March 8, 2021 12:00 PM
Newmark announces that the 125,500-square-foot, state-of-the-art speculative warehouse/distribution center under construction at 19681 Commerce Parkway in Middleburg Heights, Ohio is 90% pre-leased.
The $9 million project, on which construction commenced at the end of 2020, is expected to deliver by the end of the second quarter of 2021.
Newmark Vice Chairman Terry Coyne represents the property owner/developer, Milwaukee-based The Dickman Company, Inc. in leasing efforts. The development project was initially announced in the third quarter of 2020 with a 52,500-square-foot lease signed to tenant, Forward Air, represented by Fischer & Company. A second, 63,000-square-foot lease transaction was signed in February by tenant, Lasership®, represented by JLL Vice President John Dingle, Managing Director Joe Messina and Senior Vice President David Stecker. Lasership® is a last-mile provider of same- and next-day delivery services in the eastern and Midwest United States. There is 10,000 square feet remaining for lease at the development.
“The city of Middleburg Heights is grateful that The Dickman Company, along with Terry and his team, swiftly ensured the success of this speculative development. It will be an all-around win for the city, the developer and the tenants,” said Mayor of the city of Middleburg Heights Matt Castelli.
The 14.1-acre property is located between two Interstate 71 cloverleafs and provides easy access to the Ohio Turnpike, Cleveland Hopkins International Airport and downtown Cleveland. The modern distribution building features: a 28-foot clear ceiling, ESFR sprinkler system, high-bay LED lighting, 50-foot by 50-foot column spacing, multiple docks and drive-in-doors and ample employee and trailer parking.
“The success we have had in leasing speculative buildings in Northeast Ohio clearly demonstrates continued demand for new, state-of-the-art, well-located distribution facilities,” said Terry. “This is a key project in a tight submarket, and the pre-leasing activity confirms that the strength of the industrial market in Cleveland continues to hold true, even throughout the last several, challenging months. We expect to bring the final 10,000 square feet to full occupancy in the next few months.”
According to Newmark Research, the Cleveland industrial market has remained healthy in recent years, as well as in 2020. Vacancy has remained under 6% for the last 13 quarters, dating back to the fourth quarter of 2017. Most recently, the industrial market tallied a 5.1% vacancy rate in the fourth quarter of 2020, the lowest-ever for the market. The Southwest submarket, in which this property is located, was the second-tightest submarket in the fourth quarter of 2020, with a 3.4% vacancy rate.
“Terry and his team utilized their local expertise and extensive network of contacts, as well as a thoughtful, research-based marketing and listing campaign, to ensure that our property was at the forefront of the market’s availabilities,” said The Dickman Company Chairman Sam Dickman.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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