Speculative buildings have not been built since 2007. With the growing economy and lack of modern, high bay distribution inventory, Scannell Properties decided to build a speculative building in their Cornerstone Industrial Park in Twinsburg.
“Pre-leasing 1/4 of the first speculative building built in the Southeast market in almost seven years was a huge win for the building and Cornerstone Business Park as a whole. With Terry’s assistance, we are hoping to break ground on another industrial spec building in early 2016.”
– Tim Elam, Scannell Properties
A 200,000+ square foot, high bay, ESFR, new construction spec building broke ground in spring 2015. In order to keep construction moving in the park, the landlord wanted this building leased quickly.
Although modern, high bay distribution space was hard to come by in the submarket, specifically the Southeast, there were still a number of properties with 18-20′ clear, non-ESFR, lower lease rate, etc., that were available for users.
The efficiency of 32′ clear, ESFR, new to the market space made sense for TWW-Bridgestone. Being a tire distributor, their requirement was to have ESFR space for their racking inventory, and 55,000+ square footage did not exist in the market. Terry presented this building to the tenant rep firm prior to construction of the building for their consideration.
After negotiating length of term, build-out specifications, and market rate, TWW-Bridgestone pre-leased 55,000+ square feet, built exactly to their requirements. Terry negotiated with the city of Twinsburg to agree on a five-year, 50% real estate tax incentive for the building, which also assisted in landing the deal in the third building built at Cornerstone Business Park. TWW occupied their new space in September 2015.