Cleveland-based Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for a new 185,840-square-foot, industrial spec development located at 14720 Foltz Industrial Parkway in Strongsville, Ohio. Scannell Properties closed on the land this month, to immediately commence construction on the first building.
Set for completion in December 2016, the new spec warehouse/office building will be the first development on the site, which totals 19.4 acres, and is a former baseball/softball complex. Plans are also in place for Scannell Properties to develop a second building on the site, which would be 197,440 square feet. The first building will feature 32-foot clear ceilings and 42 exterior docks. Once complete, the facility will provide T-5 warehouse lighting, an ESFR sprinkler system and office space to-suit. NGKF’s Vice Chairman Terry Coyne will lead the brokerage team assigned to lease the new development.
“This development is significant for Strongsville, as it’s the first new spec warehouse to be built on the west side of Cleveland since 2007,” said Coyne. “14720 Foltz Industrial Parkway will be the ideal size and location to satisfy current demand in this submarket. The site will also benefit from being conveniently located just minutes from major highways and transportation/distribution channels in the area, including Cleveland Hopkins Airport.”
Coyne recently signed the first lease for the property, which was a 46,400-square-foot lease to XL Screw Corporation, a fastener distributor headquartered in Lincolnshire, Illinois. The firm will relocate from its current Northeast Ohio facility in Brooklyn Heights to take occupancy of its new space at 14720 Foltz Industrial Parkway in December 2016. Coyne represented Scannell Properties in the lease negotiations and George Stevens of CBRE represented XL Screw Corporation.
Tim Elam, Managing Director, Scannell Properties, concludes, “We are excited to expand our presence in the greater Cleveland area and look forward to delivering a first class business park to accommodate a wide variety of businesses.”
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