Mentor Industrial Property Sold for $3.2M
- Oct 06, 2014
By Adrian Maties, Associate Editor
KCS Pinecone Realty LLC recently sold an industrial property in the city of Mentor. ACO Polymer Products Inc. was the buyer.
The property is located at 9470 Pinecone Drive. It was constructed in 1991 on approximately 10 acres of land, in the heart of the easily accessible Mentor Industrial Park. The 67,200-square-foot building offers several manufacturing amenities, including air conditioning, buss duct throughout the warehouse, heavy power, ability to expand, an epoxy floor, compressed air and external air exhausts. It also includes 17,500 square feet of office space. The building’s current tenant will relocate to Eastlake.
Terry Coyne and Kristy Hull, both with Newmark Grubb Knight Frank’s Cleveland office, represented the seller, while Mike Gatto, of Gatto Group Inc., represented the buyer. 9470 Pinecone Drive was on the market for less than 45 days before a purchase offer was made. According to PropertyShark.com, the transaction closed on Aug. 8, with the property trading for $3.2 million. KCS Pinecone Realty purchased it in 2004 for $2.1 million. PropertyShark.com also reports that the property’s current market value is approximately $1.9 million.
According to a second-quarter report from Newmark Grubb Knight Frank, the Cleveland industrial market posted its seventh consecutive quarter of positive net absorption, totaling 59,093 square feet. Thanks to the robust demand, the area’s vacancy rate dropped to 8.5 percent in the second quarter, while the average asking rent increased to $3.83 per square foot.
The largest transaction of the quarter was the sale of the American Greetings industrial park, in Brooklyn. This massive property was acquired by Industrial Realty Group, one of the largest commercial and industrial property owners in Ohio, for $15.5 million.
Photo credit: Newmark Grubb Knight Frank