Canvus Signs 109,075-Sq-Ft Lease for Flagship Manufacturing Facility
Canvus to Build State-of-the-Art Products from Wind Turbine Blades at New Cleveland-Area Production Studio Starting in Fall 2022.
Originally published on nmrk.com
Newmark announces RiverCap Ventures has signed a 109,075-square-foot industrial lease at 1350 Moore Road in Avon, Ohio. Newmark Vice Chairman Terry Coyne, SIOR, CCIM represented the building owner, Plymouth Industrial REIT. Coyne has a long-standing relationship with the client, having completed approximately 15 transactions over the past 10 years. Formerly a multi-tenant building, the asset owner was seeking to lease the building to a single tenant.
RiverCap Ventures has been in the wind energy sector for six years, helping companies manage the disposition of all end-of-life wind turbine material—the most challenging of which is the sustainable recycling of wind turbine blades. This led RiverCap Ventures to establish its portfolio company, Canvus, which converts retired wind turbine blades into innovative, one-of-a-kind furniture. The location at 1350 Moore Road will be the flagship and first manufacturing plant for Canvus.
“We wanted our first Canvus facility to be in Northeast Ohio, with its accessibility and deep labor pool of talented craftspeople,” said Kayla Kowalski, Managing Director of Strategic Growth at RiverCap Ventures. “As we worked to identify the right option with the right scope, Terry and Newmark put together an incredible package and worked with us to get exactly what we wanted in a facility.”
Site of Canvus' 110,000-square-foot Production Studio in Avon, Ohio
1350 Moore Road is a 109,016-square-foot industrial property situated on approximately 8 acres of land. Property features include seven loading docks with levelers, four drive-in doors, 27-foot clear height, 1,012 square feet of office space, 1600-amp power, 350 parking spaces and a truck court providing ample truck storage.
“Plymouth Industrial REIT has been an excellent client over the past ten years,” said Coyne. “I was pleased to find a high-quality tenant like RiverCap Ventures for a full building lease to make 1350 Moore Road a single-tenant building.”
The property is in a prime location in one of Ohio’s fastest growing communities. It offers immediate proximity to Interstate 90, providing accessibility to Interstates 80, 480 and 71, reaching the entire Cleveland area and beyond.
RiverCap Ventures provides services for the wind energy industry including wind farm owners and operators, investment groups and turbine manufacturers. Its services include decommissioning and repowering of wind farm projects, emergency repairs and end-of-life turbine blade recycling.
The Greater Cleveland industrial market cemented its pandemic resilience with stability in the first quarter of 2022, according to Newmark Research. The market tallied 1.79 million square feet of positive net absorption, the result of factors including lease occupations from previous quarter signings as well as some owner/user sales that prompted occupation. As a result, the overall vacancy rate decreased by 40 basis points to 4.4%, the lowest mark (tied with the first quarter of 2021) in decades. This was the industrial market’s third consecutive quarter with positive absorption and the sixth out of the past seven quarters to absorb space.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.