March 19, 2021 9:00 AM
Newmark announces a 79,203-square-foot lease to Woodpeckers LLC at 14720 Foltz Industrial Parkway, a newly constructed speculative distribution facility in Strongsville, Ohio. The company’s lease makes it the largest occupant of 14720 Foltz Industrial Parkway–the brand-new, 179,578-square-foot asset which delivered in the fourth quarter of 2020 as the second of a pair of speculative industrial buildings developed by Scannell at Mills Business Park.
Newmark Vice Chairman Terry Coyne represented the property’s owner/developer, Indianapolis-based Scannell Properties, in the lease transaction. Woodpeckers LLC was represented by Matthew Beesley of Cushman & Wakefield | CRESCO Real Estate.
The building features a 32-foot clear ceiling, EPDM membrane roof, ESFR fire protection system, heavy power, 45-foot by 45-foot column spacing, multiple docks and drive-in-doors, a 125-foot truck court and ample employee parking. Up to approximately 32,000 square feet remains available for lease.
“We have witnessed the planning or construction of many speculative industrial buildings to help meet the continued demand from companies that are seeking warehouse/distribution space,” said Terry. “This demand continues to help drive the market and this project has been no different. We are pleased that over 80% of the building is now leased.”
Minutes from I-71 and the Ohio Turnpike (I-80), the property is located in Cleveland’s Southwest industrial submarket. According to Newmark Research, the submarket had the second-tightest vacancy in the market at the end of the fourth quarter of 2020 (3.4%) and the second lowest inventory. The combination of low vacancy and lower inventory, along with other factors, underscores the demand for space in buildings such as 14720 Foltz Industrial Parkway.
“We are thrilled that Woodpeckers LLC will continue to grow and create jobs within the city of Strongsville. Scannell and Terry Coyne have developed a first-class product within the Mills Business Park and we look forward to future partnerships that will continue to benefit not only the city of Strongsville, but our entire region,” said Brent Painter, Strongsville’s economic development director.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.