Business Services Industry
Cleveland-area complex shopped
Real Estate Alert, Feb 4, 2004
A local investor has set a $24 million asking price for an office/research-and-development complex in suburban Cleveland.
ICI Paints has a triple-net lease on the 201,000-square-foot property that runs for another 13 years. It pays a rent of about $8/sf; or some $4/sf below the prevailing market rate.
The nine-building complex is located at 16651 West Sprague Road in Strongsville, about 15 miles southwest of Cleveland. Suburban Cleveland's occupancy rate has increased over the past year, to 82.7% from 81.2%. Rents are also on the rise.
Allegro Realty Advisors has the listing. For more information, call Adam Bradford at 216-524-0710, Ext. 109.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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