Industrial Commercial Properties buys Garfield Heights Kmart for $1.4 million
Crain’s Cleveland Business
Chris Semarjian, ICP’s owner, said in a news release on Tuesday, Nov. 26, that he was attracted to the property by its proximity to the I-480 corridor and the fact that its design lends itself to assembly and warehouse space if not continued use as retail space.
All that’s certain so far is that the company will update the 1977-vintage building, especially its exterior.
Although ICP is best known for buying and redeveloping former industrial buildings for multiple-tenant use, it may put in new retailers if they are in the market for the location. For example, earlier this year. ICP leased a former Kmart it owns in Streetsboro to Muskegon, Mich.-based Family Home and Farm
for one of its stores.
“I’m excited about what ICP brings to the table in Garfield Heights,” Collova said. “The other two prospective buyers were looking at it for indoor storage, which would not create many jobs in the city.”