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Fred Richman, chairman of the F.D. Richman Group Ltd. real estate firm, has bought the former American Consumer Products building in Solon and plans to convert the 200,000-square-foot structure to multitenant rental use.
Mr. Richman said he got an "advantageous price" for the building at 31100 Solon Road, which he bought Sept. 17 for $2.3 million, according to Cuyahoga County land records. The seller, Axxess Technologies Inc. of Phoenix, which acquired American Consumer Products Co. this year and consolidated operations in Phoenix, was asking $4 million for the building.
"I'm an opportunist," said Mr. Richman, who is among a handful of local real estate developers who focus on buying large industrial buildings and dividing them up to provide homes for smaller tenants.
Mr. Richman said American Consumer Products operated several business units in the building as separate companies. As a result, different portions already have walls and separate meters for gas and electricity, which are costly features for a developer to install. He also said a section of the building that connects to loading docks will serve as a common hallway that will be shared by several tenants.
William Miele, executive vice president of the Colliers International real estate brokerage, said...