Cushman & Wakefield|CRESCO professionals Simon Caplan and Paul DiVincenzo represented global engineering firm Nidec Industrial Solutions in the purchase of about 9 acres of land located at the corner of Granger and Tuxedo Road in Brooklyn Heights, Ohio.
The company was previously operating in three other locations, two in Independence and one in Valley View before deciding to streamline its operations into one efficient location, adding about 130 jobs to the city of Brooklyn Heights’ payroll, making this one of the largest transactions the city has seen in its 100-year history.
The search for a new location began 20 months earlier, with the company looking to expand while not moving beyond a five- to 10-mile radius from its current locations in Independence and Valley View. With requirements for an industrial space that included a large office space, with an expansive shop area that would allow for heavy cranes, air-conditioned assembly and warehouse space, the company narrowed its search for vacant land on which it could develop a custom build-out.
The Cushman & Wakefield|CRESCO team worked extensively with Brooklyn Heights Mayor Mike Procuk, who was instrumental in attracting and motivating Nidec to relocate to the village.
Caplan and DiVincenzo also worked with the State of Ohio, Greater Cleveland Partnership and JobsOhio to secure a multitude of tax abatements, credits and grants that would further incentivize Nidec to grow and expand in its new location. Securing both the village and state economic packages were crucial and key to bridging the financial gap between the parties and finalizing the deal. For more than a year, Geis Construction worked with the Nidec Team and CRESCO on multiple designs to bring in the project that would fit Nidec’s budget.
Nidec officially broke ground June 12, alongside the land owner and developer, Geis Construction, to kickoff the development of the 68,000-square-foot building.
The property will include about 47,000 square feet of manufacturing and assembly space in addition to 21,000 square feet of office space.