Heritage Business Park
1,600,000 Square Foot, Multi-Tenant Business Campus
Babcock & Wilcox
Chefs for Hire
Cuyahoga Community College
J W Belt Co.
North American Plastics
Patrick Henry Group
Phillips Medical Group
The property, a multi-use, multi-tenant 1,600,000 square foot business campus was built between 1941 and 1956. The primary building functions as manufacturing, warehousing and office with multiple ancillary support buildings.
Owner-managed for decades, IRG Realty Advisors faced many challenges in the transition of the property. After performing complete physical and financial due diligence studies, a strategic asset management plan was devised and implemented including tenant retention efforts and a cost savings agenda targeted to improve the efficiency and long term viability of the complex. Some of the costs savings were achieved through the successful engineering and execution of a utility reduction plan. Both mechanical and electrical systems were modified and/or upgraded to provide the highest efficiency possible for the property. Other physical upgrades to the property include security systems, roofs, parking lots, and higher quality grounds keeping.
The implementation of the strategic asset management plan resulted in costs savings of 25% on a going forward basis shared equally by the owner and tenant. The savings to the tenants has allowed them to be more profitable and competitive within their respective businesses. The savings along with the property improvements will allow our client to conduct successful negotiations for new long term lease commitments.