The latest addition to our portfolio! The 400K former True Value Hardware distribution center on 1st Street in Westlake, OH.

A local real estate development company has acquired the former True Value distribution facility in Westlake.

Industrial Commercial Properties LLC (ICP) on Thursday, Dec. 18, purchased the 408,000-square-foot property on 21.64 acres at 26025 First St. for an undisclosed amount, according to Austin Semarjian, ICP’s executive vice president.

The facility closed on April 8, according to a WARN Notice filed with the state on Feb. 7. True Value filed for Chapter 11 bankruptcy in October 2024 and was bought by hardware wholesaler competitor Do It Best Corporation in November 2024.

The space will be available for lease in the second quarter of 2026. The goal is to house one tenant, and the building would work for a corporate headquarters, manufacturing or a distribution facility, Semarjian said. The layout of the building, though, would allow it to house multiple tenants.

“Our goal is to fill it with a strong, high job user … but if we can bring new business to the region, or an existing company that needs to expand in the area, we’d love to see that happen,” Semarjian said.

JLL’s Joe Messina (executive managing director), David Stecker (managing director) and Joe Warren (senior analyst) represented the seller and will continue as the leasing team for ICP.

“This transaction represents far more than a real estate closing. It’s an opportunity to reintroduce a critical asset back into the regional economy,” Messina said in a press release.

ICP’s growing portfolio currently has 45 million square feet and 350 tenants, primarily in the Midwest, the South, along the East Coast and in Mexico, Semarjian said.

“We think it’s a great building that we can really take up to the next level and provide some really valuable product to Northeast Ohio,” he said. Link to Crain’s article: