Cleveland Developer Expands Control in Miami Valley Research Park

Cleveland-based developer Industrial Commercial Properties (ICP) has acquired the remaining 134 acres of developable land in the Kettering-Beavercreek Miami Valley Research Park. This acquisition is a significant milestone following years of strategic land purchases aimed at enhancing the region’s commercial capacity. The announcement was made over the weekend by Dean Miller, ICP’s senior vice president, who emphasized the acquisition’s potential to bolster the area’s competitiveness for major office, research, and light manufacturing sectors.

“This acquisition strengthens the region’s ability to compete for major office, research, and light manufacturing users,” Miller stated. He added that it supports long-term job creation and provides scalable growth options for expanding local firms as well as companies considering relocation to the market.

Significant Developments in the Research Park

ICP has established a presence in the research park since 2022, when they welcomed key personnel from the Wright-Patterson Air Force Base, including employees from the Air Force Materiel Command and the Air Force Life Cycle Management Center. These missions occupy approximately 152,000 square feet of office space within the park. With over a decade of involvement in the Dayton area, ICP has played a pivotal role in local economic development, including bringing Fuyao Glass America to a former General Motors plant in Moraine and acquiring several other notable sites.

This latest acquisition marks ICP’s 35th purchase in the Dayton area, contributing to their impressive portfolio of nearly 8.7 million square feet developed or redeveloped over the last 15 years. Christopher Semarjian, owner of ICP, expressed optimism about the future, stating, “We see this as a catalyst for the next wave of growth in the Dayton region.”

Future Prospects for Local Businesses

The newly acquired land is expected to facilitate partnerships with companies seeking a high-quality, campus-style environment. ICP plans to deliver modern, purpose-built facilities that align with the needs of businesses focused on long-term growth and job creation. This aligns with the broader goal of enhancing the economic landscape of the Dayton area, making it an attractive destination for both existing and incoming enterprises.

As ICP continues to solidify its presence in the region, the implications for local employment and economic development are becoming increasingly evident. The strategic expansion within the Miami Valley Research Park not only signifies a major investment by ICP but also represents a commitment to fostering a robust business ecosystem in the area.