IRG Finalizes Acquisition of Large North Toledo Property for Redevelopment Through Partnership with Port Authority

TOLEDO, Ohio, June 2, 2021 / PRNewswire / – Industrial Realty Group, LLC, one of the largest commercial and industrial real estate owners in the country, today announced the acquisition Toledos former Teledyne manufacturing facility, totaling 373,000 square feet to its 39 million square feet Ohio Portfolio.

Through a partnership with the seller of the property, Toledo-Lucas County Port Authority, IRG bought the existing building, which is 30 acres, plus another 40 acres to the north. The additional acreage is currently designed for up to 700,000 square feet of modern industrial space in the Toledo market.

“IRG owns powerful projects throughout Ohio Scenery, but this will be our first in the Toledo Market “said Stuart lights, President of the IRG. “There are plenty of options in Toledoas it continues to see historically low vacancy rates and strong user demand. This development will be a new chapter for the community; one that helps businesses grow and creates jobs. “

Hometown Food Co. (a division of Smuckers) will continue to lease part of the building adjacent to the existing manufacturing facilities. The IRG has already started aggressively looking for more tenants to fill the remaining space and is in the planning phase for Phase I of a newly built industrial complex.

“The Port Authority is pleased to join the Industrial Realty Group Northwest Ohio through this transaction, “said Thomas J. Winston, President and CEO of Toledo-Lucas County Port Authority. “We look forward to our continued partnership with IRG in the development of these properties and other projects across the region.”

This transaction comes just months after IRG announced that the company (IRG Industrial, LLC) had received and issued its first investment grade credit rating $ 335 million USPP bonds, providing new capital to recapitalize assets and expand its industrial holdings in key US markets.

About IRG
IRG is a nationwide real estate development and investment company specializing in the acquisition, development and management of commercial and industrial real estate in the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio of over 150 properties in 31 states with over 100 million square feet of lettable space. Recognized nationwide as the leading force behind adaptive commercial and industrial real estate recycling, IRG solves some of America’s toughest real estate challenges. Learn more at www.industrialrealtygroup.com.

Media contacts:
Lauren Crumrine, Head of Marketing
Industrial Realty Group, LLC
614-562-9252
[email protected]

Holly Kemler, Director of Communication
Toledo-Lucas County Port Authority
419-260-9981
[email protected]

SOURCE Industrial Realty Group, LLC

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http://www.industrialrealtygroup.com

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