Grubb & Ellis Company was retained by Hollywood Video to assist in the relocation of from Wilsonville, OR to Rosemont, IL. Hollywood Video, the nation's second largest movie and game rental company, will occupy 18,000 sf of the Columbia Centre II Office Building located at 9450 Bryn Mawr Ave.
Terry Coyne, of Grubb & Ellis Cleveland, and Craig Cassell & Jim Ward of Grubb & Ellis' Rosemont office, represented the lessee Hollywood Video.
Wednesday, October 28, 2009
Friday, October 23, 2009
Midwest Air Technologies Holdings Expands To Ohio
Grubb & Ellis Company, was retained by Midwest Air Technologies Holdings to assist in the lease of 177,000 sf located on 30339 Diamond Parkway. Illinois based MAT Holdings, Inc., a manufacturer and supplier of home improvement centers and equipment service providers, will be expanding to the Diamond Center One facility located in Glenwillow, Ohio. The expansion to Ohio will create up to 100 new jobs for the area. Diamond Center One was completed in 2008 and consists of 400,000 sf on 25+ acres.
Terry Coyne, of Grubb & Ellis Company, and C.J. Kuehl, of Lee & Associates, represented the lessee, MAT Holdings, Inc.
Terry Coyne, of Grubb & Ellis Company, and C.J. Kuehl, of Lee & Associates, represented the lessee, MAT Holdings, Inc.
Wednesday, October 21, 2009
Northeast Ohio Industrial Snap Shot
1. Market Size
Total square feet in the industrial market equals 299,371,198.
2. Overall occupancy
88.9% occupancy
3. Available SF
33,226,163 square feet
4. Absorption for 2009
(1,376,239 square feet)
5. Historical Average Absorption
2008—1,708,432
2007—1,533,866
2006—4,625,433
2005—6,884,086
2004—5,727,082
2003—3,029,652
6. Construction in the market
Currently under construction, there is 460,000 square feet in the southeast market.
7. Notable market activity (big deals, big exits, announcements, anything that has had or will have a big effect on market activity)
• Automobile companies closing down plants and facilities. Chrylser plant in Twinsburg is vacating 2,400,000 square feet of manufacturing space.
• Out of state company moving to Glenwillow (southeast) in 2010 into 180,000 square feet.
8. Sales activity
Slow. Since January 1, 2009, there have been 57 industrial transactions over $1,000,000.
9. Cap rate trends
9%--10% and higher
10. Who is in the market, what are they looking for any why?
• Out of state company moving to Glenwillow (southeast) in 2010 into 180,000 square feet. Combining offices into a central location.
• Medical Specialties—35,000 square feet, southeast market. Looking for better rates
• International client—40,000 square feet, southeast market, 35-ton crane. Need a Midwest presence.
11. Variations between submarkets, any unusually good or bad?
East of 77 has much more activity.
Total square feet in the industrial market equals 299,371,198.
2. Overall occupancy
88.9% occupancy
3. Available SF
33,226,163 square feet
4. Absorption for 2009
(1,376,239 square feet)
5. Historical Average Absorption
2008—1,708,432
2007—1,533,866
2006—4,625,433
2005—6,884,086
2004—5,727,082
2003—3,029,652
6. Construction in the market
Currently under construction, there is 460,000 square feet in the southeast market.
7. Notable market activity (big deals, big exits, announcements, anything that has had or will have a big effect on market activity)
• Automobile companies closing down plants and facilities. Chrylser plant in Twinsburg is vacating 2,400,000 square feet of manufacturing space.
• Out of state company moving to Glenwillow (southeast) in 2010 into 180,000 square feet.
8. Sales activity
Slow. Since January 1, 2009, there have been 57 industrial transactions over $1,000,000.
9. Cap rate trends
9%--10% and higher
10. Who is in the market, what are they looking for any why?
• Out of state company moving to Glenwillow (southeast) in 2010 into 180,000 square feet. Combining offices into a central location.
• Medical Specialties—35,000 square feet, southeast market. Looking for better rates
• International client—40,000 square feet, southeast market, 35-ton crane. Need a Midwest presence.
11. Variations between submarkets, any unusually good or bad?
East of 77 has much more activity.
Tuesday, October 20, 2009
Fannie May Confections to Open New Facility in Cleveland
Grubb & Ellis was retained by Equity Industrial Properties to assist in the lease of 177,000 sf located at 17000 Rockside Rd., in Maple Heights. Chicago based Fannie May Confections, owned by 1-800 Flowers, will use the facility to house the Harry London Chocolates division of Fannie May. The facility will employ approximately 20 employees initially, with that number expected to grow over time.
Bruce Levine, of Equity Industrial Properties, stated, "Terry found this company through a good old fashioned cold call. He knew they could be a good tenant, and through his persistence, we were able to secure a tenant for the specialized part of our building and get full value for it."
This lease is the largest industrial lease in Northeast Ohio this year. Terry Coyne of Grubb & Ellis Company represented the lessor, Equity Industrial Properties.
Bruce Levine, of Equity Industrial Properties, stated, "Terry found this company through a good old fashioned cold call. He knew they could be a good tenant, and through his persistence, we were able to secure a tenant for the specialized part of our building and get full value for it."
This lease is the largest industrial lease in Northeast Ohio this year. Terry Coyne of Grubb & Ellis Company represented the lessor, Equity Industrial Properties.
Thursday, October 15, 2009
Essco Signs Lease at Twinsburg Facility
10/2009 - 1933 Highland Road LLC, has leased 62,200 sf to Essco. Essco, a locally owned company started in 1925, is a distributor of vacuum cleaner spare parts. After acquiring a competitor from Denver, CO, relocation to a larger facility was necessary. Terry Coyne, Grubb & Ellis Co., represented the lessee, Essco.
"Without Terry's help, we could not have found this building, negotiated a below market lease rate, and taken occupancy - all in under 60 days. He was strategic in his thinking, and always put the needs of Essco first. I would recommend him to anyone considering a relocation." - Tom Bianco, President, Essco
"Without Terry's help, we could not have found this building, negotiated a below market lease rate, and taken occupancy - all in under 60 days. He was strategic in his thinking, and always put the needs of Essco first. I would recommend him to anyone considering a relocation." - Tom Bianco, President, Essco
LifeBanc Purchases Land For Relocation
10/9/2009 - LifeBanc purchased 4.3 acres of land from Hemingway Development, Ltd. The Richmond Rd. land was formerly part of the Saint Jude Campus. LifeBanc will be relocating their headquarters from Shaker Heights to the new Warrensville Heights facility. Terry Coyne and Bill Saltzman, of Grubb & Ellis, represented the buyer, LifeBanc.
"Terry and Bill guided my management team and board from initial planning to site selection, builder interviews and selection, New Market tax credit financing, and contract negotiations. Their assistance was critical in our successful relocation from an old inefficient office building to a new office building owned by LifeBanc, with highway exposure, all for not much
more than we were paying in old offices." - Gordon Bowen, CEO, LifeBanc
"Terry and Bill guided my management team and board from initial planning to site selection, builder interviews and selection, New Market tax credit financing, and contract negotiations. Their assistance was critical in our successful relocation from an old inefficient office building to a new office building owned by LifeBanc, with highway exposure, all for not much
more than we were paying in old offices." - Gordon Bowen, CEO, LifeBanc
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