Agent

Terry Coyne, Newmark, Landlord & Seller Representation (2010 – Present)

Client

First Industrial Class A industrial buildings in Glenwillow, OH

870,000+ SF in five buildings

98% occupancy rate

Our Job: Represent and lease multiple Class A industrial buildings. Three are multi-tenant, while two are large, single-tenant buildings.

Challenge

A big loss…turned opportunity.

In the Fall of 2011, a 200,000 SF tenant vacated one of the properties, leaving a large hole in our client’s portfolio. Smaller vacancies within the portfolio also opened up within a relatively short time span (60,000, 41,000, 24,000, and 20,000 SF). First industrial maintained a beautiful, Class A, high amenity building, but 200,000 SF tenants are in short supply and, even when found, hold significant leverage in negotiations. What to do?

“We could not be happier with the performance and outcome we have received from Terry Coyne at NGKF. We own properties all over the country and Cleveland is one of our strongest cities within our portfolio. Terry knows the market better than anyone and we are fortunate to have Terry on our team.”

– John Strabel, Regional Director, First Industrial

Solution

Find a great tenant. Go the extra mile to land them.

In early 2013, our team found a potential 200,000 SF tenant, created strategic incentives tailored to their needs, then successfully negotiated a 10-year lease. We even facilitated city economic incentives to make sure the landlord secure this valuable tenant. Best of all, the assistance we provided the tenant only improved the negotiating position of our client, First Industrial.

Result

Success.

Due to hard work, ingenuity, economic growth, and the location’s outstanding Class A assets, by mid 2014, the portfolio of five buildings was 98% leased with long-term, good credit tenants.