1776 Airport Park Court, Holland MI. Photo Credit: CoStar
CLEVELAND—Locally-based Industrial Commercial Properties has acquired two properties from automotive seat manufacturer Adient in Holland, MI and Byran, OH totaling approximately 470,000 square feet.
Both properties are fully leased to Yanfeng Automotive Interiors, a global supplier of interior equipment for the automotive industry headquartered in Shanghai, China. It has an annual turnover of approximately $8.8 billion (FY 2017) and is one of the 50 largest automotive suppliers in the world.
No financial terms of the transaction were disclosed.
The facility in Bryan, OH totals 320,500 square feet and is located at 918 South Union St. The second property is 148,000 square feet and is located at 1776 Airport Park Court. ICP's holdings in Holland now total more than 1.5 million square feet.
In September of 2018, ICP and Adient completed a transaction for two industrial buildings located at 1600 South Washington that total 665,000 square feet. In 2016, ICP acquired 701 South Waverly, a 750,000-square-foot, multi-tenant, tech center that includes YFAI and Adient as tenants.
“We have a terrific relationship with Adient and YFAI. Our experience with them as tenants has been extremely positive. We're grateful for the opportunity to expand our strategic partnerships with both organizations,” says Chris Semarjian, owner of ICP.
Adient was founded as a spin-off of Johnson Controls in 2016 and currently accounts for one-third of the market's global revenue and provides components for 25 million vehicles.
“We are excited to enter the Bryan, Ohio market and continue to add to our Holland, Michigan portfolio. Holland is a hotbed for engineering and tech companies and increasing our holdings there is indicative of our confidence in the market and YFAI as our tenant,” said Chris Salata, chief operating officer of ICP
ICP currently owns more than 40 million square feet of industrial and commercial space in four states, with a portfolio value of $1.1 billion.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
