Investor Duo Expands in Northeast Ohio
- Aug 24, 2015
A prominent investor duo has recently acquired another property in Northeastern Ohio. Chris Semarjian of Industrial Commercial Properties and Stuart Lichter of Industrial Realty Group are now the new owners of the former L’Oreal distribution center in Solon.
The 195,000-square-foot facility is located on a 42-acre site at 6800 Arnold Miller Parkway. It opened in 1993 and served for many years as Matrix Essentials’ national distribution center. After L’Oreal acquired Matrix, they relocated the operation to Streetsboro.
Although the two investors did not reveal how much they paid for the world-class property, Cuyahoga County land records show that it changed hands for $4.9 million. According to PropertyShark, the asset’s current market value is $6.5 million.
Semarjian and Lichter are well known throughout the United States for their ability to purchase large-scale facilities and repurpose them for new tenants. The two said that the Solon distribution center, which is one of their smaller properties, will likely become home to a single tenant.
“We are very excited about the potential of this building. There is really nothing like it in the market,” Chris Semarjian said in a statement. ”It is a flexible building that can be used for warehousing or manufacturing. We also have up 20 acres of surplus land that can be used for expansion or development.”
“We are experiencing strong growth in the region,” Semarjian added. “We are continuing to make advantageous acquisitions, while filling our vacancies faster than ever. We are also seeing rental rates climb in the more mature markets.”
Together, Semarjian and Lichter own and operate over 70 properties with more than 40 million square feet of space in Ohio. Notable projects include Goodyear, Lockheed Martin, Hoover, American Greetings, and Randall Park Mall.
Photo credit: Industrial Commercial Properties