Smart Business Magazine, November 2019
30 Smart Business Cleveland November 2019 Know what you do well ICP has largely built its portfolio across Ohio and Michigan but it also has a presence in Pennsylvania and Florida Northeast Ohio has seen a number of high profile projects take shape In Brooklyn the 14 million square foot complex once home to American Greetings is being rejuvenated with seven new leases and by 2020 its expected that more than 2000 jobs will be brought to the campus In North Randall ICP is leading a remake of the vacant Randall Park Mall property It acquired the land in 2014 and began clearing the site for new development which now houses a 900000 square foot 177 million Amazon fulfillment center that has created more than 2500 new jobs for the area In August ICP bought the vacant Dillards building at Midway Mall in Elyria which follows its acquisition last spring of the Sears building At the old Euclid Square Mall Dillards had an outlet there for a long time and kept that thing limping along for probably 10 to 12 years But once they lose that revenue source it brings about a different view on things Semarjian is captivated by the location of the Midway Mall property on State Route 57 between Interstates 80 and 90 Thats the tightest connection point between two east west major highways and we have probably two thirds of the developable frontage on Route 57 Semarjian says I love the building but I bought it for the site Where the heck can you get that much frontage on a major state route between two huge highways So thats our play When Semarjian considers acquisition strategy he focuses on projects that can be completed within a three to five year timeframe Our basic business is not long term development he says Its turnaround development We outsource all of our property management so were not bogged down with the daily cut the grass plow the snow and manage a bunch of accountants to collect the rent Were in the buy plan lease and construct mode COVER STORY INDUSTRIAL COMMERCIAL PROPERTIES LLC I like to understand what drives people and once you understand that you try to inject a little bit of market reality CHRISTOPHER S SEMARJIAN OWNER INDUSTRIAL COMMERCIAL PROPERTIES LLC Thats a little longer term play for us Semarjian says You have a fairly strong investment group that owns the interior mall portion and the Penneys building Its not real clear what they want to do yet They just lost Penneys so I think thatll maybe work its way out in the near future He says when theres income at a property things tend to drift
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