Diamond Properties has acquired a 461,038-square-foot industrial property in Ravenna, adding a large, nearly full warehouse to its holdings in Northeast Ohio, the company announced Tuesday, Oct. 27, in a release distributed by Business Wire.
The property, at 150 Loomis Parkway in Portage County, sits on approximately 37.5 acres within the Akron industrial market, according to the company’s announcement via Business Wire. It is 97.6 percent occupied, and its largest tenant presence is Boston Group, which occupies approximately 308,000 square feet of the facility.
“150 Loomis Parkway is a strong addition to our industrial portfolio and reflects the type of opportunity we continue to pursue,” Jim Diamond, chief executive officer of Diamond Properties, said in the company’s announcement via Business Wire. “The combination of significant scale, strong occupancy and a location within Northeast Ohio’s established industrial market provides a solid foundation for long-term ownership.”
Originally constructed in 1971, the masonry warehouse features 21-foot clear heights, 76 loading docks, three drive-in doors and approximately 100 surface parking spaces, according to Business Wire. The company said its large footprint and multi-tenant configuration support a range of warehouse, distribution and manufacturing uses.
The property is located near State Route 14 and is surrounded by established industrial, manufacturing and distribution operations, according to Business Wire. Its access to the regional highway network provides connectivity throughout Northeast Ohio and to the broader Cleveland-Akron-Canton market.
Diamond Properties said the acquisition aligns with its strategy of acquiring commercial real estate with opportunities for sustained performance and long-term value creation, and that the Ravenna property’s existing occupancy and functional industrial configuration fit that approach. The announcement did not disclose a purchase price.
Based in Mount Kisco, New York, Diamond Properties was founded in 1995 and focuses on acquiring commercial properties with potential for improvement through hands-on property management, market repositioning and capital upgrades, according to Business Wire. The company said it has acquired more than 125 properties and currently owns more than 111 properties totaling approximately 18 million square feet across 13 states, spanning office, medical, industrial, retail, self-storage, residential, lodging and land holdings.
For Ravenna and Portage County, the sale keeps one of the area’s largest industrial buildings under an owner that says it is pursuing long-term ownership in the region’s logistics and manufacturing corridor. No changes to the building’s tenants or operations were announced in the release.
Photo: JonRidinger, CC BY 3.0