SPECULATIVE DEVELOPMENT CONTINUES IN TWINSBURG, OH, CORNERSTONE BUSINESS PARK Now Pre-Leasing Space for Additional Spec Building on Site
November 16, 2015
Scannell Properties and Newmark Grubb Knight Frank (NGKF) are pleased to announce that construction, development and leasing continue at the 167-acre Cornerstone Business Park, located in Twinsburg, Ohio. Formerly the site of the Chrysler Stamping Plant, three major companies have signed leases and another speculative building will arrive in 2016.
With building and land opportunities for both growing companies that need more space, as well as established businesses with custom needs, interested companies who wish to be a part of Northeast Ohio’s most exciting industrial business park are encouraged to contact NGKF. Vice Chairman Terry Coyne represents Indianapolis-based Scannell Properties, Inc. and Independence, Ohio-based DiGeronimo Companies, the landlords/developers of Cornerstone. Thus far, NGKF has leased a 400,000-square-foot building to FedEx Ground, now one of the company’s largest distribution facilities in the United States. In addition, NGKF leased a 137,000-square foot warehouse to Vistar, a wholesale candy, snack and beverage supplier whose parent company is Performance Food Group, as well as 55,000 square feet of a 207,000-square-foot multi-tenant speculative building to Bridgestone America’s Tire Wholesale Warehouse. Bridgestone is a global leader in tire technology and innovation.
A key goal of Scannell and DiGeronimo for the park is to make the property productive again by bringing back businesses and jobs to the area. Pursuant to that goal, they underwent a series of environmental challenges and put into place new construction plans. “Pre-leasing part 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,” said Tim Elam, managing director for Scannell Properties. “With Terry’s assistance, we are now leasing space in the park and breaking ground on another spec building.”
Site work is currently underway for another speculative building for the park, with construction to commence in March 2016 and a projected completion date of August 2016. “Being nestled in between two four-way interchanges at I-271 and I-480, and Twinsburg’s reputation for being a business-friendly community and one of Cleveland’s top suburbs, makes Cornerstone by far the best location for an industrial park in Northeast Ohio,” said Mr. Coyne. He added that rail accessibility, the quality of construction and the site itself make Cornerstone a world-class business park.
Mr. Elam says that it is estimated that once Cornerstone Business Park is fully-developed, it has the potential to provide a $203 million market value, $4 million in property taxes and 3,200 jobs