2:30 PM
NGKF Capital Markets has successfully completed the sale of 800 Nave Road in Massillon, Ohio to Tuffli Company, marking the California-based firm’s first acquisition in Ohio. NGKF Capital Markets Managing Director Daniel Fromm and industrial specialists Terry Coyne, vice chairman and Kristy Hull, managing director, oversaw the $6.22 million, 85,000-square-foot transaction on behalf of previous ownership, 3D3E, Ltd.
“Terry and Kristy were able to quickly secure an out-of-state buyer and have our property under contract within 45 days of marketing the single-tenant property for sale,” said Scott Finerman, CFO of 3D3E, Ltd. “They were diligent and hands-on throughout the entire process to bring it to a successful close in order to maximize the term of the lease in place. We were very happy and successful in using them for the sale of our property.”
Comprising two buildings, 800 Nave Road includes one 65,000-square-foot building consisting of 13,000 square feet of office space and 51,000 square feet of warehouse/manufacturing space. This building houses six cranes. The second building totals 20,000 square feet of warehouse space and boasts two, 10-ton cranes. 800 Nave Road is fully occupied by Magnetech Industrial Services, a leading provider of integrated mechanical and electrical services and products. The firm has fully occupied 800 Nave Road since 2007, and serves as the company’s headquarters.
“3D3E, Ltd. wanted to sell 800 Nave Road before the end of 2016 to maximize its term of the lease,” said Coyne. “Within one week we were able to source a west coast buyer who had no previous history investing in Ohio, but was a great fit due to its interest in manufacturing assets.”
Located eight miles east of Canton, on the south side of Massillon, 800 Nave Road sits on the northeast quadrant of the intersection of Route 30 and Route 21. The city of Massillon was home to large steel plants in the 20th century, including Central Alloy, Republic Steel and Enduro Stainless, to name a few. Massillon is still home to manufacturing companies, but also features other companies such as Campbell Oil, Heinz Frozen Food Co, Shearer’s Foods, Tower Industries, and more.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.