Cincinnati PR

Rust Belt Renaissance: Warren (OH) Edition

Industrial Commerce Ltd. of Cleveland, Industrial Realty Group (IRG) of Los Angeles ink deal with Delphi Automotive to renovate, repackage key parts of Former Delphi Plants in Warren, OH

Phantom Fireworks, brand of B.J. Alan Co., signs on as anchor, creating jobs in the process.

Industrial renaissance rages with Semarjian/Lichter team, recent buyer of GM, Goodyear, UPS plants.

Acquisition includes 100 acres available for development at Ohio Rte 5 site, feeder to Ohio Turnpike.

[WARREN, Ohio ~ August 30, 2011] The Rust Belt Renaissance of America’s industrial gems keeps rolling as the summer of 2011 closes out, courtesy of Industrial Commerce Ltd. of Cleveland and Industrial Realty Group (IRG) of Los Angeles, with the purchase, repositioning and power-up of a new, state-of-the-art industrial park carved out of the Delphi complex in Warren, Ohio.

Partners Chris Semarjian and Stu Lichter formed IRG Warren I LLC to acquire the 1.2 million square-foot facility, divvied up and separated as a three-building complex along North River Road from the main Delphi Automotive facility.

The deal, one of the largest real estate transactions in Trumbull County history, closed today.

Besides today’s blockbuster transaction, which also includes a tenant – B.J. Alan Co., owner of Phantom Fireworks, creating jobs with a consolidation effort and a new headquarters facility – the Semarjian/Lichter team has been on its own tear this blazing summer of 2011, closing deals that will unleash:

– Developing a new Goodyear international headquarters in Akron (and renovating the old);

– Consolidating facilities at a new North Canton headquarters for Suarez in The Hoover District;

– Building a new future in Dayton with the purchase/repositioning of the GM Moraine plant;

–  Launching the new Air Commerce park near the Dayton airport, at a former UPS shipping hub.

“We have a proven formula,” said Chris Semarjian, managing member of Industrial Commerce Ltd. of Cleveland, a developer who owns one-third of IRG Warren I LLC, along with Lichter and Bruce Zoldan, B.J. Alan CEO.

“We’ve been putting our team to the test, not just all over Ohio, but nationwide, and what we’ve found is given the right touch, time and place, these older industrial facilities can provide incredible opportunities for companies just like B.J. Alan,” Semarjian said.

Acquisition of Plants signals New Phase for Area Property

“Like many of the other properties we have acquired recently – Goodyear, UPS, GM Moraine – the recently purchased Delphi plants are well-maintained. We know we can create, and nurture, an economic engine for the entire Mahoning Valley economy, as well as northeastern Ohio, and across the Midwest,” said Lichter, President of IRG (www.IndustrialRealtyGroup.com).

“Now, another phase starts. And we have to get more businesses revving their engines,” Lichter said.

“We see our new headquarters at the newly purchased site, and our relationship with Chris and Stu, as a great project for the overall community,” said Mr. Weimer, vice president of B.J. Alan and its distinctive brand, Phantom Fireworks (www.fireworks.com).

“We are committed to the Mahoning Valley, and we’re here to do all we can to commit to rebuilding the economy in our own backyard,” Weimer added.

“To have an opportunity like this, in a region where we’re already deeply involved in the fabric of the community, is a tremendously exciting proposition. We greatly anticipate the opening of the new B.J. Alan Co. in the Mahoning Valley,” Weimer said. He anticipates a six-month build-out before opening.

Jobs, Redevelopment and Rebirth:  The community speaks

“The acquisition of the former Delphi plants is a great success story, and another example of how the Mahoning Valley has recreated its image,” said U.S. Congressman Tim Ryan (D-OH).

“Today’s announcement demonstrates what we can accomplish locally, when we all work together as business leaders and elected officials, for the common goal of retaining and creating jobs in our region. I’m thrilled to have played a part in the preservation of plants 12, 14 & 15, and I’m excited to watch the progress as B.J. Alan Co. builds its new headquarters. Together, we are propelling this Valley forward,” Congressman Ryan said.

“The Western Reserve Port Authority worked with Delphi to find a re-use for plants 12, 14 and 15, and was proud to be an integral part of the collaboration between the offices of Congressman Ryan, the Trumbull County Commissioners, the local communities and the Regional Chamber,” said Rose Ann DeLeon, executive director of the Western Reserve Port Authority.”

“We realized private sector investment was needed for the redevelopment to be successful, and to bring jobs back to this site. The Western Reserve Port Authority is delighted that the Industrial Commerce/IRG team brought their expertise and financial commitment to the Valley, and will soon have a substantial portion of the buildings up and running with their new cornerstone tenant, the B.J. Alan Co. We look forward to continuing our support on this exciting redevelopment project,” Ms. DeLeon said.

“This opportunity is the result of a monumental collaboration among Industrial Commerce Ltd., IRG, Delphi, the Western Reserve Port Authority, the Youngstown-Warren Chamber of Commerce, Congressman Tim Ryan and his staff, and B.J. Alan,” said Trumbull County Commissioner Paul Heltzel.

“The saving of the productive capacity of these three buildings, with a replacement cost estimated at $80 million, will serve as a working monument to all of those who had a role in preserving the former Delphi plants, and beginning the new legacy of Industrial Commerce, IRG and B.J. Alan,” Heltzel said.

““This is an exceptional announcement, blending Industrial Commerce Ltd. and IRG, two highly-respected developers and B.J. Alan, an outstanding Valley-based company, resulting in an exciting redevelopment that continues the string of positive economic development project news emanating from our region,” said Walter M. Good, vice president of economic development, business retention and expansion with the Youngstown/Warren Regional Chamber.

“The Office of Congressman Tim Ryan, the Trumbull County Commissioners, the Western Reserve Port Authority, the Regional Chamber and other stakeholders have been working for many months to find a viable use for this great property, and we are thrilled to have aided in their capacities to facilitate this deal,” Mr. Good said.

“Finding a suitable buyer for the land was an important aspect of this transaction,” said Rachelle Valdez, Director of Communications and Marketing with Delphi Packard Electrical/Electronic Architecture (www.delphi.com).

“The Ohio Department of Development, the Western Reserve Port Authority and Youngstown/Warren Regional Chamber assisted Delphi in efforts to locate a buyer for the land. We appreciate the support and cooperation these organizations extended to find a positive outcome for the community and the State of Ohio.”

Industrial Commerce Ltd., owned by Semarjian, is an aggressively expanding real estate company with 32 million square feet of properties, serving more than 200 clients in Ohio, Michigan and Pennsylvania. Mr. Semarjian can be reached at (216) 831-3310 or chris@industrialcommerceltd.com.

Owned by Lichter, IRG is a national developer based in Los Angeles, controlling more than 90 million square feet of properties in 22 states. Mr. Lichter can be reached at (562) 803-4761 or slichter@irg.cc.

For media inquiries, please contact Mr. Andy Hemmer, president of AndyHemmer.com PR at (513) 604-5428 or andy@andyhemmer.com.

Here’s page one of today’s Industrial Commerce/IRG press release, saved as a JPG (1 MB) ….

…. and here’s Page 2, (1.2 MB):

…. and here’s the PDF:

Industrial Commerce Ltd., IRG close former Delphi Automotive Plants deal – 8.30.11