The Spero property is on an 11-acre parcel at 1790 MillerParkway, and consists of 58,000-sf of manufacturing space, with therest of the space used as the company's office headquarters. Theproperty was built in 1995 and expanded in 2004. Spero is afamily-owned manufacturer of lighting fixtures, and is using theproceeds from the sale to AIC to help fund the launch of a new,high-end fixture called the Prospetto line. "The line will be blownglass, and these fixtures are being marketed to the Las Vegascasinos," the AIC spokeswoman says.
She says she could not reveal the rate signed by the more than15-year lease. Streetsboro is a suburb of Cleveland, and averageindustrial lease rates for this type of property average at morethan $4.20 per sf, according to a first-quarter market report byGrubb & Ellis.
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