Developers Stuart Lichter of Industrial Real Estate Group and Chris Semarjian of Industrial Commerce Ltd. have teamed up to acquire, develop and manage commercial and industrial real estate throughout the United States. The pair are well known for their ability to purchase large-scale facilities and repurpose them for new tenants. This month, they have acquired the former SuperValu Warehouse in Xenia.
The 522,000-square-foot facility is located on 74.4 acres of land at 1003 Bellbrook Ave. It includes 300,000 square feet of dry storage space, 100,000 square feet of refrigerated space and 80,000 square feet of freezer space. The acquisition was made by Xenia Bellbrook L.L.C. According to Greene County Property Records, the warehouse was sold on Dec. 3 for $4.3 million.
Semarijan and Lichter believe they can breathe new life into the property, attract tenants, and bring new jobs and economic growth to the area. “We are very pleased with the acquisition of this building and the offerings that come along with it,” Semarjian said in a statement for the press. “We have already begun the marketing efforts that show much promise for several tenants to naturally occupy this facility.”
“We are excited about the chance to once again work in southwestern Ohio and continuing to execute our core business plan of repurposing corporate amenities,” Lichter added. “We will continue to work with community leaders in the city of Xenia as we find qualified tenants who, in turn, will provide jobs and further economic promise.”
The duo has more than 40 million square feet of industrial and commercial real estate in the state of Ohio, including several high-profile projects in the Miami Valley totaling well over 7 million square feet. Among them are the acquisition and redevelopment of the General Motors Moraine Assembly Plant, Ford Motor Batavia Car Plant, Emery Air Freight/UPS Center at the Dayton International Airport, Cooper Tire and Delphi Automotive Campus.
Photo credits: Google Maps.