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MP Biomedical Buys Midwest Regional HQ

SOLON, OHIO-The Irvine, CA-based medical research company acquires a 121,589-sf distribution building here for use as its Midwest regional headquarters, which has been located eight miles away in Aurora.

By Brian K. Miller | Updated on October 07, 2004

SOLON, OHIO-A 121,589-sf distribution building here has been acquired by MP Biomedical for use as its Midwest regional headquarters. The Irvine, CA-based medical research company paid Steelcase $3.9 million for the building located at 29525 Fountain Parkway.Prior to this acquisition, the property housed Celestra Hauserman, a subsidiary of Steelcase that manufactures a deluxe office/business furniture line. The facility was originally developed at a cost of $65 per sf or about $8 million.Formerly known as ICN Biomedical, MP Biomedical needed the building to keep up with growth, says the company’s broker in the transaction, Peter Castleton, a senior vice president with Voit Commercial Brokerage’s Corporate Services Group. Moreover, he says the company is in the process of expanding its business worldwide.”The company has retained Voit’s Corporate Services Group to implement a comprehensive acquisition strategy in the US and abroad,” says Castleton. “We are currently searching for properties in Paris and Strasburg, France.”George Elliot of Staubach represented the Steelcase in the transaction.

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