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VIENNA -- Industrial Commercial Properties -- the Cleveland area property development firm that already owns several buildings in the Warren / Youngstown area -- plans to expand further in the local market.
The company has offers to acquire from the Western Reserve Port Authority the former Timken Co. building in Vienna and property at 3900 Market St., Boardman, that was redeveloped into a coffee and doughnut store.
On Wednesday, the port authority's board gave its executive director, Anthony Trevena, permission to execute the sales -- $5 million for the industrial building at 1551 Vienna Parkway and $1.15 million for the Boardman Dunkin' site.
The board also agreed to acquire property from Steward Health Care Systems LLC that includes former office buildings, vacant land and parking lots with the intent to redevelop and put back into productive use.
ICP
In September, officials with ICP met with the port authority board privately to talk about buying or selling real estate. No action was taken then, but the team led the board through a review of the industrial and commercial real estate development company and its presence in the Warren / Youngstown market.
The company, which focuses on acquiring and restoring empty industrial and commercial buildings for tenant occupancy and productive use, deals mostly in industrial / commercial space.
Locally, the company has 10 properties that comprise more than 5 million square feet and 21 tenants. It formerly owned a Delphi facility on Ridge Road in Vienna, but later sold it to ClarkDietrich Building Systems.
Other properties include the APTIV tech center in Champion at 4551 Research Parkway; the former Kmart distribution center, 541 Perkins Jones Road, Bazetta; the former Delphi plant at 3566 Larchmont Ave. NE, Warren, where Youngstown-based Phantom Fireworks operates a warehouse; and 355 and 365 Victoria Road, Austintown, the former Tamarkin / Phar-Mor facility.
Elsewhere, other notable properties owned by the company are the former Geauga Lake / Sea World and the I-X Center in Cleveland.
"Any time we get a developer of that caliber, it's an exciting partnership," Trevena said.
The Dunkin' site was a "bittersweet project to announce," Trevena said, because it was the port authority that acquired the 1-acre parcel at the corner of Market Street and Midlothian Boulevard through a donation from Chemical Bank and redeveloped the land.
"We are very proud of this property and proud of what we have done to develop this corridor," Trevena said.
He did not know what plans Industrial Commercial Properties had for the sites.
A company official could not be reached for comment Wednesday.
The site in Vienna is occupied by Carpenter Technology, a specialty alloy-based materials and process solutions company that works in the aerospace, transportation, defense, energy, industrial, medical and consumer electronics markets.
Trevena said the company will remain a tenant.
PROPERTY ACQUISITION
The port authority will spend up to $300,000 to acquire several Steward properties, the most notable being commercial office buildings at 548 Gypsy Lane, Liberty; 4321 Mahoning Ave., Austintown; 1915 Belmont Ave., Youngstown, a 20,000-square-foot building that stored medical records adjacent to a new Veterans Affairs clinic; and 564 Gypsy Lane, Liberty.
"Some of them will need remediation and repurposing, some of them will need environmentals done and demolition," Trevena said. "We'll clean it, green it and put it back into productive use if possible and then if not, we'll clean up the area and deal with any long-term blight that might be there."
The remaining 22 parcels are either parking lots or vacant land. The parcels contain residential lots, but no homes.
rselak@tribtoday.com