rare opportunity for re-use and/or redevelopment in ...€¦ · rare opportunity for re-use and/or...

18300 SNOW ROAD BROOK PARK, OH

RARE OPPORTUNITY FOR RE-USE AND/OR REDEVELOPMENTIN CLEVELAND’S PREMIER AIRPORT SUBMARKET

±1.7 MSF ON ±195 ACRES

CONTACT INFORMATION

HOWARD A. LICHTIG, SIORVice President+1 216 363 [email protected]

MICHAEL TOTHSenior Associate+1 216 363 [email protected]

CBRE, INC. 950 Main AvenueSuite 200 Cleveland, Ohio 44113

SNOW ROAD

ENGL

E RO

AD

71

CLEVELAND HOPKINS INTERNATIONAL AIRPORT

TRAFFIC COUNTS I-71/BROOKPARK ROAD - 102,860 VPD I-71/I-480 - 107,720 VPD SNOW ROAD/ENGLE ROAD - 25,350 VPD

480

FOR SALE

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480

71

SNOW ROAD

ENGLE ROAD

CLEVELAND HOPKINS INTERNATIONAL AIRPORT

PROPERTY OVERVIEW

5 MILES TO OHIO TURNPIKE

I-80

• ADDRESS: 18300 Snow Road Brook Park, Ohio 44142

• FORMER USE: Ford Motor Company

• YEAR BUILT: 1955

• TOTAL SIZE: +/- 1,700,000 Square Feet

• MAIN OFFICE: +/- 120,000 SF (two story)

• SHOP OFFICE: Shop office/restrooms/breakrooms throughout the plant

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*All property lines reflect a proposed lot split by seller and could change at the time of sale.*Estimated acreage is not exact and could change at the time of the official lot split/survey/legal description.

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SNOW ROAD

FACILITY CLEAR HEIGHT & COLUMN SPACING 3

• HIGH BAY Size: +/- 210,000 SF

Clear Height: 40’

Column Spacing: 100’ x 50’

Drive-in Doors: 4

• MAIN BUILDING Size: +/- 1,300,000 SF

Clear Height: 18’ – 19’


Docks: 25

• INTERIOR RAIL BAY Size: +/- 109,000 SF

Clear Height: 22’


Docks: 5

Interior Rail Spurs: 2

• MAIN OFFICE Size: +/- 120,000 SF (2 stories)

• PAVED PARKING Size: +/- 10 acres

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IMPROVEMENTS: New concrete floor throughout the entire plant, poured in 1990

212,000 SF high bay addition with 40 ft clear, constructed in 1998

LAND: 195 acres

CLEAR HEIGHTS: 18’ – 40’

LOADING: 30 docks and 12 drive-in doors

RAIL: 2 interior spurs coming in the building

UTILITIES: • Power: Current project underway reconfiguring the power feed *Inquire with broker

• Water: All mechanical drawings available via secure drop box

• Gas: All mechanical drawings available via secure drop box

• Electric: All mechanical drawings available via secure drop box

ZONING: U5-A Industrial

LOCATION: Strategically located in Cleveland’s premier airport submarket

Immediate access to I-71 & I-480

5 miles north of the Ohio Turnpike (I-80)

10 miles from Downtown Cleveland and the Cleveland Port

Adjacent to Cleveland Hopkins International Airport

MUNICIPALITY: Business friendly Brook Park, Ohio

http://www.cityofbrookpark.com/

Scott Adams – Commissioner of Economic Development

FACILITY SPECS & BUILDING INFORMATION 4

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650’

500’1,100’

600’1,350’

1,850’

SNOW ROAD

ENGLE ROAD

480

71

CLEVELAND HOPKINS

INTERNATIONAL AIRPORT

5 MILES TO OHIO TURNPIKE

I-80

BUILDING FOOTPRINT (APPROXIMATE DIMENSIONS) 5

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EXTERIOR PHOTOS 6

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INTERIOR PHOTOS 7

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INTERIOR PHOTOS 8

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BUILDING FLOOR PLAN 9

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3.1 MILES

LOCATION MAP 10

CLEVELAND HOPKINS


SCALE 3 MILES

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DEMOGRAPHIC MAPS 11

AVERAGE HH INCOME

CLEVELAND HOPKINS


NO RESIDENTIAL POPULATION

POPULATION DENSITY

CLEVELAND HOPKINS


NO RESIDENTIAL POPULATION

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50

100

150

200

250

300

350

400

450

500

50 MILE RADIUS MAP 12

j

j

j

]

]Ottawa

Washington

Adirondack Park

Quetico Provincial Park

Algonquin Provincial Park

Chicago

Toronto

New York

Montréal

Manhattan

Philadelphia

Laval

Boston

Québec

London

Raleigh

Memphis

Detroit

Columbus

St Louis

Hamilton

Milwaukee

Cleveland

Charlotte

Nashville

Baltimore

Pittsburgh

Louisville

Kansas City

Minneapolis

Mississauga

Indianapolis

Staten Island

Virginia Beach

Akron

Dayton

Toledo

Durham

Peoria

Barrie

St Paul

Madison

Lansing

Norfolk

Buffalo

Windsor

Richmond

Columbia

Hartford

Syracuse

Kingston

Saguenay

Gatineau

Rochester

Knoxville

Worcester

Lexington

Waterbury

New Haven

Allentown

Rochester

Longueuil

Des Moines

Cincinnati

Providence

Greensboro

Bridgeport

Sherbrooke

Little Rock

Chattanooga

Springfield

Springfield

Thunder Bay

Cedar Rapids

Grand Rapids

Winston-Salem

Overland Park

Trois-Rivières

Alma

Albany

Duluth

Sarnia

Timmins

Val-d'Or

Davenport

Greenville

Wilmington

Rouyn-Noranda

Sault Ste Marie

Owen Sound Brockville

Rivière-du-Loup

WawaLake Superior

Lake Michigan

Lake Huron

Lake Erie

Lake Ontario

Georgian Bay

Atlantic Ocean

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2,071,101 858,462 31population households number of colleges/universities

30.3% 156 4,763workforce with bachelor's degree or higher daily nonstop departures number of restaurants/bars

5number of fortune 500 headquarters

$114 billionannual gross domestic product

$43 millionannual cultural district economic impact

$57,090annual average disposable

income

6major health systems

32,120number of high-tech workers

Sources: ESRI, CBRE Research, 2017

QUICK STATS

WHY CLEVELAND? 13

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NORTHEAST OHIO EMPLOYMENT BY SECTOR

DID YOUKNOW?

16%of the Northeast Ohio populat ion are

employed in the healthcare sector.

HEALTHCARE

76%Increase in young and educated l iv ing in Downtown Cleveland from 2000 to 2012

MOVING DOWNTOWN

SF SUBMARKET

16.4 M CBD

5.1 M East

1.6 M Northeast

5.5 M South

1.0 M Southeast

1.7 M Southwest

3.2 M West

CLEVELAND OFFICE SUBMARKETS (SF)

15.6%

14.7%

14.1%

11.3%

11.0%

9.1%

5.4%

4.5%

4.1%3.8%

3.2%

1.9% 1.3% Professional-Business ServicesHealth Care-Social AssistanceGovernmentManufacturingRetail TradeLeisure-HospitalityWholesale TradeFinancial ActivitiesConstructionOther ServicesTransportation-WarehousingEducational ServicesInformation

15.6%

14.7%

14.1%

11.3%

11.0%

9.1%

5.4%

4.5%

4.1%3.8%

3.2%


15.6%

14.7%

14.1%

11.3%

11.0%

9.1%

5.4%

4.5%

4.1%3.8%

3.2%


Sources: Bureau of Labor Statistics, CBRE Research, Q4 2017, ESRI, The Center for Population Dynamics at Cleveland State University

OUR EMPLOYMENT

WHY CLEVELAND? 14

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NOTABLE GREATER CLEVELAND HEADQUARTERSCOMPANY #EMPLOYEES

Cleveland Clinic Foundation 34,328

University Hospitals Health System 21,519

Progressive 9,490

Marc's (AKA Marc Glassman) 6,400

KeyCorp 6,160

MetroHealth Systems 6,000

Case Western Reserve University 4,455

Swagelok 3,917

Sherwin Williams 3,759

Drug Mart 3,500

NASA Glenn Research Center 3,200

Goodyear Tire and Rubber 3,000

Nestlé 2,750

Lincoln Electric 2,670

Lubrizol 2,300

Parker Hannifin 1,990

Medical Mutual of Ohio 1,900

FirstEnergy 1,600

Cleveland State University 1,573

Hyland Software 1,566

American Greetings 1,564

Ganley Auto Group 1,468

Scott Fetzer Co. 1,358

Travel Centers of America 600

Moen 600

COHEN & COMPANY

DEALER TIRE

HEINEN’S GROCERY

HYLAND SOFTWARE

IBM EXPLORYS

MCPC

ONSHIFT

QUICKEN LOANS

PARK PLACE TECHNOLOGIES

PROGRESSIVE

SHERWIN-WILLIAMS

TECHNOLOGY RECOVERY GROUP

TRELLEBORG

Sources: CBRE Research, Q4 2017

RECENT CORPORATE EXPANSIONS

RETAILERS ENTERING THE MARKET

OUR BUSINESSES

WHY CLEVELAND? 15

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PLUG & PLAY TECH

CENTER

The World’s Largest

STARTUP ACCELERATORwill establish an accelerator focused on biotech and digital Health Innovation at the

GLOBAL CENTER FOR HEALTH INNOVATION

U.S. News & World Report Ranks

THE CLEVELAND CLINIC as the #1 HOSPITAL FOR CARDIOLOGY AND HEART SURGERY

IBM EXPLORYS - IBM WATSON HEALTHCARE Collects and harnesses patient data to help healthcare professionals BETTER UNDERSTAND diseases and the effectiveness of treatments.

BIOENTERPRISE Helps companies innovate ideas and technologies from the embryonic stage, connecting them with critical resources and relationships, guiding them as they build their businesses, sell their products and services, and tell their stories. Their partnership has CREATED, RECRUITED AND ACCELERATED MORE THAN 350 COMPANIES.

GLOBAL CARDIOVASCULAR INNOVATION CENTER (GCIC)is a cardiovascular product development consortium. GCIC is focused on the formation, attraction, expansion and retention of cardiovascular companies to create jobs and facilitate economic development in the State of Ohio Created over 1,000 NEW JOBS TO-DATE in companies funded, attracted or incubated by GCIC.

OUR INNOVATION

WHY CLEVELAND? 16

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Source: Team NEO

AUTOMOTIVE$31 Billion of automotive related gross regional product is shipped out of state annually

+ Deep infrastructure reaching major national and international markets

+ Talented pool of trained automotive workers

+ Foreign trade zones

LOCAL COMPANIESBridgestoneFord

GMGoodyear

AEROSPACE & AVIATION$3.2 Billion in economic activity annually

Major hub for aerospace component design, engineeringand production. Businesses that locate in Northeast Ohio are supported by R&D, education and training resources

LOCAL COMPANIESNASANorthrop GrummanParker HannifinPCC Airfoils

BIOHEALTH$5.6 Billion GRP Employing 33,000 workers

+$2 Billion Invested in over 350 startups

Businesses are bolstered with innovative regional collaborations, a diverse range of funding sources, and major biomedicalreal estate projects.

LOCAL COMPANIESCleveland ClinicSTERIS

GE HealthcarePhilips

METAL PRODUCTION & FABRICATION3,457 Total Companies

2,057Fabricated Metal

Product Manufacturing

1,094Machinery

Manufacturing

276Primary Metal Manufacturing

A leading center for steel and metals production, with integrated mills and mini-mills producing sheet, bar and tubing, as well as more than 3,000 fabricated metal product and machinery manufacturing companies.

LOCAL COMPANIESAK SteelArcelorMittal

Parker HannifinSwagelok

POLYMERS & MATERIALSCompanies choose to locate here as the plastics and rubber industry has 159% more employment in Northeast Ohio than thenational average, and lower labor costs, helping make Northeast Ohio #1 in the state for employment.

Home to 935 industry

firms, 70 foreign-owned,

employing +26,000 polymer workers

LOCAL COMPANIESEatonPolyOne

Saint-GobainSherwin-Williams

INFORMATION TECHNOLOGY15,800 Annual GraduatesIn computer-related fields within 200 miles of NEO

+ Cost of doing business is 10% lower than the national average

+ Multiple resources for business assistance

+ Digital infrastructure spans 24 counties and 2,500 miles

LOCAL COMPANIESBrand MuscleCisco Systems

Hyland SoftwareRockwell Automation

OUR INDUSTRIES

WHY CLEVELAND? 17

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RANKED #4 AMONG 25 CITIESWHERE PAY GOES FURTHEST

RANKED #9 AMONG 25 BEST CITIES FOR JOBS IN 2017

OUT OF 87 CITIES, CLEVELAND RANKS AS THE 33rd

LEAST EXPENSIVE CITY TO LIVE IN

30.3%OF THE WORKFORCE HAS A BACHELOR’S DEGREE OR HIGHER

4.7%UNEMPLOYMENT RATE

1,025,100CIVILIAN LABOR FORCE

27%

BELOW NATIONAL AVERAGE

$36,463/YEARCLEVELANDERS ONLY NEED TO MAKE

TO BUY A HOME WITH A MEDIAN VALUE OF $146,000

COST OF LIVING INDEX – 135

Access to young talent with +25 MAJOR COLLEGES AND UNIVERSITIES within the Northeast Ohio region, and 400 more

schools within a 200-mile area around the region.

The Cleveland area has MULTIPLE MODES OF TRANSPORTATION CORRIDORS, including 6 deep-water ports, 3 Class I railroads, 5 interstate highways and 2 major airports.

Almost 50% OF THE US POPULATION is within 500 miles

of the Cleveland metro area.

60% OF US FORTUNE 500 HEADQUARTERS are 1 days drive

away.

Sources: Team NEO; HSH.com; Ohio Labor Market Information (December 2017); Esri. Glassdoor.com, 2016.

OUR ADVANTAGE

WHY CLEVELAND? 18

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Ranked among the “MIDWEST’S BEST UNIVERSITIES”, and is one of the “TOP 10 COLLEGES FOR MUSICAL THEATER”

Ranked as the TOP UNIVERSITY IN OHIO, 12th among colleges that contribute to the national good, and is ranked 37th among national universities.

NUMBER OF COLLEGE DEGREE HOLDERS HAS INCREASED 21% SINCE 2001

12 SF OF MEDICAL FACILITY SPACE PER NORTHEAST OHIO RESIDENT.

+51,480 EMPLOYEES 7.14 MILLION ANNUAL VISITS

28 HOSPITALS & FULL SERVICE HEALTH CENTERS

Ranked as the 2ND BEST HOSPITAL SYSTEM in the U.S., and is ranked in the top 10 in 13

separate specialties, including #1 RANK IN CARDIOLOGY

+24,000 EMPLOYEES 4.56 MILLION ANNUAL VISITS

14 HOSPITALS & COMMUNITY MEDICAL CENTERS

Ranked 2ND NATIONALLY FOR NEONATAL CARE and 9TH IN FAMILY

MEDICINE, and is part of the largest biomedical research center in Ohio

Sources: US News & World Report, MetroHealth, Brookings Institute, Backstage, The Washington Monthly

Transforming their campus to a new 12-STORY, 650,000 SF facility.

Ranked 7th among master’s program offerings in the midwest and 7th in the midwest in "BEST COLLEGES FOR VETERANS"

Ranked "BEST OF THE BEST" and 18th out of 342 public universities in providing social mobility for their students and conducting vital research that benefits society.

OUR EDS & MEDS

WHY CLEVELAND? 19

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Combining the Akron-Canton-Cleveland metro areas, significant job gains were made in Educational Services (+4,100), Financial Activities (+2,000), and Manufacturing (+1,400). Several sectors showed significant job loss, including Leisure-Hospitality (-7,900), Retail Trade (-3,700), Government (-3,600), Other Services (-1,900), Health Care-Social Assistance (-1,900), and Professional-Business Services (-1,100). In the Cleveland-Elyria MSA, the biggest gain was in Manufacturing, adding 3,300 jobs year-over-year. Akron’s top gainer was Financial Activities (+1,100), with Canton-Massillon adding the most jobs in Professional-Business Services (+800).

Average wages were essentially flat Cleveland metro area across 2017, moving from $882.27 per week in December 2016 to $881.33 in December 2017. Over the same time frame, Akron wages rose from $816.31 to $869.51, an increase of 6.5%. Canton also showed an increase, from $738.01 to $749.32, a 1.5% increase. For comparison, the State of Ohio experienced 1.8% gain, with wages in the

manufacturing industry also rising, from $1,092.42 to $1,126.44, a 3.1% increase. Progressive Insurance, one of Cleveland’s Fortune 500 firms, has a goal of hiring 7,500 employees, 1,300 in Northeast Ohio, in 2018. The targeted positions include inbound sales representatives, app developers, data analysts and data scientists, among others, jobs which have average annual salaries of $60,350 t0 $83,660 in the Cleveland Metro area.

Although the Cleveland metro area is not a dominant tech hub, the number of tech jobs has risen an estimated 3.6% since May 2015. Tech firms that have been locally active in hiring include Hyland - Creator of OnBase, MRI Software, MCPc, OEC, Explorys, and OnShift. BioEnterprise, a biotech incubator, recently announced a move to the Global Center for Health Innovation, which will expand their startup capability, and offer a higher profile to the firms that they help seed.

ALTHOUGH THE CLEVELAND METRO AREA

IS NOT A DOMINANT TECH HUG, THE NUMBER OF TECH JOBS HAS RISEN

AN ESTIMATED 3.6% SINCE MAY 2015.

Source: Ohio Department of Job and Family Services, December 2017

71.6%

12.9%

15.5%

Figure 2: Share of Total Regional Employment by Industry Sector

LABOR MARKET 20

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Figure 5: Cleveland Industrial Market Statistics 2017 was a year in which last-mile logistics became a household term within Northeast Ohio. E-commerce, although still a small portion of retail trade, is growing and continues to drive much of the new construction that is within the industrial sector, not only in Northeast Ohio, but across the country. The more that people order goods online, the more warehouses will be needed in order to execute last-mile logistics.

Availability and vacancy in the Cleveland market continues to outpace the rates of the U.S. as a whole. Speculative multi-tenant warehouse construction is picking up, as are single-user building sales, as viable product is scarce. Lease rates are increasing within the Cleveland market, but are still not at the level of rates for the U.S. as a whole. However, much of this can be attributed to the lack of new construction over the past several years, an issue that is only recently being corrected.

Two dead mall sites were purchased, demolished, and cleared for development for future e-commerce distribution centers. In North Randall, the former site of Randall Park Mall was cleared for an 880,000 sq. ft. distribution center, centrally located in a population center, with excellent highway and road access. In Euclid, on the site of the empty Euclid Square Mall, a similar plan is underway, to raze the site for a new warehouse, specifically for e-commerce distribution. At 660,000 sq. ft., it combines with the other project to add more than 1.5 million sq. ft. of distribution space to the market. Both to be completed in 2018, this sequence of events illustrates how critical the “last mile” of the distribution of goods is becoming. Often the most expensive leg of the journey, it is quickly becoming a primary driver of industrial construction activity.

All told, 2017 was an active year for industrial real estate, with over 7.9 million sq. ft. of leases and user sales transacted. As new product begins coming to market, leasing activity should remain strong throughout 2018.

• Cleveland 5.5%• U.S. 7.4%

Availability

• Cleveland $4.68• U.S. $6.92

Asking Lease Rate

(NNN)

• Cleveland 2.1% Class A Vacancy

Rate

• 14th in U.SCleveland

Market Size Rank

• 7.9 Million SF2017

Transaction Activity

Source: CBRE Research, Q4 2017.

Figure 5: Cleveland Industrial Market Statistics

INDUSTRIAL & LOGISTICS SECTOR 21

• Cleveland 5.5%• U.S. 7.4%

Availability

• Cleveland $4.68• U.S. $6.92

Asking Lease Rate

(NNN)

• Cleveland 2.1% Class A Vacancy

Rate

• 14th in U.SCleveland

Market Size Rank

• 7.9 Million SF2017

Transaction Activity

Source: CBRE Research, Q4 2017.

Figure 5: Cleveland Industrial Market Statistics

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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Clv - Rent ($) U.S. - Rent ($) Clv - Avail U.S. - Avail

E-COMMERCE, ALTHOUGH STILL A SMALL PORTION OF RETAIL TRADE, IS GROWING AND CONTINUES TO DRIVE MUCH OF THE NEW CONSTRUCTION THAT IS WITHIN THE INDUSTRIAL SECTOR, NOT ONLY IN NORTHEAST OHIO, BUT ACROSS THE COUNTRY.

Figure 6: Cleveland and U.S. Industrial Availability and Rents, Historical and Projected

Source: CBRE Research Q4 2017, Econometrics Advisors

IN DUSTRIIAL NNN ASKING RENTS ($) IN DUSTRIAL AVAILABILITY (%)

FORECASTHISTORICAL

Figure 6: Cleveland and U.S. Industrial Availability and Rents, Historical and Projected

© 2018 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Licensed Real Estate Broker

The Cleveland industrial market, one of the most tight in the country, is finally seeing a notable amount of new construction, much in the form of build-to-suit projects. However, a decent portion is now being represented by developers who are building speculative product. Eventually, the market should absorb this new space, but the overall market could experience a bump up in availability during the marketing process. This said, it is expected that the Cleveland industrial market will continue to outpace the U.S. average in availability, if not lease rates.

INDUSTRIAL & LOGISTICS SECTOR 22

RARE OPPORTUNITY FOR RE-USE AND/OR REDEVELOPMENTIN CLEVELAND’S PREMIER AIRPORT SUBMARKET

CONTACT INFORMATION

HOWARD A. LICHTIG, SIORVice President+1 216 363 [email protected]

MICHAEL TOTHSenior Associate+1 216 363 [email protected]

CBRE, INC. 950 Main AvenueSuite 200 Cleveland, Ohio 44113


SNOW ROAD

ENGLE ROAD

71

CLEVELAND HOPKINS


480

DOWNTOWN CLEVELAND

rare opportunity for re-use and/or redevelopment in ...€¦ · rare opportunity for re-use and/or...

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