Industrial Commercial Properties

What Industrial Commercial Properties does

Industrial Commercial Properties LLC (ICP) is a privately held, founder-controlled commercial real estate development firm founded in 1996 and headquartered in Cleveland, Ohio. The company acquires and revitalizes distressed commercial and industrial assets — including former shopping malls, automotive plants, corporate headquarters campuses, and brownfields — converting them into functional industrial, warehouse, distribution, and mixed-use space. ICP operates through three integrated divisions: the parent ICP entity handling acquisitions and development; Industrial Commercial Construction (ICC), a full-service general contractor specializing in adaptive reuse and tenant improvements; and Industrial Commercial Management (ICM), the property management arm. The company also offers sale-leaseback transactions and build-to-suit development as core services, supported by in-house engineering, design, and project controls teams.

ICP's portfolio spans over 150 properties and 48+ million square feet across more than a dozen U.S. states and Mexico, with 325+ tenants including Amazon, Ford, General Motors, Goodyear, American Axle & Manufacturing, American Greetings, Sherwin-Williams, PPG, and Fuyao Glass. Revenue is generated primarily through recurring rental income from owned properties, supplemented by property management fees (ICM), construction services revenue (ICC), and one-time development fees from build-to-suit and sale-leaseback transactions. Pricing is negotiated on a per-asset, per-tenant basis with no standardized public pricing.

The go-to-market approach is sales-led and relationship-driven: a direct sales team identifies facility needs and matches them with existing portfolio assets or develops custom build-to-suit solutions, frequently in partnership with state and municipal economic development organizations. ICP has executed notable projects including the redevelopment of the former Randall Park Mall into an Amazon fulfillment center (960,000 sq ft), the former American Greetings headquarters in Brooklyn, Ohio (1.6M sq ft, now home to 13 tenants), the East End mixed-use neighborhood on the former Goodyear campus in Akron (4.48M sq ft on 400 acres), and a joint lease with Industrial Realty Group on Cleveland's 2.2 million sq ft I-X Center. The company is currently converting more than 3 million square feet of former malls across St. Louis, Elkhart, and San Antonio, and has expanded into Texas via the Windcrest International Business Park acquisition. ICP is led by Owner Christopher S. Semarjian, with a senior management team of SVPs covering leasing/acquisitions, development, construction, property management, finance, and accounting.

Name

Industrial Commercial Properties

Legal name

Industrial Commercial Properties LLC

Website

https://icpllc.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Industrial Commercial Properties is a privately held, founder-controlled commercial real estate developer that acquires and revitalizes distressed malls, plants, and office campuses into industrial, warehouse, and mixed-use space. It operates through three divisions — development (ICP), construction (ICC), and property management (ICM) — across 150+ properties and 48+ million square feet.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Other Real Estate Property (53119), Management of Companies and Enterprises (551), Management of Companies and Enterprises (55111)

SIC

Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

akta.pro secondary industries

Commercial Real Estate Asset Management (BPAJAMAB), Real Assets — Operating Platforms & Direct Investments (FSAAAKAL), Real Estate Investment Management (Acquisitions & Dispositions) (BPAJAMAK), Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)

Keywords

• Commercial real estate development
• Industrial property leasing
• Adaptive reuse redevelopment
• Build-to-suit construction
• Property management services

Headquarters

HQ city

Solon

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel

Revenue model

1. Commercial Property Rental: ICP generates revenue through leasing industrial, office, retail, and mixed-use properties to tenants. The company owns over 48 million square feet across its portfolio.
2. Property Management Services: Through Industrial Commercial Management (ICM), the company provides property management services to its tenants and property owners.
3. Build-to-Suit Development: Customized commercial design-build services where ICP creates solutions on their property, new construction on client land, or acquisition and redevelopment of existing sites.
4. Sale-Leaseback Transactions: ICP purchases buildings owned by clients and leases them back at affordable rates, providing lump sum cash infusion while allowing clients to continue operating in their facilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Industrial Commercial Properties acquires, develops, leases, and revitalizes industrial, office, retail, and mixed-use commercial real estate, with a focus on adaptive reuse of distressed assets including former malls, automotive plants, and brownfields. The firm owns and operates a 48+ million square foot portfolio across 150+ properties and delivers build-to-suit development, sale-leaseback transactions, and property management through its three divisions (ICP, Industrial Commercial Construction, Industrial Commercial Management).

Product overview

Industrial Commercial Properties LLC (ICP) is a commercial real estate development company offering a comprehensive suite of services centered on industrial and mixed-use property revitalization. The company operates through three main divisions: ICP (development and acquisitions), ICM (property management), and ICC (construction). Core offerings include industrial renovation and adaptive reuse of distressed properties, build-to-suit development, sale-leaseback solutions, and public-private partnerships. ICP specializes in converting former retail malls, office campuses, and manufacturing plants into functional industrial, warehouse, distribution, and mixed-use facilities. The company's portfolio spans over 150 properties with 48+ million square feet across strategic markets in the United States and Mexico.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Transformed former Randall Park Mall into 960,000 sq ft Amazon Fulfillment Center bringing back 2,700+ jobs
• +3 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core, strategic and minor.

• City of Windcrest, Texas / Windcrest Economic Development CorporationcoreStrategic or Co-development Partner · 22 March 2024ICP acquired the former Rackspace headquarters in Windcrest, Texas for development of Windcrest International Business Park. The project aims to create 1,200 jobs over seven years and offers reduced operating costs to prospective businesses. The city and EDC are partners in attracting tenants including technology firms and trade schools.
• City of ClevelandcoreStrategic or Co-development PartnerICP (along with Industrial Realty Group) leases the I-X Center from the city of Cleveland since 2021. The 2.2 million-square-foot facility is being redeveloped with the city seeking a 49-year lease extension to attract major tenants for potential 1,000+ jobs.
• Industrial Realty GroupcoreStrategic or Co-development PartnerJoint venture partner with ICP in the I-X Center lease and redevelopment project in Cleveland, Ohio since 2021.
• Jobs OhiostrategicStrategic or Co-development PartnerState economic development organization supporting Ohio job creation and business growth initiatives that ICP participates in.
• Michigan Economic Development CorporationstrategicStrategic or Co-development PartnerState economic development organization supporting Michigan projects including American Axle headquarters and other ICP developments.
• Fortune 100 Battery ManufacturerminorStrategic or Co-development PartnerA deal to redevelop the I-X Center for a Fortune 100 battery manufacturer fell through due to sharp slowdown in U.S. electric vehicle demand.
• Greater Cleveland PartnershipstrategicStrategic or Co-development PartnerRegional economic development organization serving as a partner in Cleveland-area projects.
• Dayton Development CoalitionstrategicStrategic or Co-development PartnerRegional economic development organization serving as partner for Dayton-area projects.
• Team NeostrategicStrategic or Co-development PartnerRegional economic development organization for northeast Ohio serving as partner in development projects.
• Detroit Regional PartnershipstrategicStrategic or Co-development PartnerRegional economic development organization for Detroit area serving as partner for Michigan projects.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Industrial Realty Group: National industrial and adaptive-reuse developer that is also ICP's joint venture partner on the I-X Center in Cleveland. Directly comparable in business model: acquires distressed or underutilized industrial/commercial assets, redevelops them with public-private partnerships, and leases to large industrial tenants.
• Panattoni Development Company: One of the largest privately held industrial real estate developers in the U.S., focused on build-to-suit and speculative industrial facilities for logistics, manufacturing, and distribution tenants. Comparable in scale, customer base (large logistics/manufacturing occupiers), and master-planned industrial park model.
• Dermody Properties: National developer of logistics and distribution real estate with focus on large-scale industrial parks and build-to-suit facilities. Comparable customer mix (Amazon, manufacturing, 3PL) and similar emphasis on build-to-suit and complex site redevelopment.
• Becknell Industrial: Privately held developer, owner, and operator of industrial properties across the U.S. with strong Midwest/Sun Belt presence. Closely comparable in scale, build-to-suit capability, and customer base of manufacturers and distributors.

Broad incumbents

• Hines: Large global real estate developer and investor with an industrial/logistics platform. Operates across multiple property types at greater scale than ICP, but competes for similar large industrial occupiers and large-scale redevelopment mandates.
• Trammell Crow Company: Major commercial real estate developer (subsidiary of CBRE Group) with significant industrial development activity. Competes with ICP for large industrial tenants and build-to-suit assignments, though its portfolio spans broader asset classes.
• First Industrial Realty Trust: Public REIT focused on industrial real estate with significant Midwest U.S. footprint. Comparable in geographic concentration (industrial Midwest markets) and customer overlap with ICP's manufacturing/distribution tenant base.
• Prologis: Largest global industrial REIT with deep tenant relationships including Amazon. Competes with ICP for large logistics occupiers and development mandates, though at vastly greater scale and capital access.
• Rockefeller Group: Diversified real estate developer with industrial/logistics activity. Comparable in pursuit of large-scale build-to-suit industrial opportunities and adaptive reuse of legacy corporate campuses.

Emerging players

• Craig Real Estate Group: Mid-size industrial and commercial developer in the Midwest with comparable adaptive-reuse capabilities on legacy industrial and retail sites. Smaller in scale than ICP but directly comparable in approach and end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ICP_LLC
• YouTubeyoutube.com/channel/UCTsPJF3k6Y0a1q9tzP5owgA
• Facebookfacebook.com/ICProperties.llc
• LinkedInlinkedin.com/company/industrial-commercial-properties-llc
• Instagraminstagram.com/icpllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Industrial Commercial Properties