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Tuesday, May 22, 2012 Industrial
A joint venture between Norfolk, Va.-based Harbor Group International and Reuven Dessler, co-founder of The Mazel Company, has acquired a 10-building industrial portfolio in suburban Cleveland, Ohio for $50.95 million from industrial developer The Geis Companies. Terry Coyne of Grubb & Ellis and John Huguenard of Colliers Turley Martin Tucker represented the seller in the transaction. Joseph Greenberg of Greenberg Real Estate has been hired to be the leasing agent for the properties while Cleveland-based Chelm Properties will manage the portfolio, which is comprised of 10 flex-tech and distribution buildings. The portfolio contains 815,315 square feet and all of its buildings were completed after 1995. The buildings are located in the Cleveland suburbs of Oakwood, Parma, Streetsboro, Twinsburg and Valley View. The portfolio is 93.5 percent occupied with current tenants including DuPont, Eaton, Standard Register, Lawyers Title Insurance and Cort Furniture. The acquisition brings Harbor Group's Cleveland holdings to more than two million square feet. Coyne is a senior VP with Grubb & Ellis and specializes in the industrial market of Cleveland and northeastern Ohio. He is a former brokerage salesperson with Colliers, Bennett & Kahnweiler and is a graduate of the University of Chicago and the University of Notre Dame. Huguenard is a principal and senior VP with Colliers and is on the company's board of directors. He is a member of the Boy Scout Fund-Raising Committee and received his B.S. in Personnel Management and Labor Relations from Indiana University. The contents of the portfolio are as follows: - Parma Business Campus I at 5565 Venture Dr., Parma, Ohio - Parma Business Campus II at 5575 Venture Dr., Parma, Ohio - Parma Commerce Center One at 12875 Corporate Dr., Parma, Ohio - Twinsburg Business Campus I at 2479 Edison Blvd., Twinsburg, Ohio - Twinsburg Business Campus II at 2477 Edison Blvd., Twinsburg, Ohio - Edison Group Building at 2450 Edison Blvd., Twinsburg, Ohio - Broad Oak Building II at 26400 Broadway Ave., Oakwood, Ohio - Broad Oak Building III at 2 Thermo Fisher Way, Oakwood Village, Ohio - Linden Building at 10036 Aurora-Hudson Rd., Streetsboro, Ohio - DuPont Building at 6200 Hillcrest Rd., Valley View, Ohio Size: 815,315 square feet Built: 1995 Filed Under: Industrial E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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