Cornerstone Business Park, located at the corner of Chamberlin and East Aurora Roads in Twinsburg, Ohio, has reached full occupancy, as the park’s most recently delivered speculative building at 8601 Independence Parkway will be home to a Lowe’s distribution center. Lowe’s 180,000-square-foot lease occupies the last available space at the 276,000-square-foot building. Cornerstone Business Park is on the site of the former 1.8-million-square-foot Chrysler Stamping Plant.
Newmark Vice Chairman Terry Coyne represents Cornerstone Business Park’s owner/developer, Indianapolis-based Scannell Properties and Independence’s DiGeronimo Cos., in the park’s leasing; JLL represented Lowe’s.
In addition to the new lease, Scannell Properties will be adding a final 279,000-square-foot speculative building on the 17 highly-visible acres located at the northwest corner of the park. This final spec building will bring the park’s phased development to a close. Touting an extremely high-quality tenant mix, Cornerstone Business Park is home to FedEx (303,000-square-foot package sorting facility in 2015); Amazon (248,000-square-foot distribution center in 2016), O’Reilly’s Auto Parts (400,000-square-foot distribution center in 2019), Bridgestone, Dunkin’ Donuts and more.
“The success that we have had in leasing up the two previous spec buildings at Cornerstone is a major indicator of what we expect with the third building,” said Coyne. “The strength of the industrial market in Cleveland continues to hold true, even throughout the last few, challenging months. We are excited to welcome Lowe’s as a park tenant as well as move forward with the plans to bring the park to capacity.”
According to Newmark Research, Cornerstone Business Park’s 2015-delivery of the 200,000-square-foot speculative building in the southwest corner of the development represented the first speculative building delivered in Cleveland since 2007. Since then, speculative development in the area has continued to be strong. In fact, over 1.3 million square feet of potential construction has been proposed for the Southeast submarket, where Cornerstone is located, some of which is speculative. The explosion of e-commerce and that industry’s need for large warehouse and distribution centers, as well as last-mile sorting facilities, have given developers more confidence to build in the hopes that the trend for home delivery of goods continues.
“Over the years, no matter the market conditions, Terry has kept Cornerstone Business Park at the forefront of the industrial market. We’re excited to have Lowe’s join our top-notch roster of companies, and we look forward to marketing this third spec building so that the park can reach its pinnacle,” said Tim Elam, Managing Director with Scannell Properties.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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