Industrial Commercial Properties has acquired a new retail property in Elyria, Ohio—the former Dillard’s store at Midway Mall. The new property encompasses 159,000 square feet and has been empty since 2007. ICP, known known for converting the former Randall Park Mall in North Randall into an Amazon fulfillment center, plans to redevelop this site as well.
Located on Ohio State Route 57, the 1.1 million-square-foot Midway Mall is home to more than 100 specialty stores, with JCPenney, Best Buy, Dunham’s Sports and Johnny K’s Power Sports as anchor tenants. The 18-acre site can be accessed via interstates 80 and 90.
The transaction comes approximately six months after the company’s acquisition of the Sears building and Sears Auto Center, part of the same retail center. Earlier this summer, the company also purchased a 1.4 million-square-foot former Kmart distribution center in Warren, Ohio, bringing ICP’s portfolio in the Warren/Youngstown/Austintown market to more than 3.5 million square feet.