Completed Real Estate Transactions
Stay up to date on recent commercial real estate transactions & completed deals within the Cleveland/Northeast Ohio area.
Completed Transactions - 2009
12/31/2009 - Select Medical Sells to Health Care REIT Toledo For $20.5M
Grubb & Ellis was retained by Legacy II, LLC to assist in the sale of the Select Medical building in Akron, located at 200 East Market Street . Health Care REIT of Toledo purchased the medical facility for $20,500,000, or $376.50 per square foot. Health Care REIT, Inc. is a real estate investment trust, which invests in health care real estate, senior housing, and provides property management and development services.
With a CAP rate of just under 9%, this investment property generated much interest, and remained on the market for just a short time before going under contract. The 54,448 sf long-term acute care hospital (LTACH) features a pharmacy, treatment room, radiology area, and administrative offices. Not only has Select Medical been the only LTACH to ever sell in Northeast Ohio, it is also the largest medical facility sale in the area in fifteen years.
Terry Coyne, of Grubb & Ellis, represented the seller Legacy II, LLC.
10/23/2009 - 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.
10/9/2009 - LifeBanc Purchases Land For Relocation
LifeBanc purchased 4.3 acres of land from Hemingway Development, Ltd. The Richmond Road 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.
10/2009 - Essco Signs Lease at Twinsburg Facility
1933 Highland Rd. 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, of Grubb & Ellis Co., represented the lessee, Essco.
10/1/2009 - Hollywood Video Relocates Corporate HQ to Rosemont, IL
Grubb & Ellis Company was retained by Hollywood Video to assist in the relocation of their Corporate Headquarters 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.
8/21/2009 - Geis Co.'s Purchase Macedonia Land for $297,000
Grubb & Ellis Company was retained by Geis Companies to assist in the purchase of 5 acres located at 0 Valley View in Macedonia, formerly owned by ThyssenKrupp USA Inc. Terry Coyne, of Grubb & Ellis, represented the buyer, Geis Companies.
8/4/2009 - 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.
7/31/2009 - Bowne Building Sells To Toal LLC For $605,000
Grubb & Ellis Company was retained by Bowne & Company to sell the building located at 1241 Superior Ave. Toal LLC purchased the 74,245 sf building for $605,000. The building was on the market for less than one month before going under contract. Terry Coyne, of Grubb & Ellis, represented the seller, Bowne & Company.
6/26/2009 - Novita Industries, LLC Purchases Lorain Building for $750,000
Grubb & Ellis was retained Emerson Electric Co. to assist in the sale of the facility located at 1522 Iowa. The 83,135 sf Lorain warehouse facility was purchased by Novita Industries, LLC for $750,000. Terry Coyne, of Grubb & Ellis, represented the seller, Emerson Electric Co.
5/18/2009 - Former Ramsey Bennet Building Sells For $275,000
Grubb & Ellis Company was retained by Lakeland Properties, LLC to assist in the sale of the industrial building located at 25010 Lakeland Blvd, in Euclid, Ohio. George's Pawn Shop purchased the building for $275,000. The 11,100 sf building has convenient highway access, 15 ft. ceilings and 2 drive-in-doors. Terry Coyne, of Grubb & Ellis, represented the seller, Lakeland Properties, LLC.
5/15/2009 -Saint Jude Campus Sells to Hemingway Development, LLC For $2M
Grubb & Ellis was retained by the Diocese of Cleveland to sell the Saint Jude Campus located at 4761 Richmond Rd., in Warrensville Heights. Hemingway Development, LLC purchased the 44,910 sf campus, and 14+ acres for $2,000,000. Groundbreaking will begin in September '09 to begin building administrative offices for Life Banc. Terry Coyne, of Grubb & Ellis, represented the seller, Diocese of Cleveland.
5/11/2009 - Dow Chemical Signs Lease In Solon Business Park
Grubb & Ellis was retained by First Industrial Realty Trust to assist in the lease of the warehouse facility located at 30600 Carter St., Solon. Poly-Carb, Inc. (Dow Chemical) will occupy 32,183 sf of the Solon facility, which features 18 ft. ceilings, 30 docks and 3 drive-in-doors. Terry Coyne, of Grubb & Ellis Co., represented the lessor, First Industrial Realty Trust.
5/11/2009 - LeCharles Bently Signs Lease in Avon
Corporate Crossings, LLC, represented by Terry Coyne, of Grubb & Ellis Company, has leased the property located at 1000 Jaycox Rd. LeCharles Bently Management & Marketing Corp. will occupy the 6,500 sf Avon facility. The Academy, created by former Cleveland Browns center LeCharles Bently, is dedicated to enhancing the performance of offensive lineman at the high school, college & pro levels.
5/8/2009 - Mason Dixon Intermodal Inc. Signs Lease in Wickliffe
Grubb & Ellis was retained by Dougherty Lumber Co. to lease the industrial building located at 1366 Rockefeller Rd. Mason Dixon Intermodal Inc., dba Global One Log, will occupy the Wickliffe facility. Terry Coyne, of Grubb & Ellis represented the lessor, Dougherty Lumber Co.
4/3/2009 - HMI Industries to Lease in Strongsville
Grubb & Ellis announced the property located at 13325 Darice Parkway has been leased to HMI Industries, Inc. HMI Industries, manufacturers of indoor air systems, will occupy sf of the Strongsville facility. Terry Coyne, of Grubb & Ellis represented the lessor, Duke Realty Inc.
3/12/2009 - Parkway Business Plaza Limited Leases to Inkstop, Inc.
Grubb & Ellis was retained by Parkway Business Plaza Limited Partnership to lease the facility located at 4400 Renaissance Industrial Parkway. Inkstop, Inc. will occupy 80,000 sf of the Warrensville Heights Business Park. Terry Coyne, of Grubb & Ellis, represented the lessor, Parkway Business Plaza Limited Partnership.
3/12/2009 - Doosan Infracore America Corp. Extends Lease
Parkway Business Plaza Limited Partnership, represented by Terry Coyne, of Grubb & Ellis Company, has extended the lease on the property located at 4350 Renaissance Industrial Parkway to Doosan Infracore America Corp. (Daewoo). Doosan Infracore, who specializes in construction equipment, industrial vehicles, machine tools & products, occupies 15,494 sf of the Industrial Park.
3/11/2009 - Stephen Gould Corporation Announces Lease Extension
Grubb & Ellis is pleased to announce the lease extension on the property located at 4350 Renaissance Industrial Parkway. Stephen Gould Corporation, specializing in retail and industrial packaging and printing, occupies 7,025 sf in the Warrensville Heights Industrial Park. Terry Coyne, of Grubb & Ellis represented the lessor, Parkway Business Plaza Limited Partnership.
3/5/2009 - 65 Erieview Leased to City of Cleveland
Grubb & Ellis announced the property located at 65 Erieview Plaza , Cleveland, has been leased to the Cleveland Health Department, who will occupy 50,000 sf of the building. Terry Coyne, of Grubb & Ellis represented the lessor, IB Property Holdings LLC.
1/31/2009 - Former Plastech Facility Sells to Sottile Properties for $500,000
Sottile Properties LLC, retained the services of Grubb & Ellis to assist in the purchase of the industrial building located at 3636 W. 58th St., Cleveland, formally owned by Plastech Exterior Systems, Inc. Sottile Properties LLC purchased the 100,680 sf building on 9 acres for $500,000. Some of the industrial building features include 3 docks, 4 drive-in-doors and four cranes. Terry Coyne, of Grubb & Ellis Company represented the buyer, Sottile Properties LLC.
1/14/2009 - Custom Products Corporation Signs Lease In Solon Business Park
Grubb & Ellis assisted First Industrial Realty Trust in the lease of 89,836 sf located at 30600 Carter St. Solon, to Custom Products Corporation, supplier of packaging products, commercial print, contract packaging & packaging services. The warehouse facility features 18 ft. ceilings, 3 drive-in-doors, and 30 docks. Terry Coyne, of Grubb & Ellis Company represented the lessor, First Industrial Realty Trust.