Newmark Knight Frank closed a 79,203-square-foot lease to Woodpeckers LLC at 14720 Foltz Industrial Parkway, a newly constructed speculative distribution facility in Strongsville, Ohio.
The company’s lease makes it the largest occupant of 14720 Foltz Industrial Parkway, a new 179,578-square-foot asset that delivered in the fourth quarter of 2020 as the second of a pair of speculative industrial buildings developed by Scannell at Mills Business Park.
Newmark vice chairman Terry Coyne represented the property’s owner/developer, Indianapolis-based Scannell Properties, in the lease transaction. Woodpeckers LLC was represented by Matthew Beesley of Cushman & Wakefield|CRESCO Real Estate.
The building features a 32-foot clear ceiling, EPDM membrane roof, ESFR fire protection system, heavy power, 45-foot by 45-foot column spacing, multiple docks and drive-in-doors, a 125-foot truck court and ample employee parking. Up to about 32,000 square feet remains available for lease.
Minutes from I-71 and the Ohio Turnpike (I-80), the property is located in Cleveland’s Southwest industrial submarket. According to Newmark Research, the submarket had the second-tightest vacancy in the market at the end of the fourth quarter of 2020 (3.4 percent) and the second-lowest inventory. The combination of low vacancy and lower inventory, along with other factors, underscores the demand for space in buildings such as 14720 Foltz Industrial Parkway.
