Beachwood Developer Plans 200,000-SF Distribution Center in Solon
- Jan 25, 2015
By Adrian Maties, Associate Editor
ORG Holdings L.L.C. intends to build a 200,000-square-foot warehouse on an 11-acre site located at 6801 Cochran Road in Solon, according to Crain’s Cleveland.
Edward Schwartz, an ORG principal, told Crain’s Cleveland that, together with his business partner, Jonathan Berns, he plans to acquire the site and start construction as soon as the project receives all the necessary approvals. St. Gobain Crystals, part of the French-based St. Gobain of North America building materials firm, is the current owner of the site, which is listed for sale with Newmark Grubb Knight Frank. The asking price is $995,000.
Although he did not reveal the cost of the project, Schwartz did say he expects to open the new facility by the end of the year. It will have a ceiling clear height of 32 or 36 feet and will be LEED certified.
CBRE Group Inc. reports that the Cleveland-area industrial market saw 264,721 square feet of positive absorption in the last quarter of 2014, bringing the year’s total to 2.2 million square feet. As a result, vacancy dropped slightly to 6 percent for the first time since 2007, while availability fell more significantly to 6.8 percent.
It was the first time since the first quarter of 2009 that availability dropped to less than 7 percent. This has inspired some developers to start work on speculative projects, like ORG.
Charts courtesy of CBRE.