Brooklyn, OH – Amazon Last Mile Facility

Challenge

ICP was approached by an Amazon representative, regarding Amazon’s need for a last mile facility in the area. We had a sizable land parcel available, which was part of the former American Greetings Headquarters which we redeveloped into a multi-tenant business park and the new headquarters for Medical Mutual.  While preparing the site, we had to acquire adjacent land owned by Cuyahoga County to complete the assemblage.  ICP then negotiated a long-term lease with Amazon and began the planning with their team for a build-to-suit.

Outcome
Prior to starting construction, ICP conducted a whisper campaign to gauge interest with investors who acquire NNN leased properties, resulting in the property going under contract in a forward-commitment as construction commenced.  Amazon occupied on June 30, 2022 and the property sold on December 2022 for a 4.65% cap rate, the lowest cap rate in recent history in NEO for industrial product..The entire process of assembling the land, negotiating the long-term lease with Amazon, constructing the building, Amazon taking occupancy and eventually the sale closing took just 18 months from start to finish.