June 21, 2022 11:00 AM
Newmark announces it has been awarded the exclusive leasing assignment for The Wooster Brush Company’s under-construction, 608,400-square-foot warehouse facility in Wooster, Ohio. Newmark Vice Chairman Terry Coyne and Director Claire Coyne were assigned to lease the facility on behalf of the paint brush manufacturer. The Wooster Brush Company will occupy 405,600 square feet of the building; 202,800 square feet will be available for lease.
The Wooster Brush Company—one of the oldest paint brush manufacturers in the U.S.—was seeking additional capacity to support its growing business. The company developed a strategic plan to design and build a new warehouse location suitable for manufacturing, warehousing and distribution for future growth.
The new facility broke ground in the fall of 2021 with an expected delivery during the first quarter of 2023. The warehouse will feature 33-foot clear height, 6-inch floor thickness, 16 exterior dock doors, one drive-in door and sensor LED lighting.
The property, located at 2550 Daisy Way, is approximately 30 miles from Akron and 55 miles from Cleveland. It offers immediate proximity to Ohio State Route 585 with access to Ohio State Routes 3 and 83, U.S. Routes 30 and 250 and Interstates 71 and 76, providing convenient access to destinations throughout the state of Ohio and beyond.
“We are thrilled to lease this exciting new project on behalf of such a well-respected area institution as The Wooster Brush Company,” said Terry Coyne. “With industrial market fundamentals in the area continuing to tighten, we believe this project will deliver at the perfect time to capture the growing tenant demand for quality warehouse facilities.”
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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