Cash on Cash is King
- Built in 2003, this state of the art facility is 400,000 square feet with 24 docks and 30’ ceilings which is prized by distributors. The property benefits from its close proximity to Cleveland Hopkins International Airport as well.
- The large warehousing facility was left empty in late 2005 following the closing and Chapter 11 bankruptcy filing of the former tenant that was on a build-to-lease basis.
- Weston converted the building from a single tenant facility to a multi-tenant warehouse facility.
- The acquisition was new construction with nationally recognized tenants.
- Weston bought the building empty but secured a tenant for half of the space within the first month of ownership.
- Currently 92% occupied.
- Today: The cash on cash yield is 18.5%, meeting projections from initial acquisition in October 2006.