Stonemont Lines Up First Northeast OH Spec Project
Atlanta-based Stonemont Financial Group closed on the land purchase for a 450,000-square-foot Class A industrial facility in Westfield Center, OH, near Cleveland. The project, called Westfield Commerce Park, marks Stonemont’s first speculative development in Northeast Ohio.
“Through our existing relationships in the market, we identified a need for Class A industrial facilities for e-commerce and 3PL users who have to quickly ramp up operations but are getting squeezed by the lack of available supply in the region,” said Stonemont CEO & Managing Principal Zack Markwell.
Stonemont is serving as developer and owner of the project, with Pinnacle Bank & PCCP acting as debt and capital partners. JLL is overseeing leasing for the building.
Westfield Commerce Park will be strategically located at the intersection of I-71 and I-76, 43 miles south of Cleveland. Construction is now underway, with the project slated for completion in Q1 2023.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).