REIT buys Lake County property for $6 million
REIT buys Lake County property for $6 million
CoStar
The building housing beverage equipment maker Bevcorp in Eastlake has been acquired by an out-of-town REIT from a local investment group.
What a change a new tenant with a long-term lease can make in the value of a factory-warehouse building in today s torrid industrial real estate market.
Case in point: the $6 million sale in May of the Bevcorp LLC building, 37200 Research Drive in Eastlake, to an affiliate of Royal Oak Realty Trust, a private, non-traded real estate investment trust based in Rochester, N.Y..
The Independence-based investor group that sold the property, CLE37200RESEARCH LLC, had paid $4.25 million for the 105,000-square-foot building on Nov. 13, 2020, according to Lake County land records. The county appraises the building at just $3 million for property tax purposes.
Lake Business Products moves its operations to Miner Road in Highland Heights
Updated Jan 09, 2021;
Posted Jan 09, 2021
Lake Business Products, formerly of Eastlake, has just moved in to its new home, the former Allow Bellows & Precision Welding property, 653 Miner Road in Highland Heights.
Facebook Share
HIGHLAND HEIGHTS, Ohio The city is welcoming a new business to Miner Road and the former Alloy Bellows building.
Lake Business Products, a company with a 60-year history in Lake County, has split its operations that had been in Eastlake, moving its leasing company to Euclid, and its main office building, operations and sales staff to 653 Miner Road.