July 11, 2022 10:00 AM
Newmark announces the sale of 5370 Wegman Drive, a 135,412-square-foot warehouse property in Valley City, Ohio. Newmark Vice Chairman Terry Coyne and Director Claire Coyne, with Viktoria Reiser, Director with Knight Frank Munich | Germany, represented the undisclosed seller, a German manufacturer, in the sale to an undisclosed buyer. Terry Coyne has a long-standing relationship with the seller, with a partnership that spans 15 years.
5370 Wegman Drive—a two-story warehouse building on 16.83 acres—features five docks, two drive-in doors, 23- to 26-foot clear height, auto lifts with four risers, fluorescent and LED lighting, auto and truck decks, ample parking and warehouse racks.
“5370 Wegman Drive is in excellent condition with valuable in-place infrastructure,” said Terry Coyne. “Its location, in a highly traveled area with prime visibility from Marks Road, makes it a valuable asset for the new owner.”
The building is in Valley City, Ohio, approximately 25 miles from Cleveland. Proximate to Interstate 71, the main highway between Cleveland, Columbus and Cincinnati, the property is ideally situated for product distribution.
The Greater Cleveland industrial market cemented its pandemic resilience with stability in the first quarter of 2022, according to Newmark Research. The market tallied 1.79 million square feet of positive net absorption, the result of factors including lease occupations from previous quarter signings as well as some owner/user sales that prompted occupation. As a result, the overall vacancy rate decreased by 40 basis points to 4.4%, the lowest mark (tied with the first quarter of 2021) in decades. This was the industrial market’s third consecutive quarter with positive absorption and the sixth out of the past seven quarters to absorb space.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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