Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for a new 185,840-square-foot, industrial spec development located at 14720 Foltz Industrial Parkway in Strongsville, Ohio. NGKF was hired by the owner, Scannell Properties, who closed on the land this month, to market and pre-lease the property.
Set for completion in October 2016, the new spec warehouse/office building will be the first development on the site, which totals 19.4 acres, and is a former baseball/softball complex. Plans are also in place for Scannell Properties to develop a second building on the site, which would be 197,440 square feet. The first building will feature 32-foot clear ceilings and 42 exterior docks. Once complete, the facility will provide T-5 warehouse lighting, an ESFR sprinkler system and build-to-suit office space. NGKF’s Vice Chairman Terry Coyne, SIOR, CCIM, will lead the brokerage team assigned to lease the new development.
“This development is significant for Strongsville, as it’s the first new spec warehouse to be built on the west side of Cleveland since 2007,” said Coyne. “14720 Foltz Industrial Parkway will be the ideal size and location to satisfy current demand in this submarket. The site will also benefit from being conveniently located just minutes from major highways and transportation/distribution channels in the area, including Cleveland Hopkins Airport.”
Coyne recently signed the first lease for the property, which was a 46,400-square-foot lease to XL Screw Corporation, a master fastener distributor headquartered in Lincolnshire, Illinois. The firm will relocate from its current Northeast Ohio facility in Brooklyn Heights to take occupancy of its new space at 14720 Foltz Industrial Parkway in October 2016. Coyne represented Scannell Properties in the lease negotiations and CBRE Vice President George Stevens, SIOR, CCIM, represented XL Screw Corporation.
Scannell Properties and Coyne have collaborated on over 700,000 square feet of announced or completed speculative construction projects in the past year in Northeast Ohio, including the spec and build-to-suit facilities currently underway at Cornerstone Business Park in Twinsburg, Ohio.
About Scannell Properties
Indianapolis-based Scannell Properties is a privately owned, well capitalized real estate development and investment company that focuses on build-to-suit and speculative development projects in 44 states and 3 Canadian provinces. Scannell’s in-house team includes architects, engineers, development managers, finance, legal and construction management with local market knowledge throughout the U.S.
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/.