Overview

• July 2011
• Former Chrysler Stamping Plant
• 2000 E Aurora Road, Twinsburg
• 2,000,000 square feet of manufacturing on 167 acres
• Sale Price: $9,100,000

Requirement

Buyer wanted to acquire the real estate and land for scrap metal, recycled concrete, natural gas, mineral rights, and more.

Challenge

The former Chrysler Stamping Plant had declared bankruptcy and had been sold to a liquidation company representing the value of the heavy equipment. Buyers of the real estate had to budget for acquisition, demolition, extensive environmental remediation, utility rework, and more.

“Terry’s in-depth knowledge of the market, the players, the municipalities, and the behind the scenes activities, made the purchase of the property feasible to us, an out of town buyer/developer.”

– Tim Elam, Owner, Scannell Properties

Solution

The buyers and Terry Coyne met with the city to discuss future plans for the property, which would include an industrial and office business park, Cornerstone Business Park, on the 167 acres. With the rail on site, the location to highways, this development would potentially make up for the lost jobs and city income from the closing of the plant.

Result

Cornerstone Business Park welcomed its first company in 2012. Vistar, a convenience store distributor, engaged Scannell Properties to build them a 137,000 square foot warehouse. A minimum of two more buildings will be added to the park in 2015 which will include a 200,000 square foot multi-tenant, speculative building and a 303,000 square foot packaging and distribution center. Real estate tax abatement is in place for the park in a case by case scenario.