Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt Net Lease Spring 2022Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.