CRESCO Real Estate » Latest News

Cresco Represents Owner in Sale of Tire Manufacturing Facility

CRESCO — Wed, 18 Jan 2012 14:42:46 +0000

Cleveland, OH – January, 2012 – The Barna-Caplan Team of Cresco represented the owner of a 483,115 SF tire manufacturing facility on 67 acres that was being vacated by its long-term tenant. The owner desired to re-lease or sell the large facility without incurring loss of capital. Cresco had approximately one (1) year until the lease and income would terminate. A sale was closed on the property the day after the lease was up, providing the seller with maximum income with little to no carry cost.

Shoreway Commerce Park Gains Another New Tenant

CRESCO — Tue, 03 Jan 2012 13:49:07 +0000

Cleveland, OH – January, 2012 – First Interstate’s new development, Shoreway Commerce Park is proving to be a success. Within the last year, Cresco Real Estate has teamed up with First Interstate to acquire four (4) new tenants for the new Shoreway Commerce Park.

Eliot Kijewski and Paul DiVincenzo of CRESCO Real Estate represented both the landlord, First Interstate, and the tenant, Zhi Yuan Trading Inc., in the most recent tenant lease transaction. Zhi Yuan Trading Inc. is a bulk distribution company serving Cleveland area Asian Restaurants and Retailers.

Located at 842 E. 79^th Street, the property is within seconds of I-90 and a short drive to downtown Cleveland. Restaurants and various retail options are in close proximity to the property. This completely remodeled single story industrial building features heavy power and access to fiber optic lines. Also on-site is direct CSX rail access. Other tenants include Brook Crompton, Silver Metals, Al-Sher Titania, E-Scrap, and the Cleveland Play House.

Electronic Merchant Systems Renews Lease for Cleveland Office

CRESCO — Tue, 13 Dec 2011 19:12:09 +0000

Cleveland, OH – December, 2011 – Electronic Merchant Systems, the nation’s leading provider of merchant processing services and electronic transactions has just renewed the lease for their 30,893 SF office in the Crown Centre Building located on Rockside Road in Independence. The company is nationally headquartered in Cleveland and has over 100 offices around the U.S.

Thomas M. West, Senior Vice President and Rico A. Pietro, SIOR, Senior Vice President of CRESCO Real Estate both represented the landlord, Prestige Management, in the transaction. Electronic Merchant Systems was represented by Cyndie O’Bryan of Grubb & Ellis.

“We are pleased to announce this important lease renewal on behalf of Electronic Merchant Systems,” stated West. “This transaction reflects our firm’s continual ability to meet our clients’ strategic real estate needs in the marketplace.”

Located at 5005 Rockside Road, the building is in close proximity to I-480 and I-77. Within a short drive are restaurants and various retail options. This majestic thirteen (13) story office building features eating options including Mavis Winkles Irish Pub and the Crown Cafe, a fitness center, a conference center, a hair salon and a free covered parking deck accommodating up to 900 cars. Other tenants include University Hospital, University of Phoenix, The Fedeli Group and Zurich America Insurance Company.

CRESCO Represents Seller in $13 Million Investment Sale

CRESCO — Mon, 07 Nov 2011 13:22:31 +0000

Cleveland, OH – November, 2011 – 1955 Buford Mill Parkway LLC has recently sold the Lowes Home Improvement property, a 128,997 SF facility built in 1998 and situated on 16 acres of land, located at 1955 Buford Mill Parkway in Buford, Georgia.

Pamela Bertovich of CRESCO Real Estate represented the seller, 1955 Buford Mill Parkway LLC in the $13,125,000⁰⁰ investment sale. The buyer was Arloma Corporation and James Huck LLC and was represented by Fred Graft, of Equity Inc.

Listener Driven Radio LLC Opens New Office in Rocky River

CRESCO — Wed, 19 Oct 2011 17:19:46 +0000

Cleveland, OH – October, 2011 – Daniel Anstandig, CEO of Listener Driven Radio L.L.C. has signed a lease for a 2,400 SF office suite on Old Detroit Road in Rocky River. Andstandig has been commercially involved in radio since childhood and has continued his involvement by becoming CEO of Listener Driven Radio L.L.C., a platform that allows listeners to collaborate in minute-by-minute programming of radio stations. The new office is located in the trendy old Rocky River neighborhood, which features restaurants and shopping within walking distance.

Tom West of CRESCO Real Estate represented Listener Driven Radio L.L.C. in the transaction with J.D.S Properties.

CRESCO Recognized for Great Customer Service

CRESCO — Tue, 18 Oct 2011 15:40:22 +0000

Cleveland, OH – October, 2011 – CRESCO Real Estate receives great praise from Stripmatic Products Inc. (SPI), specialists in split-seam bushings, spacers, and tubular products. After an exhaustive search, Stripmatic has signed a lease, for approximately 60,000 square feet. Stripmatic, location challenged by ODOT, eminent domain, and the new inner-belt bridge project has settled down in the former Williams Building. The Building is owned and operated by Premier Development Partners. The property located at 5301 Grant Avenue in Cuyahoga Heights, has been undergoing extensive refurbishing; including lighting and power upgrades, office renovations, and the installation of three new cranes.

Eliot Kijewski of CRESCO Real Estate represented Stripmatic Products in this search. In a highly restrictive property search, Stripmatic Products found that CRESCO was able to accommodate every one of their needs, while finding and evaluating ample options in a timely fashion. Nominated by Stripmatic for the World Class Customer Service Award, CRESCO was described as having perseverance, a half full versus a half empty approach, and outstanding communication. To quote Stripmatic, “As the transaction process grew, we began to see CRESCO as a steadying influence when the situation looked bleak; they didn’t get discouraged and kept plugging along to find the right property through all the ups and downs.”

CRESCO Real Estate will continue to provide superior customer service to its clients by persevering through inevitable challenges and meeting the needs of every client.

CRESCO Celebrates 20 Years

CRESCO — Tue, 13 Sep 2011 13:28:27 +0000

Cleveland, OH – October, 2011 – CRESCO Real Estate, a two time winner of the Weatherhead 100 Award recently celebrated its 20^th anniversary. During the past 20 years CRESCO has successfully provided professional real estate services and consultation to its commercial real estate clients throughout the world.

Founded in 1991 as a four person real estate company, CRESCO has grown into a full service real estate provider with 25 professionals. In 2005, CRESCO was selected as the strategic alliance partner with Cushman & Wakefield, the worlds largest privately held commercial real estate service provider. The Cushman & Wakefield platform allows all CRESCO professionals to provide its clients with the most complete level of services available in the industry.

With a lineage of local ownership, CRESCO Real Estate will not rest on its laurels as the company continues to search for additional strategic professionals and industry alliances that will provide additional benefits to its commercial real estate clients.

Despite the recent recession, CRESCO Real Estate experienced its highest revenue year ever in 2010. CRESCO attributes its success to its individual service providers who share an average tenure of over 15 years in the commercial real estate business. CRESCO maintains that its professionals’ unprecedented level of education and experience provide its clients a huge advantage in negotiating transactions on their behalf.

Local Restaurateur is on Fire!

CRESCO — Tue, 26 Apr 2011 16:26:42 +0000

Cleveland, OH – May, 2011 – It is becoming well known throughout the region and around the world that Cleveland is a food town. This is evident in the explosive growth that Matt Fish has experienced with his much loved MELT restaurants. Due to this growth, not only is Mr. Fish able to open a third location, but also add a commissary to streamline the preparation of the restaurants fair. Mr. Fish recently completed a 13,635 square foot lease at 3500 St. Clair in the MidTown neighborhood of Cleveland.

The building will serve both as a commissary to help the busy restaurants with production, but also as corporate offices for the Chef and his growing company. “We feel adding this space will help make our restaurants more efficient while still standing by our fresh made local ingredients.” Mr. Fish stated. The building location will allow easy access to all three of the MELT restaurants. MELT will prepare sauces, soups, and ingredients at the St. Clair location, which will free up additional kitchen space at the bustling restaurants.

Eliot Kijewski of CRESCO Real Estate represented Matt Fish in the transaction. Scott Garson of NAI Daus represented the Building Owner.

Top Firm in Cleveland by the Numbers

CRESCO — Tue, 26 Apr 2011 16:22:12 +0000

Cleveland, OH – April, 2011 – Rankings recently released by Crain’s Cleveland Business proves CRESCO Real Estate is the most productive commercial real estate firm in Northeast Ohio. The rankings help to assert that the size of a firm is not the best indication of production. CRESCO currently has 16 full time brokers brokers on staff.

While the size of the firm might be important to some, CRESCO’s lean team works like a well oiled machine. In fact, in 2010 CRESCO completed the most transactions in Northeast Ohio, a staggering 360, seventeen more than a top competitor. CRESCO also more than doubled the amount of square footage filled in 2010 with an average of 328,170 square feet per broker. Considering the state of the economy we believe those stats are something to be proud of.

When comparing the figures of sale and lease transactions CRESCO truly shows their dominance. In 2010 CRESCO’s sales values totaled $37,369,582 or over two million dollars per broker, the most in Northeast Ohio. CRESCO completed $94,016,449 or $5,876,028 per broker of lease value in 2010.

New Look, Same Great Service

CRESCO — Tue, 26 Apr 2011 16:08:22 +0000

Cleveland, OH – March, 2011 – CRESCO Real Estate is excited to unveil an updated logo. The update, which now features Cushman & Wakefield, will be rolled out starting this spring throughout all of CRESCO’s marketing and signage efforts. The logo change better communicates the benefits our clients receive from a strong connection to a global alliance. The updated branding further strengthens the already vast service platforms already recognized in the CRESCO name throughout Northeast Ohio.

This transition helps the general public to better understand the strong alignment between Cushman & Wakefield and the Alliance members. The change helps to clarify CRESCO’s unified global platform with Cushman & Wakefield. The Alliance network consists of 28 firms representing 58 markets with more than 750 brokerage professionals.

CRESCO Real Estate, an Alliance member since 2004, is still independently owned and operated. CRESCO currently employs twenty-three highly skilled real estate professionals. Each professional brings a strong knowledge of office, industrial, property management, local and national tenant representation and consulting services to the marketplace.