CLEVELAND—The expansion of the nation's industrial economy is starting to touch areas that haven't seen significant growth in a long time. Scannell Properties has just launched a new 185,840-square-foot spec development located at 14720 Foltz Industrial Pkwy. in west suburban Strongsville, the first such spec in the submarket since 2007.
The company closed on the land this month, and has appointed Newmark Grubb Knight Frank as its exclusive leasing agent for the building, which it plans to finish by this October.
“There are not any institutional players willing to build spec in Cleveland, and local players had taken a step back,” NGKF's vice chairman Terry Coyne, tells GlobeSt.com. But considering the level of demand, and the rather low vacancy rate, “it was time for someone to step forward and build.” He will lead the brokerage team assigned to lease the new development.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
