Newmark Grubb Knight Frank (NGKF) is pleased to announce that Director Jeff Kennedy and Associate Brad Nosan recently completed a lease for a 36,000-square-foot, build-to-suit facility on behalf of Boss Pro-Karting. Located at 18301 Brookpark Road in Brook Park, Ohio, the new state-of-the-art complex will serve as the firm’s first location.
Founded in 2015, Boss Pro-Karting is a corporate event and meeting venue with professional racing and high-speed indoor go-karting. The firm selected NGKF to assist with site selection in finding Boss Pro-Karting the optimal location to open its very first facility.
Extensive data-driven market analysis and site evaluations prompted Kennedy and Nosan to ultimately secure a build-to-suit at 18301 Brookpark Road based on its demographics, location and available square footage. Scheduled for completion in the summer of 2016, the facility will be situated on approximately 3.5 acres and will feature professional racing, but will also be open to the public for an indoor go-karting experience.
“After a thorough and expansive market search, our team successfully negotiated a high-end build-to-suit facility on an exceptionally-located site,” said Kennedy. “Situated near I-480, I-71, the Ohio Turnpike, State Route 237 and Brookpark Road, this site boasts incredible access to Cleveland Hopkins Airport, several major freeways and Downtown Cleveland.”
“Upon confirming that the market for high-end, free-span industrial buildings is exceptionally tight in the Greater Cleveland market, we realized that a build-to-suit was the best option for our client’s needs,” added Nosan.
In addition, the team successfully applied for and received a 15-year real estate property tax abatement on behalf of Boss Pro-Karting, which was vital to the completion of the deal. On top of the 100 percent tax abatement on real property improvements, the firm also received a $50,000 grant to assist with the demolition of the existing building.
Kennedy introduced Boss Pro-Karting to Weston, a leading commercial real estate firm headquartered in Northeast Ohio that manages over 12 million square feet. “Our client was also searching for a partner on the landlord side, which is when I made the introduction to Weston,” added Kennedy. With its long history of experience in the Cleveland area and the network that they maintain, Weston was able to help structure the deal that included the demolition and rebuilding of a brand new facility for the client.
“We are thrilled as we break ground on our new custom-built facility near the airport and look forward to welcoming our first corporate and public clients to experience this unique and exciting conference and meeting venue,” said Boss Pro-Karting Principal Brad Copley. “Jeff and Brad’s market knowledge, coupled with NGKF Research Analyst Gar Heintzelman’s site analysis, made this deal possible. We could not be happier with the professional and savvy service provided by Jeff, Brad and the NGKF team.”
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 12,800 professionals operate from more than 370 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.
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