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The Best Kind of Acquisition – Right In Our Own Backyard

The Best Kind of Acquisition – Right In Our Own Backyard
  • Weston purchased a 50,000 square foot industrial building at 4400 Carnegie Ave. in Midtown Cleveland.
  • Weston determined that Mace Security International was in the Cleveland market looking for space and the relationship began.
  • Mace signed a 10 year lease to move its world headquarters and manufacturing operations from Vermont to Midtown Cleveland.
  • Weston provided temporary space to Mace while tenant improvements were completed in their new location.
  • he build-out was extensive which included approximately $1M in construction to the facility.
  • The financing was multi-layered including a first mortgage from a local lending institution and support from the City of Cleveland and Cuyahoga County.
  • The property has developed into a stabilized asset with a projected cash on cash return of 15%.