Below is a highlight video of our annual Commercial Real Estate and Economic Overview event.  This year we celebrated the 50th anniversary of NAI Daus, originally established in 1964 by Alan R. Daus. The event was held at the end of June at Progressive Field, with a cocktail reception on the Home Run Porch. Alec Pacella, managing partner at NAI Daus gave the market overview and he did a look back to events from 50 years ago. Jack Kleinhenz, Ph.D (kleinhenzassociates.com)…

The Northeast Ohio office market continues to improve and overall net absorption year to date is nearly 50,000 square feet. Large blocks of class A space are scarce in some areas, prompting plans for several new office developments between downtown and Chagrin Boulevard. The developers of the Flats East Bank Project have announced plans to proceed with a second office development, likely on a speculative basis. Phase II of the project is already underway with apartments and retailers being added…

Cleveland’s investment market continued to show strong momentum as we approached the mid-year point. Total sales volume for the quarter was just over $190 million while the total year-to-date volume was approximately $350 million. Several trends have emerged during the year. One of the most interesting was the resurgence of sales activity in the retail sector. Although it was one of the most battered of all the property types during the economic downturn, it has surged back and represents 42…

  The Northeast Ohio Industrial market continues to tighten and year-to-date net absorption was just over 700,000 square feet at the end of the 2nd quarter, lowering the vacancy 45 basis points to 7.24 percent. There has been a significant increase in new construction projects and the first 100 percent speculative development since 2008 will commence this summer. The 100,000-square-foot Bluestone Business Center I was recently completed, with 32,000 square feet occupied by Remedi SeniorCare of Ohio-Northeast LLC. The park is…

NAI Daus announced today that it has elected Alec Pacella as the firm’s new managing partner, effective immediately. Two other brokers from within the ranks of the firm have been promoted to partner and include Scott Garson and William Sadataki. The actions were unanimous among the firm’s partners. Commenting on the partner’s selection of Mr. Pacella as his successor as Managing Partner, Robert Brehmer said: “I am extremely pleased that Alec will succeed me as Managing Partner of NAI Daus.…

Card Pak Inc., a paperboard packaging company in Solon, Ohio, recently acquired a 44,400 square-foot industrial facility located at 995 South Chillicothe Road in Aurora, Ohio from Beech Realty Ltd.  Robert Brehmer, CCIM and Lisa Trevino, Sales Associate at NAI Daus represented the Seller, Beech Realty Ltd. and Matt Beesley of CRESCO Real Estate represented the Buyer, Card Pak Inc. in this transaction.

iMarc recently acquired a two-story 23,575 square-foot office building from Edgerton Software, located at 22560 Lunn Road in Strongsville, Ohio.  The building was built in 2000 and sits on approximately 2.849 acres in Foltz Industrial and Business Park. Alec Pacella, CCIM, Senior Vice President at NAI Daus represented the Seller, Edgerton Software, and Doug Smith with Pinnacle Real Estate represented the buyer, iMarc, in this transaction.

Architectural Justice purchased a former service station at 13593 Pearl Road in Strongsville, Ohio from the Holland Oil Liquidating Trustee.  The property will be redeveloped with a two-story showroom building.  Architectural Justice is a full service design and remodeling center serving Northeast Ohio for over 25 years. Chris Seelig, Director of Retail Services at NAI Daus represented the seller, Holland Oil Liquidating Trustee in the transaction.

Thomas English Retail Real Estate from Indianapolis, Indiana purchased the former Calico Corners building located at 27879 Chagrin Boulevard in Woodmere, Ohio from Woodmere Retail LLC.  The building will receive significant improvements, including a raised roof and new façade.  Sleep Number and G&G Fitness will be the tenants in the building. Chris Seelig, Director of Retail Services at NAI Daus represented the Seller Woodmere Retail LLC, and Tim Soeder of CBRE represented the Buyer, Thomas English Retail Real Estate in…

Antonio’s Pizza will be opening a new location in Solon Village Shopping Center this winter.  The new pizza shop will be located next to Menchie’s Frozen Yogurt.  This will be Antonio’s 10th location in the Cleveland market and their first location on the eastside of town.  Antonio’s Pizza is a family owned and operated company that has served the Cleveland area for over 43 years, and plans continued expansion throughout Northeast Ohio. Chris Seelig, Director of Retail Services at NAI…