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.”