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Newmark Grubb Knight Frank (NGKF) represented Weston, Inc., the owner and landlord of the 305,305-square-foot industrial distribution center located at 23371 Aurora Road in Bedford, Ohio, in bringing the building to 100% occupancy.
Royal Appliance Manufacturing Company filled the multi-tenant building’s remaining 138,668 square feet of vacancy. Terry Coyne, vice chairman with NGKF’s Cleveland office, was the primary leasing agent on behalf Weston. Royal Appliance was represented by Joe Messina and AJ Magner of JLL.
Conveniently located near the I-480 and I-271 intersection, the building was constructed in 1978 and renovated in 2011. When Weston acquired the property in 2014, only 110,000 square feet of the building was leased.
The significance of this most recent lease transaction lies in both its location in Cleveland’s Southeast Submarket and the overall demand for high-quality industrial space in Northeast Ohio.
“Filling this key industrial facility continues to showcase the upswing in the overall Greater Cleveland industrial market,” said Coyne. “There is a huge demand for high-quality space.”
The Southeast Submarket’s strong leasing activity in the first quarter of 2015 dropped vacancy to only 6.7%, and accounted for 50% of overall market absorption in the quarter. In fact, the Southeast has picked up where it left off from the previous two years, when the submarket posted year-end absorption above 300,000 square feet.
About Weston, Inc.
Weston is a commercial real estate company with offices in Cleveland, OH and Louisville, KY. The company began in 1972 with the purchase of industrial facilities in the Cleveland area. With over 12 million square feet in 9 states, the company maintains relationships with over 450 tenants nationwide.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.