I-271 Commerce Center _Property for Sale
I-271 Commerce Center _Property for Sale
600 Beta Drive, Mayfield, OH, 44143, US

I-271 Commerce Center

Asset description

Jones Lang LaSalle (“JLL”), as exclusive advisor to ownership, has been retained to market for sale the fee simple interest in the I-271 Commerce Center (the “Offering” or the “Property”), a 90,560 square foot shallow-bay industrial facility located at 600 Beta Drive in Mayfield Village, OH (Cleveland MSA). Positioned 3 blocks from a 4-way interchange on I-271 just over 20 miles from downtown Cleveland, this second generation, shallow-bay facility is 100% leased to two tenants with strong roots and locational ties, as anchor tenant Wireless Environment d.b.a Mr. Beams was founded in Cleveland in 2006. The Offering presents investors the opportunity to acquire highly functional industrial real estate with in-place cash-flow and near-term yield upside potential through a 15% mark-to-market opportunity with just 2.4 years of contractual WALT.


I-271 Commerce Center presents investors the opportunity to acquire functional, infill industrial product at an attractive/competitive basis below replacement cost. This shallow-bay facility features two ideal suite sizes for a variety of small and mid-size industrial users with ample loading, above-standard auto parking, and heavy power capacity for its size, allowing future ownership to compete with the limited surrounding industrial space in the submarket. Investors in the I-271 Commerce Center will acquire a functional, Class A (for its stock) industrial asset that is difficult to replicate, at an attractive basis with near-term yield upside in a high median income suburb ~87% above the average Cleveland MSA.

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Attributes

Building area net
8,413 sm
Land area gross
2.51 ha
Year built
1975
Occupancy
100%
Tenants
2

Media

Investment highlights

  • Opportunity to acquire functional multi-tenant, shallow-bay industrial space at a below replacement cost basis with near-term mark-to-market upside


  • Limited supply submarket with zero square feet of warehouse deliveries and zero square feet underconstruction as of Q2 2024


  • 100% leased to two tenants with 2.4 years of term remaining, and 15% mark-to-market upside potential


  • Infill location less than 1 mile from I-271 just 25 minutes from downtown Cleveland
I-271 Commerce Center  4_Property for Sale
I-271 Commerce Center  4_Property for Sale

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I-271 Commerce Center (0 Properties)

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Last updated
Oct 28, 2024