Lockheed Enters Sale Leaseback of Industrial Complex in Akron, OH

The Beacon Journal - November 8, 2005

Lockheed Martin has sold its Akron properties -- but not the iconic Airdock -- off Massillon Road to a California-based real estate group that is one of Ohio's largest property owners and also a principal in Canal Place.

Lockheed Martin, with its 500 Akron employees, isn't going anywhere, though. It is leasing back space in the massive complex next to Akron Fulton International Airport, near the Rubber Bowl and Derby Downs, for another seven years. The sale of 12 parcels to Industrial Realty Group subsidiary LMA Commerce Ltd., valued at about $12.5 million according to county records, closed on Friday.

The deal brings to closure Lockheed Martin's announcement in May, when the defense contractor said it was negotiating to sell the Akron property it acquired in 1996 and lease back the space. Lockheed Martin said it will keep the Airdock, Akron's largest landmark, where it is developing its proposed High Altitude Airship program.

Industrial Realty Group wants to retain the 2.1 million-square-foot property as a significant employment center for manufacturing, warehousing and office space, said Stuart Lichter, founder and managing partner of IRG. The company specializes in finding ways to reuse closed properties, including sites such as Canal Place.

"Our plan is to work with existing tenants," he said. In addition, IRG is negotiating with other businesses to move into the available 500,000 to 800,000 square feet of space, he said.

The sale allows Lockheed Martin's Maritime Systems & Sensors division to focus on its business at the site and not have to worry about being a landlord, Lichter said. Sphere: Related Content