4 Million Square Foot Former Ford Assembly Plant Residing on 280 Acres
Jiffy Products of America
Midwest Global Distribution
Vermillion Indoor Storage
The 4 million square foot plant was abandoned by The Ford Motor Company at the end of 2006, which left The City of Lorain with the highest unemployment rate in the state. Through proactive leasing efforts, new companies have moved into the facility leasing over a half-million square feet, creating over 200 jobs. Current tenants are now enjoying the benefits of this well constructed structural gem.
The project is a classic example of the “adaptive re-use” expertise within IRG Realty Advisors. We specialize in turning around older industrial properties into viable income producing, job creating assets creating a new life cycle for the building owners and the surrounding community.
IRG Realty Advisors also creatively provide return to its client by developing an equipment sale and scrap recovery program. Proceeds from this program were used to re-establish the site.
The complexity of the deal and negotiations with The Ford Motor Company has made Ford a partner with IRG Realty Advisors in making sure we comply with and solve liability Environmental issues. IRGRA applied for and was awarded 3 million dollars from the Clean Ohio Revitalization Fund.