Cleveland based Industrial Commercial Properties (ICP) has bought a 570,000 square foot former Sears distribution center in Groveprot, Ohio.

The facility features 30 foot clear ceiling heights and cross docking. The asset has been unused for the past three to four years. According to ICP, the acquisition includes a full automotion package of equipment, conveyors and racking. The 42.8-acre site at 4400 S. Hamilton Road is adjacent to Ohio 33/Southeast Expressway and barely more than a mile from its interchange with Interstate 270. Besides, ICP plans to subdivide the property.

According to a Q1 report from Cushman & Wakefield, bulk industrial space- properties of 100,000 square feet or larger, with minimum 28 foot clear ceilings and built the past 15 years in the Sourtheast metro Columbus submarket has a total vacancy of 79 percent on an inventory of 43.6 million square feet. The average asking rent is $3.58 per square foot per year.

Additively, ICP has acquired four Ohio properties from Sears since 2014, counting the Groveport facility.

Source:CP Executive

Fulya Altunyay/[email protected]