CLEVELAND—Developers Chris Semarjian and Stuart Lichter frequently team up to buy and repurpose industrial properties in Ohio. Now, the pair has taken an important step in filling up the 140,000-square-foot 4780 Hinckley Industrial Parkway building, a former call center, which the duo bought late last year for $2.3 million. The Revenue Group has agreed to lease the first and second office floors with 46,676-square-feet. The accounts receivable firm signed a 15-year lease and will begin moving in shortly.
Lichter, the president of California-based Industrial Realty Group, and Semarjian bought the shuttered Ford Assembly Plant in Lorain, and in Akron, IRG redeveloped B.F. Goodrich's first rubber plant into Canal Place, which includes a mix of storage, office and industrial space.
James E. Klements and Denise W. Hahn of Weber Wood Medinger/CORFAC International, a real estate provider serving Northern Ohio, represented The Revenue Group in the negotiations.
“We evaluated numerous space options in the area and determined that 4780 provided both the lowest up-front cost and ongoing operating costs for the growing needs of the Revenue Group,” says Klements. “The existing open floor plan and generator back up capabilities of the building combined with the proven track record of the new owner were significant reasons that prompted the Revenue Group to select this building for their corporate headquarter and primary operating location.”
Ohio Realty Advisors will handle the leasing of the remaining 93,000-square-feet of office space.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
