7.22-acre industrial site under contract in Westlake, OH – evaluating flex warehouse/
We just put a 7.22-acre industrial-zoned parcel under contract in Westlake, Ohio, located in an established business park with excellent access to I-90 and I-480.
Purchase price came in around $34,000 per acre, which we believe is well below replacement cost for this location.
A few things that make this project interesting:
- Industrial zoning already in place
- Prior concept work and entitlement information expected from the original developer
- Public utilities available
- Strong demographics and affluent surrounding market
- Preliminary concept supports flex warehouse/storage condos
- Multiple exit strategies including selling entitled land, selling completed units, holding for lease, or build-to-suit
We’re currently raising approximately $100,000 for the down payment and predevelopment costs, with a 45-day timeline before closing.
I’d appreciate feedback from anyone who has:
- Developed storage condos or flex industrial projects
- Built in affluent suburban markets
- Experience underwriting this product type
- Interest in discussing a financing or joint venture opportunity
Offering
Cleveland, Ohio