Friday, June 9, 2017

June 2017 Sequoia Market Update

June 2017 Sequoia Market Update

Contents of this Newsletter

New on the Market at Sequoia Realty Corp.
               2 Retail Units, Fairport Harbor, OH
                  Medical/Retail Unit, Mentor Ave., Mentor
                Office Investment, Painesville Twp., OH
                2 Office Condos, Concord Twp, OH
                Vacant Commercial Lot, Vine St., Eastlake

SOLD/LEASED at Sequoia Realty Corp.

PENDING Sales at Sequoia Realty Corp.


June 2017 Sequoia Market Update
New on the Market at Sequoia Realty Corp.
1248 High St., Fairport Harbor, OH

900 - 1,800 Sq. Ft. (End Unit)
 Drive-through Capable, Great for a Bank!
 Excellent Location! Just off S.R. 2
 Every car entering F.H. will pass this plaza!
 For Lease @ $12.00/ Sq. Ft.
 Call Patrick Dowd - 216.406.0476


7344 Mentor Ave., Mentor, OH

2,450 Sq. Ft.  - Medical/Retail
 Includes Reception Area, 6 Exam rooms/Private Offices, Break Room
 Great Location across from Points East Plaza!
 High Traffic Area
 For Lease @ $15.00/ Sq. Ft. (Available in Jan. 2018)
 Call Patrick Dowd - 216.406.0476

9930 Johnnycake Ridge Rd. #2D, Concord Twp., OH

1,296 Sq. Ft. - 2-Story Office Condo
 Great Space for Medical, Legal or Professional Use
 Ample Parking!
 For Sale @ $129,555
 For Lease @ $10.00/ Sq. Ft.
Call Patrick Dowd - 216.406.0476


9930 Johnnycake Ridge Rd. #1C, Concord Twp., OH

1,044 Sq. Ft. - 1 Story Unit
 4 Private Offices, Reception Area & Kitchen
 No Local Income Tax!
 Close to many Restaurants & Shopping
 For Sale @ $105,900!
Call Patrick Dowd - 216.406.0476

370 Blackbrook Rd., Painesville Twp., OH

 12,000 Sq. Ft.
 3 Units with 4,000 Sq. Ft. each
 4,000 - 8,000 Available NOW for Owner/User
 No City Income Taxes!
 For Sale @ $960,000 REDUCED to $910,000!
Call Patrick Dowd - 216.406.0476

35860 Vine St., Eastlake, OH

0.30 Acres (2 Parcels)
 All Utilities in Place

 110' Frontage x 130'
 Prime Area near Captain's Baseball Stadium
 For Sale @ $55,000
Call Patrick Dowd - 216.406.0476

SOLD/LEASED at Sequoia Realty Corp.

9075 Mentor Ave., Mentor, OH

3,751 Sq. Ft. - Retail

 SOLD for $360,000!!!


7745 Mentor Ave., Mentor, OH

1,320 Sq. Ft. - Retail

2 Units Still AVAILABLE!
1,320 - 2,640 Sq. Ft. - Prime Location!

PENDING Sales at Sequoia Realty Corp.

1002 Third St., Fairport Harbor, OH

12,194 Sq. Ft. - Industrial

1370 Lloyd Rd., Wickliffe, OH

8,834 Sq. Ft. - Industrial


S/L 13 Research Dr., Eastlake, OH
3.62 Acres - Industrial Land

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Tuesday, January 31, 2017

Mentor, Lake County industrial market booming; retail, office demand slower

By Betsy Scott, The News-Herald

Greater Cleveland closed out 2016 with a low industrial real estate vacancy rate, thanks partly to Lake County.

The Cleveland Fourth Quarter 2016 Industrial Market Report compiled by Xceligent tracks about 368 million square feet of industrial space in Ashtabula, Cuyahoga, Geauga, Lake, Lorain and Medina counties.

The region’s fourth-quarter vacancy rate was 4 percent, down 0.2 percent from the third quarter and 1 percent from the same period in 2015.

The Lake County market, comprising of roughly 38 million square feet in 918 industrial buildings, had a vacancy rate of 2.8 percent, down 0.1 percent from the third quarter.

“There’s high demand for industrial and there is shrinking inventory, and that is not only in Lake County, but across Northeast Ohio,” said Patrick Dowd, vice president of Sequoia Realty Corporation based in Mentor. His company represents nearly 1 million square feet of industrial space in Northeast Ohio.

Mentor is home to 40 percent of the industrial property in Lake County and about 4.2 percent is vacant. That is improved from 4.3 percent in the third quarter of 2016 and 6.7 percent at the end of 2015.

Two buildings — the former Caterpillar and RB&W facilities — constitute close to two-thirds of the vacancies in the city, noted Ronald M. Traub, Mentor’s economic and community development director.

“The city is exploring opportunities to facilitate developable industrial sites in the city,” he said.

On the retail side, the Mentor market is in relatively good shape from a large, national tenant perspective, Dowd said.

“There’s not a lot of big box space on the market,” he said. “But we’re seeing a lot of pockets of small retail space in the 1,000- to 3,000-square-foot range. It’s just demand. There’s a lack of demand at this time. We are hoping we’re going to see that demand increase in the spring.”

Mentor maintains its retail prowess with a vacancy rate of 4.3 percent, according to the Xceligent report. That contrasts with the 7.1 percent in Greater Cleveland, up slightly from third quarter 2016, and 7.9 percent in Lake County, where Mentor accounts for 45 percent of the market.

“You look at Eastlake, there are some big boxes, Painesville Commons, but Mentor is generally in better shape than surrounding Lake County cities,” Dowd said.

Mentor is the sixth-largest retail center in Ohio in terms of sales volume, according to the 2015 Retail Trade Report released by the U.S. Census Bureau. The communities ahead of it are Columbus, Cincinnati, Toledo, Cleveland and Akron.

Meanwhile, office real estate continues to lag a bit, Dowd said.

“Generally, coming out of a recession, industrial is the first sector to rebound, then retail, then office,” he said. “We have seen a rebound in retail, but not as strong as industrial, but it has rebounded from the (2008) recession. There’s a lot of inventory of office and very weak demand all over Lake County. …

“There’s a thought that technology has affected the demand for traditional office space. You can do an awful lot with a smartphone and you can conduct business very easily.”

Thursday, January 12, 2017

Sequoia Realty Market Update - January 2017

January 2017 Sequoia Market Update

Contents of this Newsletter

Sequoia Realty Corp. Lists Willoughby's Historic US Bank Building
New on the Market at Sequoia Realty Corp.
               - 28833 Euclid Ave., Wickliffe, OH
                  8,856 Sq. Ft. - Office/Retail for Sale

Recently SOLD by Sequoia Realty Corp.
               - S/L 15 Twinbrook Rd., Mentor, OH
                          3.5 Acre Industrial Lot
                          SOLD for $135,000!

Recently LEASED by Sequoia Realty Corp.
               - 7855 Division Dr., Mentor, OH
                         LEASED  8,050 Sq. Ft. Industrial

January 2017 Sequoia Market Update
Sequoia Realty Corp. Lists Willoughby's Historic US Bank Building 

A 1960 episode of the Twilight Zone titled "A Stop At Willoughby" describes the town as a place filled with "sunlight and serenity." Jim Danford would agree with this cheery depiction of Willoughby. In 1983,  Danford and his brother Robert purchased the Historic US Bank Building in the heart of bustling downtown Willoughby.

Built in 1901, the building is currently fully leased with its 18 apartments, 4 storefronts that includes a restaurant, wine bar, jeweler and a bank, office space and ample parking. The US Bank Building, located at 4084-4098 Erie Street, is in the center of a vibrant community that boasts eclectic restaurants, bars, and shops, and hosts festivals, charity runs, and farmers markets throughout the year.

The building has been a "labor of love" according to Jim Danford who continued by saying, "I loved the property from the day I saw it. You can't just go out and find a property like this." Over the years, the Danford brothers have been committed to the upkeep and restoration of the building to maintain its historic charm.  The building is architecturally interesting with original claw foot bathtubs, glass cabinetry, milled woodwork, bay windows and old steam radiators in each apartment. When the building was originally built, a clock tower with beautiful ironwork stood prominently atop the building. Prior to the Danfords' purchase of the building, the clock tower was taken down rather than maintained. Today there's an effort led by the Historic Society of Willoughby to rebuild the clock tower to restore the building's original appearance and stature.

Despite their love of the building and its location,  after 37 years, the Danfords have decided it's time to sell the property and retire.  Upon this decision, the Danfords turned to Sequoia Realty Corp. who specializes in commercial real estate.  With the help of Sequoia Vice President Patrick Dowd, the property is now on the market for $2,600,000. Committed to finding the right buyer for this distinctive property,  Jim Danford noted that, "Sequoia offers excellent customer service, is quick to return phone calls and is really interested in getting to know the property."

As a great investment opportunity, the new owner of the US Bank Building would not only have a large, unique income producing property, but also own a piece of Willoughby history while investing in the future of the community.

The mixed use building is also zoned for a historic inn should a new owner care to pursue it. There is additional development opportunity in the large parking area in the back including the possibility of a much needed parking garage.

Interested parties should contact Patrick Dowd at Sequoia Realty.

C: 216.406.0476

New on the Market at Sequoia Realty Corp.

  28833 Euclid Ave., Wickliffe, OH
 8,856 Sq. Ft. - Office/Retail Plaza
 3 Units + Walkout Lower Level
 For Sale @ $159,000!
Great Value at $17.95/ Sq. Ft.

3961 Kirtland Rd., Willoughby, OH
 12,098 Sq. Ft. on 3.36 Acres
 Church or Redevelopment
 For Sale @ $599,000!



Recently SOLD by Sequoia Realty Corp.

  S/L 15 Twinbrook Rd., Mentor, OH

 3.5 Acres - Industrial Land
   - SOLD for $135,000!

 414 2nd St., Elyria, OH

 8,300 Sq. Ft. - Retail/Warehouse
   -SOLD for $100,000!


 224 River St., Fairport Harbor, OH
  0.40 Acres Commercial Land
   -SOLD for $52,900

  9375 Pinecone Dr., Mentor, OH

1.4 Acres - Industrial Land
   - SOLD for $44,000!


Recently LEASED by Sequoia Realty Corp.

7855 Division.jpg

7855 Division Dr., Mentor, OH
 8,050 Sq. Ft. - Industrial/Flex Building
 Including 2,000 Sq. Ft. Office

36445 Biltmore

  36445 Biltmore Place, Unit D
y, OH

Office/Warehouse Condo
1,200 Sq. Ft. - LEASED!



9613 Jackson.jpg

 9613 Jackson St., Mentor, OH
 8,000 Sq. Ft.  - 2 Story Office/Warehouse


  26485 Center Ridge Rd, Westlake, OH
  Westlake Commons Shopping Center

 2,000 Sq. Ft. - Retail
   - LEASED!

 1,700 - 1,750 Sq. Ft. - Front Units Still Available!