Stan Johnson Company Brokers Sale of a Xerox Subsidiary's Facility in Northeast Ohio
Toledo, Ohio, August 6, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 107,500-square-foot office and distribution center in North Canton, Ohio – a suburb of Cleveland. The single-tenant property is located at 8247 Pittsburg Avenue NW, and is leased to ComDoc, a subsidiary of Xerox.
Stan Johnson Company’s Rob Gemerchak, Jeff Hughes, and Jeff McKinney represented the seller, Industrial Commercial Properties LLC (ICP), which is an Ohio-based developer. The property was purchased by a subsidiary of Global Net Lease, an institutional investor based in New York.
“The strong market interest this project received from regional and national investors demonstrates the demand for high quality net lease industrial and office product,” said Gemerchak, Director in Stan Johnson Company’s Toledo office. “Even quality facilities located outside major metropolitan markets are in high demand.”
The newly constructed facility is a build-to-suit for the tenant and is strategically located on the I-77 corridor. It will operate as ComDoc’s new corporate headquarters and includes their national parts reclamation center and regional distribution center.
“ComDoc’s new world headquarters is a shining examples of our company’s build-to-suit capabilities that supplement our strong redevelopment and sale-leaseback programs,” said Chris Salata, Chief Operating Officer for ICP. “We were fortunate to work with the great people at ComDoc, Xerox, M.E. Osborne, and Stan Johnson Company on this transaction and look forward to future projects with all of them.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.