Total Square Footage: 83,000
Acquired: October 19, 2022
Tenant Name: ICM Controls Corp.
On October 19, 2022, Royal Oak acquired the headquarters and light manufacturing facility of ICM Controls Corp. (“ICM”) located in Syracuse, NY. The property is located in the Syracuse, NY metropolitan statistical area, offering remarkable transportation connectivity via I-90 and I-81, direct access to the Syracuse Hancock International Airport, and a central intermodal hub for CSX rail. ICM signed a 15-year absolute net lease at closing.
The property was built in 2007 and is 83,000 square feet situated on approximately 15 acres. The facility has a maximum clear height of 35.5’ and four docks. The manufacturing area includes a state-of-the-art board shop, drill room, imaging room, auto-assembly area, and injection molding space. There is a substantial amount of equipment invested in the facility and ICM plans to invest more in the near future. The additional 15 acres also offers the potential for future expansion.
Founded in 1984, ICM is a leading, ISO certified manufacturer of electronic controls, differentiated by product and process innovation, robust quality control, and true vertical integration. ICM has a turnkey business model as its capabilities include everything from design & engineering through production & marketing of final product. ICM manufactures custom OEM products and branded aftermarket products for the HVAC, electrical, appliance, pool & spa, marine, and recreational vehicle industries. The company has long standing partnerships with some of the most recognized industry leaders in the world and is the only domestic electronic controls manufacturer serving both OEMs and the aftermarket. ICM was acquired by private equity firm Lorraine Capital in April 2022.