- 5820 Rockside Woods
Independence, OH 44131
- Client: Land Developer
- Square Footage: 16 acres
- Real Estate Type: Land + Retail
- Services: Land development
Cushman & Wakefield | CRESCO real estate had patience and persistence in securing a long-awaited transaction at one of the most coveted land assets in the region. After 5-years, the client sold the 16-acre site to retail giant TOPGOLF, making history as the highest land count per acre in the market. Cushman & Wakefield | CRESCO real estate represented the land owners in this transaction.
The 16-acre land site was in a high-profile location along the I-480 & I-77 corridor. The City of Independence desperately wanted it developed, but the land was nowhere near ready to be on the market. The road leading up to the site was incomplete. It sat on a pervious landfill, with no sewer access and it was incorrectly zoned as office/hospitality use. Additionally, the City of Independence had long rejected any notion of selling to any big box retailer.
TOPGOLF showed interest in the site, but again the city was not necessarily interested in more retail. They, however, wanted more jobs and regional recognition. TOPGOLF provided initial projections of over $264.5 million in economic output over 10 years and the addition of approximately 500 new jobs. This was not just another big box retail. This was going to be a huge economic win for the city. The City of Independence was going to see more regional and national visitors with TOPGOLF located off I-480.
Cushman & Wakefield | CRESCO real estate and Simon Caplan worked for almost two years, facilitating communications between numerous entities including his client, ODOT and local/state government to complete a long-awaited deal. By holding out for the right land buyer and developer, Cushman & Wakefield | CRESCO real estate not only gave the City of Independence a big economic win, but Simon’s client and the 16 acres made history with the highest land count per acre in the market.