News Summary
An industrial property in Warren, Ohio has been sold for $9.4 million. The building, previously owned by Delphi Automotive and occupied by Aptiv, has 94,000 square feet of space and sits on 11.85 acres. The sale, finalized by Industrial Commercial Properties and PG Warren Industrial LLC, reflects the increasing demand for industrial spaces in Northeast Ohio. This transaction highlights continued investor interest in high-quality industrial assets, contributing positively to the local economy and job opportunities.
Warren, Ohio – An industrial facility located at 4551 Research Parkway has been sold for $9.4 million, according to a recent announcement by real estate firm CBRE. The property, which previously belonged to Delphi Automotive, was fully occupied by Aptiv, a spinoff of Delphi, at the time of sale.
The sale, which closed in August, was finalized between the previous owner, Industrial Commercial Properties (ICP), and the purchaser, PG Warren Industrial LLC. PG Warren Industrial LLC was formed in July, and the structure of this LLC allows for confidentiality in transactions, keeping the buyer’s identity private.
According to commercial real estate data from CoStar, the building measures 94,000 square feet and sits on 11.85 acres of land. It was constructed in 1998 and underwent renovations in 2014. The facility has a ceiling height of 22 feet.
The brokers overseeing the transaction included George Stevens from CBRE’s Cleveland office, alongside Steve Timmel and Will Roberts from CBRE’s Cincinnati office. The sale reflects the ongoing demand for industrial space in Northeast Ohio.
Aptiv specializes in the production of electrical components for a variety of industries, including automotive, aerospace, and defense. They also focus on electrical distribution systems for electric vehicles as well as high-speed data facilities. CBRE noted that the sold property is part of Aptiv’s larger campus in Warren.
In May, details emerged indicating that Aptiv was planning to close one of its two plants at the Warren site; however, the sold facility remained fully occupied by the company at the time of the transaction. A spokesperson from CBRE confirmed this occupancy status.
Industrial Commercial Properties, based in Mayfield Heights, manages a portfolio of 150 properties, encompassing a total of 46.5 million square feet of industrial space. Despite inquiries, ICP was unavailable for immediate comment regarding the sale.
This transaction underscores the robust interest from investors in high-quality industrial research and development assets, as highlighted by the representative from CBRE. The demand for industrial space in the area continues to grow, making sales such as these significant for the local economic landscape.
As the industrial real estate market evolves, key transactions like this one point to a healthy interest in facilities that are equipped to support advanced manufacturing and research needs, contributing to the broader economic development and job opportunities in Northeast Ohio.
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Additional Resources
- Crain’s Cleveland: Former Delphi Automotive Plant in Ohio Sells for $9.4 Million
- Rejournals: Friedman Real Estate Closes Sale of 16,274 Square Foot Industrial Building in Warren
- Detroit News: Crews Extinguish Fire at Vacant Warren Commercial Building
- Alternative Credit Investor: LG Secures New $400M Revolving Credit Facility for Industrial Property Fund
- CoStar: Trident Capital Group Adds 150,000 Square Feet of Industrial Space in Warren, Michigan
- Wikipedia: Industrial Real Estate
- Google Search: Industrial Real Estate Market
- Google Scholar: Industrial Real Estate
- Encyclopedia Britannica: Industrial Real Estate
- Google News: Industrial Real Estate
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