Newmark is pleased to announce that Vice Chairman Terry Coyne, SIOR, CCIM, completed a new, 230,805-square-foot, long-term lease to The Palmer-Donavin Manufacturing Company at 382 Rosemont Road in North Jackson, Ohio, on behalf of the property owner, STAG Industrial.
Built in 2001 on 22 acres, 382 Rosemont Road is a 307,315-square-foot industrial warehouse facility located in southeast Ohio and western Pennsylvania’s industrial business region. As a former steel service center, the property features 24’-38’ clear ceiling heights and heavy cranes. In order for this lease to transact, the landlord enhanced the facility by installing ESFR sprinklers, building office space and adding docks. Palmer-Donavin will take occupancy of its new space at 382 Rosemont Road by the end of this year.
“We are pleased to have completed this transaction on behalf of STAG Industrial,” said Coyne. “This new space offers Palmer-Donavin a well-maintained property with great access to I-76 and the Ohio Turnpike.” Coyne represented STAG Industrial in the lease negotiations and will continue to market the remaining 76,510 square feet available. “This additional space has received the benefit of the upgraded amenities that the landlord invested in so that the building would be attractive to another user,” Coyne added.
STAG Industrial, Inc. is a real estate investment trust (REIT) focused on the acquisition and operation of industrial properties throughout the United States. The company’s portfolio consists of 347 properties in 37 states with approximately 69 million rentable square feet; 26 properties totaling 5.8 million square feet are in the state of Ohio.
Coyne represented STAG Industrial in the transaction and David Ford and Michael Mullady of CBRE represented Palmer-Donavin.
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