A 250,597-square-foot industrial plant on Cleveland’s west side, long home to U.S. Cotton, has officially hit the market. The single-story manufacturing complex spans about 11.78 acres and is still fully occupied under a triple-net lease with roughly 5.4 years left on the clock.
According to Crain’s Cleveland Business, the seller is Weston, and brokerage firm Newmark has been brought in to shop the property to investors. Crain’s quotes a Newmark executive saying, “There’s a ton of interest already. It’s a good market, let the market decide it,” a pretty clear signal that local demand for steady industrial income is strong.
What’s for Sale
The marketing package pegs the building at 250,597 square feet in total, with approximately 239,405 square feet of production space and about 12,015 square feet of office space. The property sits on an 11.78-acre site, originally constructed in 1969 and renovated in 1980.
Per the offering memorandum from Newmark, the facility includes 12 dock-high doors, 3,000-amp/480-volt power and 285 surface parking spaces, setting it up as a fairly classic heavy-industrial workhorse.
Lease, Location and Terms
The memorandum describes the property as “100% leased” to a long-time cotton-products tenant under a triple-net lease with about 5.4 years remaining. The asset is being offered on an all-cash, as is basis, which tells you the seller is looking for a clean, straightforward transaction…