Former Parma GM transmission plant bought by owner of numerous U.S. Postal Service
CLEVELAND, Ohio — A suburban Chicago company that owns buildings used by the U.S. Postal Service paid $34 million for a former General Motors transmission plant in Parma being used to store and process mail.
Industrial Commercial Properties of Solon sold the 575,000-square-foot building, which sits on a 33-acre lot on Chevrolet Boulevard, to an affiliate of the Oakbrook, Illinois-based American Postal Infrastructure. The sale closed on Feb. 4, according to Cuyahoga County property records.
The new owner’s business relies on purchasing buildings used by the Postal Service. The company’s website says it owns more than 550 post offices in 41 states and Puerto Rico. Several of those are in Ohio, including a post office on Broadview Road in Richfield it bought for $420,000 in May 2020, according to Summit County property records.
The former Parma transmission plant would seem to be right up that company’s alley. The Postal Service in August started using 400,000 square feet in the building to handle an influx of mail that goes through the agency’s processing center on Orange Avenue in Cleveland during each holiday season, an agency spokeswoman previously said.
The goal was for packages to move through the mail system more quickly and prevent the kind of delays residents in Cleveland and across the country saw over the 2020 holidays.
Industrial Commercial Properties bought the property for more than $9.7 million in February 2020. It is the property’s second owner after General Motors sold it in 2011, the same year the car giant closed the plant.
The Detroit automaker still operates a metal fabricating plant directly north.
The company’s website said it renovated and fully leased the building, with the other tenant being an auto industry supplier.
Cleveland.com and The Plain Dealer reached out to executives at American Postal International and Industrial Commercial Properties.
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Former General Motors Parma transmission plant sold to real estate developers
Read More: Former Parma GM transmission plant bought by owner of numerous U.S. Postal Service