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.
- ◦Development
