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Cresco News

Cushman & Wakefield | CRESCO assists NY Developer Somera Road, Inc. in Purchase & Reposition of Royalton Collection

CLEVELAND (December 4, 2018) - Cushman & Wakefield | CRESCO Rico Pietro and Jim Krivanek represented seller client, New York development firm, Somera Road, Inc., in the recent purchase of the Royalton Collection office space by Foundation Software, Inc.

For Somera Road, this brings their Royalton Collection – a mixed use development comprised of four additional single-story retail buildings in addition to the office space - to near full occupancy. One of the four retail buildings is currently occupied by Panera Bread, and Ian Ross, Founder and Principal of Somera Road, hinted at future tenant signings to be announced soon.

 

Cushman & Wakefield | CRESCO assisted Somera Road in the 2016 purchase of the formal Medical Mutual Ohio operations building located off Ohio 82, across from SouthPark Mall. At the time it was a vacant, 125,000 SF office building with limited parking and empty wooded space located on the front of the property. Somera was in the market for development space with significant economic opportunities and looked to CRESCO to find the perfect fit.

 

“We spent considerable time understanding our client’s investment strategy,” said Cushman & Wakefield | CRESCO principal Rico Pietro. “We knew about some opportunities that would be coming to market and prepared to move fast. It was a fit. We worked with Somera Road to assemble a strategy around the asset and with the help of the city, made it work,” added Senior Vice President Jim Krivanek.

 

Over the next two years, CRESCO advised Somera Road to rework the space, adding value that would attract ideal tenants and bring economic opportunity to Strongsville. Knowing that empty outdoor space would add zero value to any tenant, they advised their client to rezone the space for retail use and expand the lot to add additional parking for both office and retail users.

The hard work and maneuvering paid off this past week when the large software-payroll firm purchased the office building as their new Headquarters, with plans to renovate and expand the building another 50,000 square feet.

 

“We value our relationship with Rico, Jim and the entire CRESCO team,” remarked Joe LeMense, Vice President of Asset Management at Somera Road. “They have been an excellent partner in the 17800 Royalton transaction, and the results to-date speak for themselves. The CRESCO team’s market knowledge, tenacity and overall professionalism continues to impress us, and we look forward to many future successes together.”

 

As one of the fastest-growing software-development firms in Northeast Ohio, the move to keep Foundation Software’s headquarters in Strongsville was a big win for everyone involved.

 

“The City of Strongsville remains committed to the retention and expansion of high tech businesses within our community,” said Strongsville Mayor Thomas Perciak. “The continued growth of Foundation Software’s headquarters within Strongsville is another indicator of our local economic strength and continued commitment to a pro-business environment. We appreciate our continued partnership with Foundation Software, Somera Road, CRESCO real estate, and JobsOhio.”

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