Industrial Commercial Properties LLC, a Cleveland-based commercial real estate development company, has acquired a 570,000-square-foot, former Sears distribution center on 42.8 acres, in the Columbus suburb of Groveport.
The acquisition, which includes a full automation package of equipment, conveyors and racking, adds quality warehouse and distribution space to ICP’s portfolio.
“There is a national and regional demand for logistics facilities and limited availability,” ICP owner Chris Semarjian said in a statement. "The property is situated in an active industrial corridor and a new 200,000-square-foot pre-leased building is nearing completion next door. Our property lends itself well to two tenants and there has already been substantial interest in this asset. We expect it will be re-tenanted in short order."
With the addition of the Groveport facility, ICP has now acquired four properties from Sears since 2014, including the former Sears retail store at Midway Mall in Elyria, Ohio, which includes a freestanding Sears Auto Center, and a former Kmart retail store in Streetsboro, Ohio.
When ICP redeveloped the site of the former Randall Park Mall, where Amazon is building its 900,000-square-foot fulfillment center, in North Randall, Ohio, the assemblage included the adjacent Sears retail building. It has been redeveloped into a multi-tenant industrial building.
ICP currently owns over 40 million square feet of industrial and commercial space in four states, with a portfolio value of $1.1 billion.