Port authority meets with developer
Discusses potential real estate deals
WARREN — The Western Reserve Port Authority on Wednesday met behind closed doors with a Cleveland area property development firm, perhaps foreshadowing something to come in the future.
Industrial Commercial Properties joined the port authority board in executive session “to discuss the potential sale or purchase of real estate,” Anthony Trevena, port authority executive director, said.
No action was taken after the discussion, but before, an executive team with Industrial Commercial Properties led the board through a review of the industrial and commercial real estate development company and its presence in the Warren / Youngstown market.
“Since I started in 1987, we’ve collected probably close to 170 properties, probably close to 50 million square feet,” Chris Semarjian, owner, Industrial Commercial Properties, said. “We have sold some property over time, but we are primarily a holder, a redeveloper.”
The company, which focuses on acquiring and restoring empty industrial and commercial buildings for tenant occupancy and productive use, deals mostly in industrial / commercial space, but it also has about 5 million to 6 million square feet of office space and a small bit of retail, Semarjian said.
In the Warren / Youngstown market, the company has 10 properties that comprise more than 5 million square feet and 21 tenants. It formerly owned a Delphi facility on Ridge Road in Vienna, but later sold it to ClarkDietrich Building Systems.
In the state over the past five years, the company has grown its acquisition portfolio by close to 80 properties and draws 30 to 40 new tenants annually, Chris Salata, chief operating officer, said.
“We have enjoyed a very good working relationship with the various communities in which we operate, including this area,” he said. “We’ve been very active in the Warren and the Youngstown markets.”
A snapshot of Industrial Commercial Properties’ local presence includes:
• The APTIV tech center in Champion at 4551 Research Parkway;
• The former Kmart distribution center in Bazetta at 541 Perkins Jones Road;
• The former Delphi plant at 3566 Larchmont Ave. NE, Warren, where Youngstown-based Phantom Fireworks now operates a warehouse;
• 355 and 365 Victoria Road, Austintown, the former Tamarkin / Phar-Mor facility. The company is considering two spec buildings that combined will be 434,000 square feet at the location.
“He (Semarjian) is the kind of partner we want to bring in the community and our port would want to partner with him to create opportunities in our community,” Trevena said.