Articles of Interest
Industrial Commercial Properties Enters Winning & Only Bid at Auction for City View Center
A Solon-based real estate developer will take control of the failed City View Center retail project in Garfield Heights, after entering the winning, and the only, bid for the property.
During a brief auction Thursday morning, December 10, an affiliate of Industrial Commercial Properties LLC offered $2 million for the 60-acre shopping center, which already is being repositioned as a business park.
Highland Park Redevelopment - Industrial Commercial Properties
Kmart Renovation - by Industrial Commercial Properties
Industrial Commercial Properties has acquired a former Kmart building in Garfield Heights, Ohio, for $1.4 million. The seller of the property at 12501 Rockside Road was a private investor based in California. The transaction was part of a 1031 Exchange, facilitated by NorthStar Title Services.
ICP obtained a $2.1 million acquisition and development loan from Home Savings Bank, according to Cuyahoga County records. This transaction marks the property’s first sale since it was constructed in 1977.
The new owner is planning major renovations for the 89,300-square-foot facility. Its structure and height allow for an adaptive reuse project, which could bring an assembly, warehouse, or retail development. This is not the first time ICP has acquired a former Kmart location, with plans to repurpose the property. Earlier this year, the company acquired the former Dillard’s store at Midway Mall in Elyria, Ohio.
According to Chris Semarjian, ICP’s owner, this redevelopment aims to retain and create jobs in the city. Vic Collova, Mayor of Garfield Heights, said in a prepared statement that the vision behind this project promises to bring a long-term benefit to the community.
Spreading across 9.3 acres, the property is nearly 4 miles from the Interstate 480 intersection with Interstate 77 and 14 miles from Cleveland Hopkins International Airport. Numerous restaurants and shopping centers are within 1 mile of the facility.