CRESCO Real Estate represented – StripMatic Products Inc. (SPI), specialists in split-seam bushings, spacers, and tubular products. Stripmatic, location challenged by ODOT, eminent domain, and the new inner-belt bridge project is now in the former Williams Building, located at 5301 Grant Avenue in Cuyahoga Heights. Eliot Kijewski and Joe Barna represented Stripmatic. Spencer Pisczak represented the Landlord, Premier Development Partners. Stripmatic signed a 10 year lease in June, 2011. This transaction was submitted for Smart Business’s World Class Customer Service Nomination and will be submitted for the NAIOP Industrial Transaction of the Year 2011.

Approach

• CRESCO was hired to assist Stripmatic in the search of a new, larger, more efficient, facility for their operations after it was announced that Stripmatic would be forced to move due to eminent domain and the new inner-belt bridge project in August of 2009.
• Stripmatic had a limited time frame to find a building or face major penalties from ODOT for delay.
• Stripmatic was so entrenched in their former neighborhood, the new location would have to have a warm feel as well as be location comfortable for their 30 (and growing) employees.
• Finally, one of the two properties was selected and bidding and cost analysis began. However, this property had an upward challenge to provide the right office feel.
• In late 2010, due to a tenant departure, 5301 Grant Avenue provided a solution that had not been examined. To achieve the mandatory ODOT requirement, weekly meetings were conducted to assure all parties were on top of the remodel, crane installation, and the ‘Move”.

Results

• Interestingly enough, a building search was required to fit several immediacies including timing and location… while at the same time catering to their rapidly expanding business in a “just-in-time” category. Requirements for this transcation consisted of a search for a 60,000 SF building with heavy power, 10,000 SF of office, 21’ clear height, and the floor load to handle 21 stamping machines.
• A rapid, exhaustive search was conducted within a specified geography. Two properties seemingly fit best over dozens toured. CRESCO added service value by recommending competitive contractors, municipality involvement, and telling the “Stripmatic story”.
• Although the property seemed to be the best fit for the plant and location, it was determined that the search needed to start over again due to issues with technology capabilities at the site.
• Many hours of work and last minute negotiations resulted in a solution which allowed Stripmatic to move and get the “feel” they needed with a beautiful office, a soon to be installed façade, as well as all plant amenities (3 new cranes, new lighting, power upgrade, etc.).