Jade-Sterling Steel Co. Inc. and Industrial Commercial Properties LLC recently paid $5.4 million for a property at 26400 Richmond Road, according to public records. The partners plan to renovate the complex to house Jade-Sterling’s offices and local distribution operations.
The Bedford Heights facility will replace two existing warehouses, in Twinsburg and Aurora. That consolidation is likely to start during the third quarter of 2022.
Industrial Commercial Properties owns more than 47 million square feet of real estate. The Solon-based developer formed a joint venture with Jade-Sterling to buy the Bedford Heights complex, which was formerly home to a division of the Earle M. Jorgensen Co., another steel supplier.
“When we were acquiring the property, the seller’s brokers introduced us to Jade-Sterling, knowing we are creative problem solvers and had the capability to modernize and retrofit the space to suit Jade-Sterling’s requirements,” said Chris Semarjian, ICP’s owner, in a written statement. “Manufacturing space is difficult to locate in our market, and our team at ICP excels at finding solutions for our users.”
Bedford Heights has offered the company a five-year, 50% job retention and creation tax credit, confirmed Tracey Nichols, a financial consultant working on the deal. That incentive is tied to new payroll. The city anticipates that the project will involve 55 jobs and $4.5 million worth of investment.
In a written statement, Mayor Fletcher Berger said officials are thrilled to welcome Jade-Sterling and its leadership team. “I am confident that this new beginning will lend itself to a prosperous and long-term relationship between Jade-Sterling and the city of Bedford Heights,” Berger said.
The locally owned Jade Steel group also includes manufacturing and machining operations in western Pennsylvania.