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PHILADELPHIA-Indianapolis-based Duke Realty Corp. has acquired a 75,000-sf industrial building in the Highland Heights northern submarket of Cleveland, specifically to meet New Britain, CT-based Stanley Works’ need for a facility there. “Since Duke did not control a building that met the company’s needs, we found and acquired the right building,” says Spencer Pisczak, senior vice president of Duke’s Cleveland industrial group, in a statement.

The property at 5335 Avion Park Dr. has access to I-90 and I-271. It was built in 1994. Stanley leases 50,000 sf, taking the building to 66% occupancy at the outset.

Terms of both the sale and lease are undisclosed. Area brokers tell GlobeSt.com average asking rental rates at industrial space in the area are approximately between $4.40 per sf and $5.52 per sf.

Art Marcus of Duke worked with Fred Herrera of the Cleveland office of Los Angeles-based CB Richard Ellis on the transaction.

Stanley is a worldwide supplier of tools, hardware and doors.

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