Citing substantial demand, the Ohio-based developer plans to subdivide the 570,000-square-foot property, which is fully equipped with conveyors and racking.
Industrial Commercial Properties has acquired a 570,000-square-foot former Sears distribution center in Groveport, Ohio. Cleveland-based ICP has acquired four Ohio properties from Sears since 2014, counting the Groveport facility—the Sears retail building at the former Randall Park Mall in North Randall, the former Sears store at Midway Mall in Elyria, which includes a freestanding Sears Auto Center, and a former Kmart store in Streetsboro.
The 42.8-acre site at 4400 S. Hamilton Road is adjacent to Ohio 33/Southeast Expressway and barely more than a mile from its interchange with Interstate 270, Chris Semarjian, owner of ICP, told Commercial Property Executive. The facility, which features 30-foot clear ceiling heights and cross-docking, has been unused for the past three to four years, Semarjian said. The acquisition also includes a full automation package of equipment, conveyors and racking, according to ICP. The new owner plans to subdivide the property.
Click to read the entire article.