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Duke Buys 75,000-SF Asset for Stanley Works

PHILADELPHIA-The Indianapolis-based REIT acquires an industrial property to meet the needs of its client, Stanley Works, which leases 50,000 sf, or 66%, of the property in Cleveland's northeast submarket.

By Marita Thomas | Updated on August 22, 2002

PHILADELPHIA-Indianapolis-based Duke Realty Corp. has acquired a 75,000-sf industrial building in the Highland Heights northern submarket of Cleveland, specifically to meet New Britain, CT-based Stanley Works’ need for a facility there. “Since Duke did not control a building that met the company’s needs, we found and acquired the right building,” says Spencer Pisczak, senior vice president of Duke’s Cleveland industrial group, in a statement.

The property at 5335 Avion Park Dr. has access to I-90 and I-271. It was built in 1994. Stanley leases 50,000 sf, taking the building to 66% occupancy at the outset.

Terms of both the sale and lease are undisclosed. Area brokers tell GlobeSt.com average asking rental rates at industrial space in the area are approximately between $4.40 per sf and $5.52 per sf.

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