Newmark Grubb Knight Frank (NGKF) is pleased to announce the sale of 26801 Fargo Road in Bedford Heights, Ohio, a fully-leased, 173,052-square-foot warehouse and office building. NGKF’s Vice Chairman Terry Coyne, SIOR, CCIM, and Managing Director Kristy Hull, SIOR, CCIM, represented the sellers, a group of local investors, in the $7,636,651 transaction. The property was sold to STAG Industrial Holdings, LLC.
“This sale is evidence of a still-robust industrial investment climate, even in secondary markets such as Northeast Ohio,” said Coyne. “We were able to capitalize on our experience in brokering sales of large warehouse facilities in the area along with our market knowledge to secure a quality buyer for our client.”
“With vacancy now hovering around a generational low, this price is still far below the building’s replacement value,” added Hull. “In a rising market, this price may seem high today, but could prove to be a smart move in the not-too-distant future.” NGKF Cleveland’s 4Q16 Industrial Market Report indicated an industrial market vacancy of 6.8 percent, having dipped below seven percent for the first time since the company began its current methodology of tracking industrial real estate statistics.
26801 Fargo Road is a single-story, 173,052-square-foot masonry warehouse and office building. Originally built in the 1960s, the property was renovated in 2004 and underwent a major office build-out in 2016. The property features approximately 160,000 square feet of warehouse, 15,600 square feet of office, a building technician office and two loading dock areas that consist of 30 canopy-covered bays. Fully-leased to two tenants, the property is located in the heart of Bedford Heights near restaurants, leading medical facilities and offers easy access to I-271.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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 14,100 professionals operate from more than 400 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/.