Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of approximately 30-acres of shovel-ready land located at 6800 N. Chestnut Street, Ravenna, Ohio 44266. The property is currently part of the 47-acre Chestnut Commerce Center which includes a class B, 180,000 square foot, multi-tenant tech-flex industrial building which is over 90% occupied The 30-acres will be subdivided and deeded separately at closing. The site sits next to the 414,000 square foot GE lighting distribution center and is near other large manufacturing and distribution sites such as Parker-Hannifin, Container Corporation of America, Kenmore Research Company, and many more companies have made long-term commitments to locate in Ravenna. Ravenna is in the Portage County submarket which has a declining vacancy rate of 2% and a net absorption of 295,000 square feet over the last 12-months. This combined with low construction, has contributed to the high demand for long-term and short-term on-demand industrial and flex-tech space. These conditions also support ownerships decision to start developing the subject property which includes a rail siding that eventually can accommodate an inside rail spot for a future building. This is one of the few developable land sites in Ravenna and offers an astute investor – developer a unique value-add opportunity to fully develop Chestnut Commerce Center to its full potential.