{"id":1004701727,"date":"2024-02-09T05:40:10","date_gmt":"2024-02-09T13:40:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004701727"},"modified":"2024-02-09T05:40:12","modified_gmt":"2024-02-09T13:40:12","slug":"first-interstate-properties-sells-cleveland-industrial-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-interstate-properties-sells-cleveland-industrial-campus\/","title":{"rendered":"First Interstate Properties Sells Cleveland Industrial Campus"},"content":{"rendered":"\n<p><strong>First Interstate Properties<\/strong> has sold Shoreway Commerce Park, a 445,682-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-next-for-industrial-real-estate\/\">industrial campus<\/a> in Cleveland. <strong>Caspian Group<\/strong> acquired the asset for $9 million, public records show.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d192d06d82&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004701774\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/first-interstate-properties-sells-cleveland-industrial-campus\/shoreway-commerce-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Shoreway-Commerce-Park-e1707469831281.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Shoreway Commerce Park\" data-image-description=\"&lt;p&gt;The Shoreway Industrial Park site used the home of a truck manufacturer before its bankruptcy. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Shoreway Industrial Park site used the home of a truck manufacturer before its bankruptcy. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Shoreway-Commerce-Park-e1707469831281.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Shoreway-Commerce-Park-e1707469831281.jpg?w=300\" alt=\"Shoreway Commerce Park\" class=\"wp-image-1004701774\" style=\"width:306px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Shoreway-Commerce-Park-e1707469831281.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Shoreway-Commerce-Park-e1707469831281.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Shoreway-Commerce-Park-e1707469831281.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Shoreway Commerce Park used to house a truck manufacturer before its bankruptcy. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Northmarq<\/strong> arranged the $13 million acquisition loan through <strong>Standard Insurance Co<\/strong>. The permanent fixed-rate note carries a 3-year term with 2 years interest only and a 30-year amortization schedule.<\/p>\n\n\n\n<p>The property previously traded in 2001 for $3.7 million, according to CommercialEdge data. Built in two phases, in 1912 and 1942, Shoreway Commerce Park underwent a rehabilitation process in 2010, which turned a partially occupied truck manufacturing site into a logistics and distribution hub. <\/p>\n\n\n\n<p>The 27-acre complex comprises two buildings featuring sky lights, climate control, 85- to 105-foot truck courts, rail doors and 22 parking spaces. Located at 799 E. 73rd St., in an Opportunity Zone within Cuyahoga County, the property is near Interstate 95, which allows easy access across the Cleveland metropolitan area.<\/p>\n\n\n\n<p>Northmarq\u00a0Managing Director Andy Finn from the Minneapolis\u00a0Debt + Equity office, in collaboration with\u00a0Vice President Mark Jeffries\u00a0of the\u00a0Denver\u00a0office, secured the financing for the borrower.<\/p>\n\n\n\n<p>The demand for industrial space remained high in the Cleveland market in the fourth quarter of last year due to low vacancy and a lack of speculative construction, according to a recent <strong>Cushman &amp; Wakefield<\/strong> report. Investment sales totaled 2.2 million square feet across 27 deals, up 340 percent over the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Northmarq arranged the acquisition financing.<\/p>\n","protected":false},"author":3014,"featured_media":1004701774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21748,21783,13,21742],"tags":[32799,50380],"class_list":["post-1004701727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-industrial","category-investment","category-midwest","category-latest","tag-cushman-wakefield","tag-northmarq"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First Interstate Properties Sells Cleveland Industrial Campus - 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