Wednesday, January 15, 2025
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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Northeast Ohio Industrial Market Sparks Investor, Developer Interest

by Kristin Harlow

By George Pofok, Cushman & Wakefield | CRESCO Real Estate The Northeast Ohio market has consistently been a stable industrial hub, and over the last couple years, has been attracting the interest of investors and developers from other regions. Spanning approximately 527 million square feet, this market stretches from Cleveland down I-77 to include Akron-Canton.  In the second quarter of 2024, the overall vacancy rate decreased to 2.8 percent, driven by 1.1 million square feet of positive direct absorption, a strong recovery from the negative absorption in the first quarter. Over the past few years, the vacancy rate has remained between 2.4 and 3 percent.  Leasing activity kicked off the year robustly, with 4 million square feet of leases in the first quarter. However, it normalized in the second quarter, with 1.6 million square feet leased, which was slightly below the usual pace. The market is expected to remain stagnant due to limited inventory and a lack of new speculative construction starts, which continue to hinder demand from local and regional tenants seeking to expand and backfill spaces.  Leasing deals are trending longer, between five to 10 years, with annual rental rate increases averaging 3 to 4 percent. Meanwhile, the …

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Market ReportsMidwestMidwest Market ReportsOhio

Unlocking Cleveland: Trends, Opportunities in the Often-Miscalculated Market

by Kristin Harlow

By Donald Lydon, Avison Young Cleveland offers a mix of hurdles and opportunities across its industrial, office and multifamily sectors. With limited speculative construction, landlords are poised to leverage rental increases. Meanwhile, developers eyeing Cleveland should anticipate longer lead times for new projects, navigating through municipal regulations and land availability challenges.  This nuanced landscape presents openings for savvy investors, developers and occupiers looking to capitalize on Cleveland’s evolving real estate dynamics.  Resilient and mature, yet relatively untapped industrial market presents opportunities to national developers. Cleveland’s industrial sector is in a strong position relative to similar Midwest markets. With vacancy rates comfortably low at around 4 percent, rents are edging upward as developers struggle to find capital outlay nationally and spec development has all but stopped in most markets. The current landscape features a mix of large distribution hubs and older, yet prime, manufacturing facilities in key locations across Cleveland and Akron. Many facilities leased to third-party logistics companies seem to be stockpiling goods where others sit nearly empty, reflecting evolving needs in logistics and storage amid ongoing supply chain adjustments. This dynamic is leading to diverse demands: from small to mid-sized multi-tenant flex spaces (10,000 to 30,000 square feet) to …

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DevelopmentMidwestOfficeOhio

Skanska to Build $164M Office Building for Medpace in Cincinnati

by Kristin Harlow

CINCINNATI — Skanska will build a $164 million office building for Medpace, a clinical research company, in Cincinnati. The project involves a 562,000-square-foot, nine-story building featuring a six-story office tower atop a three-floor parking garage and conference center. The building will be constructed on the existing Medpace campus. Completion is slated for March 2027.

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Cleveland Browns Brook Park Proposal
CivicDevelopmentMidwestOhioTop Stories

Cleveland Browns Propose $2.4B Suburban Stadium Development, City Offers $461M Financing Plan Toward Rehabbing Current Stadium

by Jeff Shaw

CLEVELAND — The Cleveland Browns NFL franchise owner Haslam Sports Group has released renderings and development plans for a new $2.4 billion stadium in the suburb of Brook Park, near Cleveland Hopkins International Airport. The proposal comes on the heels of the City of Cleveland releasing its plan to fund $461 million in renovations to the current lakeside stadium, which has been the Browns’ home for 24 years. Haslam Sports Group is seeking a 50/50 split between its own funding and public financing, regardless of whether it elects to build a new stadium or renovate its existing home. This means the team would seek $1.2 billion in public funding were it to seek a new stadium in the suburbs. The team has not disclosed any plans on how to achieve either the private or public funding for that project. The Browns in particular want an indoor stadium for the notoriously cold and snowy area, and putting a dome on the existing venue is not possible due to flight-path issues from the city’s airport. The City of Cleveland renovation proposal for the current stadium, located in the North Coast Harbor area of downtown Cleveland, would offer $461 million in public money, just under …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

CASTO Begins Development of $70M Westrich Multifamily Project in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — CASTO has begun development of Westrich, a $70 million multifamily project that is an expansion of the River & Rich apartment community in the Franklinton neighborhood of Columbus. This second phase of development includes 234 units on vacant land adjacent to River & Rich. Completion is slated for 2026. Westrich will be marketed as a separate entity from River & Rich. In addition to CASTO and the Columbus Metropolitan Housing Authority (CMHA), funding partners include The Robert Weiler Co., The Kelley Cos. and Mark Cain of S. Cain Development and Construction. CMHA provided the majority of the construction financing through the issuance of $47.2 million in CMHA general revenue bonds. The project team includes CK Construction, Dimit Architects, landscape architect REALM Collaborative and civil engineer EMH&T. Plans for Westrich include a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of first-floor commercial spaces. There will be 229 parking spaces in a garage and adjacent surface lot. A private pedestrian walkway will connect the two buildings and provide access to the amenity deck. The majority of the new units at Westrich will be designated for households earning below 100 percent …

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AcquisitionsIndustrialMidwestOhioSelf-Storage

Marcus & Millichap Brokers Sale of 489-Unit Self-Storage Property in Delaware, Ohio

by Kristin Harlow

DELAWARE, OHIO — Marcus & Millichap has brokered the sale of Premier Storage of Delaware, a 489-unit self-storage property in Delaware near Columbus. The sales price was undisclosed. The facility offers a mix of climate-controlled units, non-climate-controlled units and parking options across 68,053 square feet. Originally built in 1999 with an expansion in 2024, the asset spans a nearly 11-acre lot with room for additional growth. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the undisclosed seller and procured the local buyer. Michael Glass, broker of record in Ohio, assisted in the transaction.

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DevelopmentMidwestMultifamilyOhio

Nationwide Realty Investors Unveils Plans to Build $100M Parkline Multifamily Building at Grandview Yard in Ohio

by Kristin Harlow

GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors has unveiled plans to build Parkline, a $100 million multifamily building at the Grandview Yard development in Grandview Heights, just north of Columbus. Located along the north side of Ray DeGraw Park, the six-story property will house 385 apartment units designed in a “s-shaped” configuration to maximize views of the park and courtyards. The project will feature first-floor amenities and commercial spaces along Yard Street. Plans also call for an adjacent parking structure, bringing the neighborhood total to nearly 6,000 parking spaces. Since the first phase opened in 2010, Grandview Yard has transformed what was once a blighted industrial district into a mixed-use development. National Realty Investors’ total investment in Grandview Yard has surpassed $1 billion. Construction of Parkline is expected to begin in late 2024 with completion slated for 2026.

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DevelopmentMidwestOhioRetail

AEG Presents, Jacobs Entertainment to Build 1,200-Seat Globe Iron Event Venue in Cleveland

by John Nelson

CLEVELAND — AEG Presents and Jacobs Entertainment Inc. have announced plans to develop Globe Iron, a new 1,200-seat live event venue in Cleveland. The companies plan to open the multi-purpose facility, which will feature an indoor concert hall and open-air courtyard, in March 2025. Situated on the West Bank of Cleveland’s Flats district, the project will be situated on the site of the former Globe Iron Works Foundry that dates back to 1853. Jacobs Entertainment will develop Globe Iron while AEG Presents will build-out and operate the property. AEG Presents expects to add 150 events to Cleveland at Globe Iron, including corporate functions, weddings, conferences, award shows and fundraisers.

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AcquisitionsIndustrialMidwestOhio

Alterra IOS Acquires Two Industrial Outdoor Storage Sites in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Alterra IOS, an industrial outdoor storage (IOS) company, has acquired two IOS properties totaling 22.3 acres in Columbus for an undisclosed price. The sites include 4080 Business Park Drive and 2222 New World Drive. Both are located minutes from downtown, offering tenants convenient access to major interstates, national rail networks and international airports. The property at 4080 Business Park Drive totals more than eight acres and features 20,120 square feet of accompanying warehouse space. A full-service trailer leasing provider entered into a long-term lease agreement at closing. Ascension Advisory negotiated the sale. The facility at 2222 New World Drive includes 14 acres with 50,238 square feet of accompanying warehouse space. JLL brokered the sale. Alterra now owns six sites in the Columbus area.

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DevelopmentIndustrialMidwestOhioRetailSelf-Storage

U-Haul Repurposes Abandoned Retail Lot into New Store in Warren, Ohio

by Kristin Harlow

WARREN, OHIO — U-Haul has repurposed a 7.8-acre retail lot formerly home to a Chase bank and Tops Friendly Market grocery store in Warren, about 50 miles southeast of Cleveland. U-Haul Moving & Storage of Warren North, located at 3394 Elm Road NE, is currently serving customers out of a temporary retail showroom and is scheduled to complete renovations by summer 2025. Services immediately available include moving truck rentals, trailers, towing devices, boxes and moving supplies. Plans call for the addition of 1,000 indoor climate-controlled self-storage units with high-tech security features. The 69,000-square-foot complex will host a warehouse space that can store up to 500 U-Box portable moving and storage containers. Once renovations are finished, the store will also offer services such as professional hitch installation and propane.

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