Cushman & Wakefield | CRESCO professionals Simon Caplan,SIOR and Paul DiVincenzo represented global engineering firm, Nidec Industrial Solutions, in the purchase of approximately 9 acres of land located at the corner of Granger and Tuxedo Road in Brooklyn Heights, Ohio.
The company was previously operating in 3 other locations, 2 in Independence and 1 in Valley View before deciding to streamline their operations into one efficient location, adding approximately 130 jobs to the city of Brooklyn Heights’ payroll – making this one of the largest transactions the city has seen in it’s 100-year history.
The search for a new location began 20 months prior, with the company looking to expand while not moving beyond a 5-10-mile radius from their current locations in Independence and Valley View. With unique requirements for an industrial space that included a large office space, with an expansive shop area that would allow for heavy cranes, air conditioned assembly and warehouse space, the company narrowed their search for vacant land on which they could develop a custom build out.
The Cushman & Wakefield | CRESCO team worked extensively with Brooklyn Heights Mayor, Mike Procuk, who was instrumental in attracting and motivating Nidec to relocate to the village. In an effort to generate community excitement and buy-in, the Mayor also arranged for members of the Brooklyn Heights community to tour the Nidec facilities prior to official village approval, to establish relationships and familiarity with the company that would be making such a significant impact on their city.
Caplan and DiVincenzo also worked with the State of Ohio, Greater Cleveland Partnership and JobsOhio to secure a multitude of tax abatements, credits and grants that would further incentivize Nidec to grow and expand in their new location. Securing both the village and state economic packages were crucial and key to bridging the financial gap between the parties and finalizing the deal.
For over a year Geis Construction worked with the Nidec Team and CRESCO on multiple designs to bring in the project that would fit Nidec’s budget. Nidec officially broke ground on June 12, 2019, alongside the land owner and developer, Geis Construction, to kickoff the development of the 68,000 square foot building.
“We are thrilled to be a part of such a significant transaction for both Nidec and the village of Brooklyn Heights,” said Cushman & Wakefield | CRESCO’s Simon Caplan. “It was a pleasure to work alongside Mayor Procuk and everyone else on the team that worked diligently to make this deal such a success.”
The property will include approximately 47,000 square feet of manufacturing and assembly space in addition to 21,000 square feet of office space. The Nidec project will be one of the most significant developments to go up along the I-480 and I-77 interchange in over a decade, with TopGolf construction currently underway about a mile from the Nidec development site. With a target opening slated for quarter 1 of 2020, Nidec plans to continue expanding with an on-going growth plan that is projecting to more than double their business in the next few years.
“It is a very important moment for Nidec Industrial Solutions,” said Tom Aloor, executive vice president of Nidec Industrial Solutions – Americas. “I am very glad to see our new headquarters taking shape and shortly we will be able to work all together in these new facilities, leveraging our expertise. I strongly believe in the high potential of this significant investment. I am sure that it will allow us to create a cohesive team and a wider network, able to enhance and increase our presence in the USA.”
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.