CLEVELAND, OH – Industrial Commercial Properties LLC (“ICP”), a Cleveland-based commercial real estate development company, announced the acquisition of two properties totaling 470,000 square feet in Holland, Michigan and Bryan, Ohio. ICP purchased the properties from Adient, the world’s largest automotive seat manufacturer. Adient was founded as a spin off of Johnson Controls in 2016, and accounts for one-third of the market’s global revenue and provides components for 25 million vehicles.
1776 Airport Park Court, Holland, Michigan
Both properties are fully leased to Yanfeng Automotive Interiors (YFAI). YFAI is a global supplier of interior equipment for the automotive industry and is headquartered in Shanghai, China. It has an annual turnover of approximately $8.8 billion (FY 2017) and is one of the 50 largest automotive suppliers in the world.
The facility in Bryan, Ohio is 320,500 square feet and is located at 918 South Union Street. The second property is 148,000 square feet and is located at 1776 Airport Park Court in Holland, Michigan. ICP’s holdings in Holland now total over 1.5 million square feet. In September of last year, ICP and Adient completed a transaction for two industrial buildings located at 1600 South Washington that total 665,000 square feet. In 2016, ICP acquired 701 South Waverly, a 750,000-square-foot, multi-tenant, tech center that includes YFAI and Adient as tenants.
1600 South Washington, Holland Michigan
“We have a terrific relationship with Adient and YFAI. Our experience with them as tenants has been extremely positive. We’re grateful for the opportunity to expand our strategic partnerships with both organizations,” said Chris Semarjian, owner of ICP.
“We are excited to enter the Bryan, Ohio market and continue to add to our Holland, Michigan portfolio. Holland is a hotbed for engineering and tech companies and increasing our holdings there is indicative of our confidence in the market and YFAI as our tenant,” said Chris Salata, chief operating officer of ICP.
