28
Feb2014
Weber Wood Medinger/CORFAC Represents Air Enterprises in 177,372 Square-Foot Industrial Purchase and Sale-Leaseback in Streetsboro, Ohio
Cleveland, OH (February 28, 2014) – Weber Wood Medinger/CORFAC International, a leading full-service commercial real estate provider serving the Northeast Ohio market, today announced the completion of a 177,372-square-foot industrial purchase and sale lease-back on behalf of Air Enterprises at 1777 Miller Parkway in Streetsboro, OH.
Air Enterprises will occupy the entire 177,372-square-foot industrial use building, which the company purchased from the Commercial Turf Products division of MTD Products, Inc. and subsequently sold to a publicly traded REIT. The property was then leased back by Air Enterprises for a 15-year lease term.
Alan Wood, a principal at Weber Wood Medinger/CORFAC International, represented Air Enterprises in the purchase from Commercial Turf Products, the sale to W.P Carey and the lease-back negotiations.
“We assisted Air Enterprises in the evaluation of their real estate strategy and determined that it was advantageous for their business to maximize their working capital and lower their cost of occupancy by acquiring the property and executing a sale and lease-back arrangement with a reputable, national investment firm. Consequently, our client will have more capital to invest in its business operations,” according to Alan Wood.
About Weber Wood MedingerSince 1968, Weber Wood Medinger (WWM) has provided an extensive range of real estate services to corporations and investors locally, nationally and internationally by working with a ‘best-in-class’ business model and partnering with the most qualified real estate professionals in multiple markets to represent its clientele. The Beachwood, OH-based company has represented more than 30 Cleveland-area companies in selecting headquarters facilities for their respective businesses and in a variety of methods, including lease, acquisition, build-to-suit development and ground-up construction. The firm’s principals have expertise in corporate consulting, strategic planning, tenant representation specializing in office, R&D and industrial properties, marketing, transaction analysis and landlord representation. For more information visit www.wwmrealestate.com or call 216.464.7100.
About CORFAC InternationalCORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC International is celebrating its 25th anniversary in 2014. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 60 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.
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