Newmark Grubb Knight Frank (NGKF) is pleased to announce the sale of Liverpool Industrial Park, the largest available parcel of land within Valley City and the second largest industrial park in Northeast Ohio. The 20.7-acre shovel-ready land, located at 1010 Innovation Drive, sold on June 26th.
NGKF’s Director Jeff Kennedy and Executive Managing Director Bob Nosal, both of the Cleveland office, represented the seller in the transaction. NGKF’s team also identified the buyer, Automation Tool and Die, Inc. (dba Gen 2 Enterprises, LLC), of Brunswick, Ohio, who intends to build a brand new, state-of-the-art 100,000-square-foot headquarters on the property.
NGKF represents the owner with several other available parcels within Liverpool Industrial Park, ranging from 5 to 20 acres. The draw to these parcels of land, apart from being build-to-suit ready and strategically located in a higher end and well-established industrial park, is the pro-development nature of Valley City and Medina County. “Liverpool Industrial Park is within minutes of I-71 and Cleveland Hopkins International Airport,” said Kennedy. “Add to that exceptional incentives that are available, including a 15-year tax abatement on new construction, and there is an extremely competitive package available to all companies considering a new facility.”
“As the property changes hands, we continue to be very optimistic about the future of not only this parcel of land, but the Liverpool Industrial Park as a whole. We look forward to partnering with the new owner as plans for its new headquarters come to fruition,” said Bethany Dentler, executive director for the Medina County Economic Development Corporation.
Kennedy added, “The key to this deal was our team marketing a tangible product on the land in the form of conceptual building drawings. “It turned out to be a case study on how to think outside the box in selling raw land. We commissioned an architectural layout and a rendering of a large manufacturing facility, which we essentially put on the market as a proposed building, and the deal developed almost immediately thereafter.”
NGKF’s team in Cleveland continues to demonstrate success in facilitating land sales in Northeast Ohio. In the last 10 years the team has completed 76 deals totaling 998 acres, which was valued at over $71 million.
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.
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/.