TWINSBURG, OH-A venture of Independence, OH-based Scannell Properties and Indianapolis-based DiGeronimo Cos. has purchased the 167-acre closed Chrysler Stamping Plant, with plans to demolish more than half of the buildings and offer the rest as multitenant. Vancouver-based liquidation firm Maynards Industries bought the plant for $45.5 million after it shut down last summer.

The plant, which opened in 1957 and just last year had employed more than 1,200 people to make stampings and parts at a location just off of Interstate 480, was divested as part of Chrysler’s bankruptcy last year. Maynards sold much of the plant’s large presses and other equipment off, but did not find a tenant for the property, according to a city statement.

Timothy Elam, development manager for Scannell, said in a statement that the venture plans to tear down 65% of the 2.2-million-square-feet of manufacturing facilities. The remaining 800,000 square feet, which includes a high-bay area, is move-in ready, Elam said. More buildings could be constructed on about 120 acres if demand is there, he said.