Industrial Commercial Properties LLC and Industrial Realty Group LLC announced Italy-based Tiberina Group has acquired 10 acres of industrial land in Detroit for a planned manufacturing facility.
ICP, a Cleveland-based developer, and IRG, a Los Angeles-based real estate development and investment firm, originally acquired the property in 2014 from Detroit’s American Axle & Manufacturing Inc. American Axle then leased back the buildings long-term.
“Holistically, it is very gratifying to watch the site thrive,” IRG President Stuart Lichter said in a statement. “There has been significant investment into the property, which continues to grow steadily. Tiberina Group will be an excellent addition to the flourishing manufacturing hub surrounding the site.”
ICP Owner Chris Semarjian added: “This development means new manufacturing jobs to the region. As developers with expertise in adaptive reuse, one of our goals is to make an economic impact. This will be one of those stories.”
W. Emery Matthews of Detroit-based Real Estate Interests LLC represented Tiberina in this transaction.
“Tiberina is excited to bring its state-of-the-art manufacturing process to the heart of Detroit,” Matthews said in a statement. "It’s a testament to the city’s global competitiveness and talented labor pool."
Tiberina views this as a strategic location, which is ideal for supporting its automotive clients, said Austin Semarjian, who works on sales and acquisitions for ICP. The details are still being worked out such as size and scope of the new plant, but this land purchase indicates Tiberina’s commitment to the project, he added.