Exclusive: Cleveland Industrial Facility Lands $78M Refi
The 1 million-square-foot building came online in 2023.
Geis Cos. has obtained a $77.5 million refinancing loan for the 1 million-square-foot Building 1 within Turnpike Commerce Center in Shalersville, Ohio, according to Yardi Matrix. A10 Capital provided the note for the Cleveland metro.
Previous financing included a $70.4 million construction loan from Fifth Third Bank, according to Yardi Matrix data. The loan originated in July 2022 and matured in January 2026.
JLL is in charge of leasing. Located at 9575 State Route 44, the 2023-completed building is close to Interstate 80. Downtown Akron, Ohio, is 31 miles away, while downtown Cleveland is within 41 miles northwest. Cleveland Hopkins International Airport is 39 miles away.
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The building is the first to come online within a 470-acre, master-planned park expected to encompass eight buildings. The company acquired the land back in 2021. The cross-dock facility has 40-foot clear heights and is divisible to 100,000 square feet. The warehouse has 179 dock-high loading doors and four drive-in doors, as well as 300 trailer spots.
Northeast Ohio’s industrial market showed signs of stabilization in the second quarter, in line with broader industrial real estate trends showing improving absorption in several markets. The vacancy dropped to 5.7 percent and absorption turned positive after three consecutive negative quarters, a Colliers report shows. Asking rents softened to $4.64 per square foot, though functional, well-located space remained better positioned. The metro had 686,000 square feet under construction with no new projects added to the pipeline.
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