Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today that it closed on the land purchase for a 450,000-square-foot Class A industrial facility in Westfield Center, Ohio near Cleveland. The project, called Westfield Commerce Park, fulfills a need for Class A distribution space in a historically underserved market and marks Stonemont’s first speculative development in Northeast Ohio.
Westfield Commerce Park will feature a single state-of-the-art building with a 36’ clearance height, cross dock configuration, 500 car parking spaces and 130 trailer stalls. The facility will include 65 dock doors and 4 drive-in doors, boasting above average specifications not commonly seen in surrounding developments. It will be strategically located at the intersection of I-71 and I-76 43 miles south of Cleveland, offering immediate and convenient access to the greater metropolitan area as well as Pittsburgh and Columbus.
“Through our existing relationships in the market, we identified a need for Class A industrial facilities for e-commerce and 3PL users who have to quickly ramp up operations but are getting squeezed by the lack of available supply in the region,” said Stonemont CEO & Managing Principal Zack Markwell. “As part of our proven blueprint, we continue to seek out high-value markets with exceptional fundamentals that will hit the performance goals of our strategic partners and investors. We look forward to raising the standard for industrial development in greater Cleveland and facilitating a seamless leasing process for prospective tenants who will help fuel the next chapter of growth in the area.”
Westfield Commerce Park is located within the top zip code for employment and the second highest zip code for resident workers within the Cleveland MSA, providing a deep and skilled labor pool for prospective employers. According to a Q1 2022 report from JLL, the market saw historic levels of demand for industrial product amid a significant lack of supply for space. Over 2.8 million square feet of space was absorbed in the first quarter, setting a new all-time quarterly high for Metro Cleveland following a record-breaking year for industrial deliveries in 2021.
Stonemont is serving as developer and owner of the project, with Pinnacle Bank & PCCP acting as debt and capital partners. JLL is overseeing leasing for the building. Construction is now underway with the project slated for completion in Q1 2023.
Stonemont has been one of the nation’s most prolific industrial development firms over the last two years, overseeing more than $15 million square feet of new development in over 25 markets across the country. Other recent notable projects include a 230,000-square-foot spec industrial building in Georgetown, Texas; a 1.1-million-square-foot logistics center in Port St. Lucie, Florida; 1.2 million square feet of industrial development in the greater Tampa, Florida area; and over 1.3 million square feet of industrial development in Central Florida.