Crain’s Cleveland Business
June 2, 2022
Industrial Commercial Properties of Solon stayed true to its first name with its latest purchase, a hulking 350,000-square-foot building at 1333 Chillicothe Road, Aurora.
ICP paid $10.75 million for the building May 6, according to Portage County land records.
Chris Semarjian, ICP’s owner, said in a phone interview Thursday, June 2, that the fully leased building has six tenants. He said he saw it as a chance to add a structure in a strong suburb to the firm’s portfolio.
“It’s a big building, and we plan to make it better,” Semarjian said. “It’s taking longer to construct buildings, so there is more opportunity in existing ones.”
Plans by Vocon, the Cleveland architecture firm, will give the structure with substantial frontage the look of a 2020s building rather than its current, dated 1970s appearance. In addition to a new front, the building will receive new paving and contemporary, energy-efficient lighting.
Semarjian declined to disclose the budget for the updates, which he said he believes will pay off over the long haul.
The seller was Custom Associates, which is led by Chris Smythe and Bob Herman, both members of the Smythe family that originally developed the property, according to Portage land records.
Semarjian said he felt a special attachment for the property, as he had handled it when he started his commercial real estate brokerage career at the former Cragin, Lang, Free & Smythe Inc. of Cleveland.
“I worked for (the late) Jeff Smythe at Cragin Lang, and Jeff’s brother, (the late) Peter Smythe, had developed the property,” Semarjian said. Click to read article: