5520 Chevrolet Blvd – Former Parma Chevy Plant

Challenge

General Motors closed the 575,000-square-foot former Chevy Transmission Plant in 2011. A local ownership group acquired the building in May of 2011 and the property housed various tenants over the last decade without significant improvements and never reaching full occupancy.

Solution

In 2020, ICP acquired the property when industrial vacancy was nearing low single digits due to the voracious demand for modern industrial buildings with high ceilings, ESFR and other features not readily available in the market. This demand prompted ICP to acquire the building from the previous owner to do a complete interior and exterior overhaul. 

Outcome

Within one year of ICP’s acquisition of the property, ICP made the property more desirable to large warehouse users in the market, unable to find a building due to the single-digit market occupancy. In the summer of 2021, the United States Posts Office needed a location for a sorting facility and occupied 400,000 square feet in the building. A supplier to the auto industry occupies the remaining space and the building was 100% occupied for the first time since GM closed the plant.