A company planning to consolidate its nationwide operations in Ravenna expects to complete the move by the end of the summer, according to the building's owner.
Boston Retail Products Inc. is completing renovations on the former GE Distribution Plant at 150 Loomis Parkway, said Austin Semarjian, vice president of leasing and acquisitions Industrial Commercial Properties, which owns the building.
Boston Retail Products, which is currently based on Boston, plans to relocate its headquarters to Ravenna, and consolidate its manufacturing facility located in Hubbard into 300,000 square feet of modernized warehouse and office space in Ravenna. The move will leave 150,000 square feet of space for another tenant, Semarjian said.
"This property is a great fit for Boston Group's new headquarters and brings important new jobs to Ohio and the city of Ravenna," Semarjian said.
The company makes a range of displays, fixtures and other items for stores, such as shelving units. It plans to employ 50 to 60 people at the site. It's unclear how many of those will be new hires. The jobs are expected to generate $2.25 million in new annual payroll, and retain $1.2 million in existing payroll as a result of the project, according to numbers provided to the Portage Development Board.
Last year, Industrial Commercial Properties of Solon purchased the site, six months after GE closed its distribution center, which employed about 40 people. The same commercial real estate development company is redeveloping Chapel Hill Mall and the former Geauga Lake property in Aurora and Bainbridge.
The 420,500-square-foot GE Lighting warehouse/distribution building is on 37.5 acres on the north side of the city, with access to state Route 14. It is separate from the GE plant at 6800 N. Chestnut St., which closed in 2014. That facility was purchased by Ray Harner, who turned the property into the Chestnut Commerce Center.
Reporter Diane Smith can be reached at 330-298-1139 or email@example.com.
This article originally appeared on Record-Courier: Boston Group to complete move to Ravenna by summer