Closed $500,000 Over Original List Price

 

Cleveland, OH— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $9,000,000 sale of an industrial facility located at 860 Garden Street, Elyria, OH. The industrial property spans 256,595 square feet on a 15-and-a-half-acre lot. Associate Vice President Matt Kovesdy and Senior Associate Jonah Yulish represented the seller in the transaction.

 

The seller, a local partnership, bought the property as a value-add opportunity in the early 2000’s. The buyer, Dura-Line who is also the tenant at the property, elected to purchase due to the asset’s importance to the company’s operations. Matthews™ created a competitive buying pool, ultimately achieving a deal $500,000 above the original listing price.

 

“Going in, we knew there was a strong possibility the tenant would buy it. The capitalized value and market value to an owner-user were not far off in this instance. Since users are less yield driven, the high interest rate environment played less of a role. Plus, we knew they had the financial capacity to close and meet the long-term financial goals of both parties,” said Kovesdy.

 

The property had been recently expanded, adding tremendous value when it came time to sell. 860 Garden Street is located just 30 minutes outside of Cleveland and is one of the largest industrial properties on the West side.

 

“Through our combined databases and with the utilization of Matthews™ technology and marketing, we were able to procure over 10 offers,” said Yulish. “Additionally, the amenities and in this industrial facility helped us leverage our resources.”

 

For more information or to contact Matt Kovesdy and Jonah Yulish, please visit www.matthews.com.

 

 

 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 15 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.