Cushman & Wakefield | CRESCO professional Robert Wetzel represented global manufacturer, Consolidates Precision Products (CPP), in the lease of a 145,000 square foot advanced manufacturing facility in Euclid, Ohio, bringing over 120 new manufacturing and engineering jobs to the city.
CPP’s expansion to Euclid signifies a growing trend of industrial businesses choosing to move or expand in the city as a result of the newly appointed Euclid Industrial Opportunity Zone. Designated as a federal opportunity zone in 2018, the area is home to approximately 250 companies with an estimated $157 million of commercial and industrial construction being completed in the last year alone. The rapid growth of the area is attributed to the region’s business-friendly environment, convenient access to highways and public transportation, and an extremely dedicated economic development team.
“There’s been a lot good news from Euclid lately,” said Nate Kelly, managing director at Cushman & Wakefield | CRESO. “Helped by growing employers, civic leadership, job ready sites Opportunity Zones, Euclid is an attractive destination for growing companies.”
Developed and owned by Fogg Corporate Properties, the building is located on the 80 acre Bluestone Business Park, which is home to other industrial giants such as Amazon, Lincoln Electric, Remedi SeniorCare and Guardian Technologies.
“I am thrilled that Consolidated Precision Products has selected the City of Euclid as the site for their new advanced manufacturing facility,” states Mayor Kirsten Holzheimer Gail. “Thanks to the collaborative effort of many partners, the Euclid Industrial Corridor continues to grow and prosper. CPP is the perfect addition to the corridor, complementing the many businesses that continue to expand their operations and create jobs in Euclid.”
“It was a pleasure to work with the CPP team and Fogg Corporate Properties on such an impactful expansion,” said Wetzel. “The rise of the Euclid Industrial Corridor has been exciting to watch and we look forward to continuing the momentum.”
Founded in 1991 and headquarters in Cleveland, Ohio, CPP is a leading manufacturer of highly-engineered castings and sub-assemblies primarily for the commercial aerospace and defense markets. The company is expected to officially move into their new space in January 2020.
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