The Doughty Industrial Group of Marcus & Millichap is pleased to present the sale offering of 15708 Industrial Parkway, a 10-year sale-leaseback industrial investment opportunity in Cleveland, Ohio. The property is located in an industrial park in southwest Cleveland which boasts minimal vacancy and is less than two miles from Interstate 71 and Interstate 480 access and less than three miles from Cleveland Hopkins International Airport.
The subject property consists of ±30,055 square feet of industrial space situated on ±1.17 acres of land complete with 4 external docks and a clear height of 14’.
The tenant, Modular Systems Technicians (MST), is a full-service commercial furniture installation company. MST has operated out of the subject property for 10+ years. At close of escrow, MST is offering to sign a 10-year absolute net lease, with 3% annual rental increases and two, five-year options.
The purchase of this offering presents an investor with the opportunity to own an industrial asset in a robust pocket of the Cleveland industrial market. At the current list price of $1,725,000 the investment offering will generate an in-place net operating income of $165,028 which equates to a capitalization rate of 9.57%.