Challenge
In 2021, General Electric closed its Ravenna, Ohio distribution center after previously shuttering the adjacent 172,000-square-foot lamp manufacturing plant, with a total loss of approximately 200 workers in the combined shutdown. The factory had operated since the early 1960s and employed about 400 workers at its peak.

Solution
In 2021, Industrial Commercial Properties purchased the 420,500 SF GE Lighting warehouse/distribution building on 37.5 acres. The property had over 30 docks, 100+ trailer parking spots, and rail service, which are advantageous features when marketing to modern industrial users. ICP preemptively commenced with substantial upgrades to the building, including interior and exterior lighting, a modernized sprinkler system, pavement, and interior and exterior renovations, significantly improving its desirability.

Outcome
In 2022, a year after ICP’s successful acquisition, the Massachusetts-based Boston Group announced their long-term lease at 150 Loomis Parkway and their decision to relocate their headquarters to Northeast Ohio. This move, which also involved consolidating their nearby manufacturing plant into the Ravenna property, brought 45 new jobs and a significant $2.25MM in new payroll to the city, demonstrating the positive impact of the acquisition on the local economy.

ICP, with a clear vision for the future, also acquired the adjacent 12 acres and is actively marketing the land as a potential speculative or build-to-suit development, further expanding the property’s potential and attracting more potential investors.