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Developer has big plans for massive manufacturing building in Parma

The Plain Dealer  Cleveland logo The Plain Dealer Cleveland 3/30/2020 By John Benson, cleveland.com
a bridge on the side of a building: Industrial Commercial Properties recently purchased the previous General Motors powertrain building in Parma. © John Benson/cleveland.com/cleveland.com/TNS Industrial Commercial Properties recently purchased the previous General Motors powertrain building in Parma.

PARMA, Ohio -- After successfully turning Brooklyn’s former American Greetings headquarters into a thriving economic development success story, Industrial Commercial Properties (ICP) has the same plan for its recent purchase of the previous General Motors Corp. powertrain building located at 5520 Chevrolet Blvd. in Parma.

a large building: Industrial Commercial Properties recently purchased the previous General Motors powertrain building in Parma. © John Benson/cleveland.com/cleveland.com/TNS Industrial Commercial Properties recently purchased the previous General Motors powertrain building in Parma.

ICP owner Christopher S. Semarjian said the 33-acre site, which includes a 575,000-square-foot building, has been on his radar for nearly a decade.

Cuyahoga County records show earlier this year the Solon-based company paid $9.7 million for the property, which was previously owned by 54 Chevrolet LLC.

“Anything between the airport and I-77 off I-480 is a very good location in our industrial marketplace,” Semarjian said. “Also, the overall quality of the facility, which was built by General Motors, is second to none. It would cost more than $100 a square foot to build a building like this today.

“While the previous ownership only had an interest in taking the building so far, our industrial marketplace continues to grow and expect a better quality product from the landlord.”

ICP plans to not only restore the massive building, but also increase its current usage of dead storage and ancillary industrial.

“I want to put manufacturing, active distribution and office back into this site,” Semarjian said. “We have a complete renovation plan for this property. We’re really excited.

“This comes off the heels of our American Greetings project, where we’ve taken it from empty to more than 2,000 people with probably another 1,000 people and 11 different businesses total. We’ve had very good luck, but the market has told us and demonstrated to us that they want a higher-class product. That’s what we’re going to do to this building.”

The Parma building renovation, which Semarjian said will be inspired by the soon to be opened adjacent Pitt Ohio facility, is expected to be finished this summer with additional tenants moving in by the end of the year.

“We also have the ability with extra land to put a lot of parking into the back of the complex as needed,” Semarjian said. “Interest in the property is extremely strong. The West Side does not have nearly as much product as the East Side -- and neither side of town has any really good availability.

“Taking an asset like this that needs work and bringing it up to a high-finish level, the demand will be very strong.”

Parma Mayor Tim DeGeeter said he was excited about the future of the previous powertrain building.

“In a time where everyone could use that type of news, we welcome ICP to our community,” DeGeeter said. “They have an excellent reputation. We appreciate the coming improvements to the property.

“We also connected them to their new neighbor Pitt Ohio, which will soon be opening their new and impressive facility. We’ll continue to work with both facilities as they move forward in our business-friendly community.”

Read more news from the Parma Sun Post here.

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