California. The transaction was part of a 1031 Exchange, facilitated by NorthStar Title Services.
ICP obtained a $2.1 million acquisition and development loan from Home Savings Bank, according to Cuyahoga County records. This transaction marks the property’s first sale since it was constructed in 1977.
The new owner is planning major renovations for the 89,300-square-foot facility. Its structure and height allow for an adaptive reuse project, which could bring an assembly, warehouse or retail development. This is not the first time ICP has acquired a former Kmart location, with plans to repurpose the property. Earlier this year, the company acquired the former Dillard’s store at Midway Mall in Elyria, Ohio.
According to Chris Semarjian, ICP’s owner, this redevelopment aims to retain and create jobs in the city. Vic Collova, Mayor of Garfield Heights, said in a prepared statement that the vision behind this project promises to bring a long-term benefit to the community.
Spreading across 9.3 acres, the property is nearly 4 miles from the Interstate 480 intersection with Interstate 77 and 14 miles from Cleveland Hopkins International Airport. Numerous restaurants and shopping centers are within 1 mile of the facility.
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