All Pro Freight Systems Inc. is expanding its presence in Lorain County. The Avon-based transportation and logistics company recently leased 118,000 square feet of space at the former Accutech/Cleveland Plastic Films facility in Elyria.
The facility is located on 10 acres of land at 41740 Schadden Road. It was built between 1973 and 2002, and consists of two buildings with 60,000 and 57,500 square feet of space, respectively. They include office space, production capabilities and warehouse amenities.
“We are securing space anticipating the increased volume at the Avon Lake Ford Plant. This building will put All Pro Freight at over 600,000 square feet in Lorain County,” Chris Haas, president & CEO of All Pro Freight, said in a statement for the press.
Newmark Grubb Knight Frank’s Cleveland office brokered the lease. The team consisted of executive managing directors Mike Petrigan and Terry Coyne.
CBRE reports that the Cleveland industrial market experienced 994,558 square feet of sales and leasing activity in the second quarter of 2014. It was the least active quarter since the first quarter of 2013. Vacancy remained stable at 6.3 percent, with the overall availability rising from 7 to 7.2 percent.
The average asking rent also remained fairly steady, at $4.52 per square foot, the same as in the previous quarter. Although rents remain lower than the U.S. average, the low vacancy rates in the market outperform the national vacancy rates.
Contrary to the first quarter of the year, average rents increased for warehouse, distribution and manufacturing facilities. For warehouse and distribution facilities, the average rent reached $4.35 per square foot, exceeding the levels registered at the end of the previous year. For manufacturing facilities, rents rose from $3.28 to $3.33 per square foot. However, in the case of R&D/flex spaces, the average asking lease rates decreased from $9 to $8.88 per square foot.Photo credit: Newmark Grubb Knight Frank Charts courtesy of CBRE.