Terry Coyne - Commercial Real Estate Broker

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Working with family! Simply the best!

This past Tuesday, the Cuyahoga County Council held an economic development committee meeting. The link is at the bottom of the page. At about minute 22:00 Council person Simon asks the executive director of the Downtown Cleveland Alliance, Michael Deemer, various questions about the organization. I am surprised Cuyahoga County and the City of Cleveland are voting to join an organization which then subcontracts the hard work of cleaning the downtown to a non-union, out of town company. Perhaps during this process of joining, the governments would lobby for these jobs to be unionized. https://lnkd.in/ena2s8gJ

Big news in Licking County real estate! A significant land transaction closed last week, showcasing investment potential in Central Ohio. Here’s the breakdown: Address: 1803 Hazelton-Etna Rd NW, Pataskala, OH Buyer: Holmes Siding Contractors LTD Seller: Lanndale Farms Inc. Acres: 47.49 Sale Price: $5,000,000 Sale Price per Acre: ~$105,285 Date: March 14, 2025 About the Buyer: Holmes Siding Contractors LTD, based in Millersburg, Ohio, is a well-established company specializing in siding solutions. Currently operating from 6783 County Road 624, they’re expanding with a new manufacturing facility in Killbuck, OH, set to open later this year—could this land purchase signal further growth? About the Seller: Lanndale Farms Inc., a family-run operation since 1948, hails from Johnstown, OH (4425 Johnstown Alexandria Rd). Known for its award-winning sweet corn and led by Jeff Mitchell, this multi-generational farm has shifted from dairy to grain to garden crops, maintaining a strong local presence. What’s next for this 47+ acre property? Excited to see how it shapes Pataskala’s landscape!

Exciting real estate news out of Franklin County, OH! Goldman Sachs has successfully sold 3 industrial warehouse properties in Columbus City to DivcoWest in a series of transactions totaling $43.5M, all closing on March 12, 2025. ? 6969 Alum Creek Dr 157,000 square feet $95.54 per square foot $15 million ? 6600 Donn Eisele St 168,000 square feet $80.36 per square foot $13.5 million 6963 Alum Creek Drive 145,000sf $100 per square foot $14,500,000 ?This deal underscores the robust demand in the industrial warehouse sector. Congrats to all involved! #RealEstate #IndustrialRealEstate #ColumbusOhio #GoldmanSachs #DivcoWest #CoyneReport

I see the Cuyahoga County Council has a resolution before it at tonight’s meeting (R2025-0044) requesting that County properties be included in the Downtown Cleveland Alliance (DCA). I would expect that the council already has enough votes or they would not have put it on the agenda. I hope they reconsider their involvement. With the addition of the City of Cleveland and Cuyahoga County, private property owners will lose this vote. Meaning that government will enable an NGO to continue to exist. Not an open vote of the private property owners. And, if the County does support this special improvement district, I would assume the County will join the Superior Arts District SID, and the new Midtown SID. We own properties in all of these locations, and their seems to be virus of SIDs. We have owned properties in these areas without the support of an additional layer of government. And have been successful. If the County is going to be consistent, either support all of them or support none of them. I vote for supporting none of them and let private property owners decide for themselves.

New Albany, OH industrial market update: 3450 Horizon Court NW, New Albany, OH 175,000 SF warehouse 15.772 acres Seller: New Albany Data Center SPE LLC (Lincoln Property Company/Harrison Street) Buyer: CIVF VII-OH1M01 LLC (Cabot Industrial Value Fund VII) $28,400,000 $162.29 per square foot

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I just met with my construction team at my little building at 2424 Mulberry on the west side of the Flats. I learned two fun facts today. First, last Friday the Water Pollution Control (WPC) came out to “camera” the underground pipes. The camera was not able to see the entire area, at which point, in most cities, you would “jet” the offending pipe. However, the WPC said we needed to go to the WPC to secure a “jetting” permit on Monday. My contractor went to the WPC to secure said permit, only to be told that we did not need the permit, the WPC would come out and jet the pipes later yesterday, which they did. The WPC had the equipment with them last Friday, and could easily have jetted the pipes. It cost us 3 days due to the behavior of a government agency, which clearly has no concerns about private sector investment. While I was with my contractor, I then learned that a city inspector came out and told us to rip out the wire mesh in the sidewalk. The wire mesh was in the drawings and we have a stamped, approved, permitted set of drawings. But apparently city inspectors and the building department do not work together. So the private sector has to guess at what the city of Cleveland wants, then take a chance. I took a chance, “guessed“wrong, and it cost me more time and money. “Guessed” being an ironic word since I followed the law to the letter and have a permit to prove it. This is the second time an inspector has overruled the city. I then asked my head of Ohio research, Matt Orgovan, to tell me how many speculative buildings over 100,000 square feet have been built in the city of Cleveland since 2000. His answer, 1. Yet, in that same time over 24 million have been built in the suburbs, which represents over $240,000,000 in value vs $10,000,000 in the city of Cleveland. There is a vibrant commercial real estate market in Ohio. By the time I finish the work on my little building, which will probably take longer due to this Linked in post, our team will have completed 451 deals over 3 years through out Ohio. Office. Industrial. Land. From Cleveland to Toledo, to Columbus to Dayton. From start to finish this project will have taken 3 years. 3 years. What a joke. It should have taken 6 months. If the city cared about its school system, its voters, its infrastructure, it would make the process of investment easier, not more difficult. The city should take its entire economic development department and make them part of the permitting department. Obviously, I am kidding. But permits are a form of economic development. The city needs to encourage investment, not discourage it. As Sister Helen Jean once told me, “No money, no mission”.

The Downtown Cleveland Improvement Corporation held their annual meeting on Wednesday, followed by the Downtown Cleveland annual meeting. I appreciated that Mayor Bibb spoke about the crime at the start of his speech. And spoke about the urgency to address the issue. The city followed up with an invitation to downtown property owners for a meeting with the Mayor in his office to address the concerns brought up by our group. It is interesting to me that at the DCIC meeting it was announced that the borders for the Special Improvement District were shrunk. And the City of Cleveland joined the group as a paying member, which gives them voting rights in the election. (The County was also invited, but they have not joined as of yet. I was told they have an opinion from legal counsel telling them they can not use taxpayer money to join a special improvement district, but I may be wrong.) The smaller borders remove quite a few property owners who were not going to vote for the renewal. They also removed many of my father’s properties, which is ironic, since he was going to vote yes. Overall, the shrunken geography was a good move if the group’s goal is to survive. I do wonder if the downsized district will result in a downsized organization. Does the DCA really need 18 staff people? Does the group need an economic development position if the city, Team Neo, and GCP all have similar positions. I have reached out the DCA for assistance on specific economic development issues to no avail. I also find it interesting the DCIC believes the City of Cleveland, as a voting member, will follow lock step with its goals. The city now has a large voting bloc which gives it tremendous sway within the DCA. I know the city does not support my idea of taking all of the money and giving it to the Sheriff’s department for more deputies. But it did sound like the Mayor wanted a greater focus on safety in his speech than the DCA currently has in place. I don’t really know the mayor. In full disclosure, I was on Kevin Kelly’s election committee, and Mayor Bibb crushed us. But I do appreciate that he is willing to get into a room with the many property downtown owners who believe these safety issues need to be addressed quickly.