AkzoNobel Leases Space in Hackman Capital Partners’ Strongsville Facility
- Oct 11, 2014
AkzoNobel is opening a research-and-development center in the Cleveland area. The paints, coatings and chemicals company has recently leased space in a Class-A industrial facility located in Strongsville.
AkzoNobel’s new facility is located at 8220 Mohawk Drive and offers 77,500 square feet of space. The Dutch multinational will move a selection of its Performance Coatings businesses to the Strongsville building. It will be the new home of one of AkzoNobel’s global research and development centers focused on metal coatings.
CBRE’s Fred Herrera represented AkzoNobel in the transaction. George Stevens and David Ford, also of CBRE, represented the landlord, an affiliate of Los Angeles-based Hackman Capital Partners LLC.
“We’re excited to have AkzoNobel as a tenant and are thrilled we could accommodate their needs in Strongsville. We also appreciate the efforts of the city, which helped retain the company here,” David Smith, managing director of Hackman Capital, said in a statement for the press.
8220 Mohawk Drive is just one of 13 properties owned by Hackman Capital in the Cleveland area, and one of 78 in the state of Ohio. The company entered the Ohio market in July 2012, when it purchased a 2.8 million-square-foot industrial portfolio. A year later, it acquired another large portfolio from New York-based Square Mile Capital Management LLC. It totaled 2.56 million square feet of industrial space, including 1.6 million square feet in the Cleveland area.
In a news release, Hackman Capital said the Cleveland area properties were 76 percent occupied at the time of the acquisition, in mid 2013. Since then, the company has brought the occupancy rate up to 90 percent. The numbers include the AkzoNobel lease.
“We’ve had great success in Cleveland,” added Ben Struewing, Hackman Capital’s vice president of leasing, sales and acquisitions. “In just a year, we’ve executed 15 leases here—more than 129,000 square feet in new deals, 190,000 square feet in renewals and expansions—and we’ve sold three buildings totaling over 354,000 square feet, with another currently in negotiation.”
Photo credit: Hackman Capital Partners