Love is in the air at Weston for Valentine’s Day!

Weston Inc., leader in Cleveland Commercial Real Estate at http://www.teamweston.com

4595 Van Epps in Brooklyn Heights, OH

For the month of February, Weston is featuring one of our facilities that we simply adore: 4595 Van Epps Road In Brooklyn Heights, Ohio, is a 40,300 square foot warehouse featuring 4,600 square feet of office space with fresh paint, carpet, and new lighting. The warehouse is a beautiful bouquet of 5 docks, 1 drive-in, ample clear height, and the new T-8 lighting will brighten your day. The exterior of the building boasts plenty of parking and landscaping that blooms beautifully in the spring and summer.

The lovely village of Brooklyn Heights, Ohio has so much to offer. It is a unique combination of a small town feel with a thriving industrial area. It is nestled next to a lake that, according to area officials, is some of the best bass fishing around. Situated right at the I-480 and I-77 interchange, it makes travel to Downtown Cleveland and the airport extremely close and convenient. Many area conveniences such as shopping and restaurants are only a short drive away.

See what neighboring customer, Global Net Logistics, has to say about us: http://bit.ly/VRauCN. The building is priced to move, so if you are in the market for industrial space, contact Weston Inc. immediately to set up a showing.

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STOP! Are You Paying Too Much in Rent?

Stop! Are You Paying Too Much in Rent?

Signing a new lease is an exciting yet nerve-wracking time for business owners. It is a very large commitment to make – after all, the lease is one of the most, if not the most, expensive line item on your balance sheet. With a good landlord it is intrinsic to continually work at keeping rents as low as possible in order to pass on the savings to a net lease tenant. The following are some of the ways that Weston continues to keep rents as low as possible:

Relationship With Lender. The relationship that an owner has with his lender is an essential part of real estate ownership. A lender dictates what the interest rate will be for a particular property asset. If the borrower has a track record with the lender, if business has been done in the past and the loan covenants were fulfilled, if the reputation is there, then the borrower is more likely to negotiate a more favorable rate for his transactions. If goodwill is involved, all the better, because the tenant will become the beneficiary of the savings. Weston has a long standing reputation as a property owner and we fulfill our promises. In other words, we are the type of client that a lender looks for. As a result we get better pricing, are able to buy a building with better terms, and can turn around and make space available at more advantageous rates than our competition.

Reduction of Property Taxes. One of the largest component of operating expenses or additional rent paid by the tenant to a landlord is property taxes. Although real estate tax is an unavoidable expense that is levied by the county to property owners, Weston is very attentive and watches it carefully.  According to the tax law a property owner is allowed to appeal their taxes once every 3 years. Weston has procedures in place whereby once every 3 years, like clockwork, we start the appeal process. This requires us to hire an attorney, file the paperwork with the county, and appear in court to plead our case. It is a somewhat arduous process but we are diligent in our procedure. While the decision can go either way, you can bet that if we win, the savings are passed along to our tenants.

Reduction of Property Contract Service Costs. Another component of additional rent on a triple net lease is the contract services. This is the cost to operate and maintain the facility, outside of utilities. A triple net lease provides for landscaping, snowplowing, and other contract services that get billed back to the tenants on their monthly rent bill. If a landlord can negotiate good pricing on contract services, the tenant will realize the savings. Weston actively searches for the best contractor to do the best work at the best price. We challenge our contractors to find ways to do the work that we need at better than market rates. As a result we are able to save money for our clients.

Insurance. Property insurance also makes up some of the additional rent on a triple net lease. Although insurance is usually the smallest expense, a good landlord will give consideration to the associated fees. In order to keep the cost as low as possible, Weston takes our book of properties out to bid each year to ensure that we are guaranteed a fair price for the services that we as well as our lenders require. Also, because of our larger portfolio size, we are likely to get better pricing simply due to economies of scale.

I know what you’re thinking – this is just an attempt at shameless self-promotion! But actually that is not the case. We continuously strive to make ourselves better by negotiating better rates with lenders and reducing the operating costs of our properties. These savings are passed on to our tenants in our attempt to keep our base rental rates low and our triple net operating expenses as minimal as possible. Contact us if you have any questions or you would like further information.

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Leasing vs. Owning Commercial Real Estate

It’s the age old question for business owners: Should I lease space for my business or should I buy an asset to call my own? There certainly are some benefits to proprietorship, such as depreciation and pride of ownership. However, more times than not it is beneficial to lease. Here are 5 points to consider before making a real estate purchase.

1. The ability to reinvest your profits. This is pretty cut and dry. As a building owner, it is likely that your net operating income will not only go towards paying down debt but also the maintenance of your facility. And those repairs add up pretty quickly. Mechanical, roof, and parking systems can be expensive to sustain but a necessity to maintaining the building’s function and value. As a tenant you can take your company’s returns and reinvest them to grow your business while your landlord worries about building issues. And, in good years, you even get to put some of the profits into your pocket.

2. It will cost you more for repairs and maintenance than your landlord. And they will get the job done quicker, too. This is that pesky law of the economies of scale. This concept essentially states that as the amount of a good or service increases, the cost per unit decreases. With repairs needed every once in a while, your cost per repair will be much higher than that of the landlord. A larger landlord often has longstanding relationships with contractors from the maintenance of multiple commercial facilities all year long.  Additionally, since the contractor relies on the landlords business, all jobs become a priority, and get done quicker.

3. Structural reserve. This goes hand in hand with repairs and maintenance. Lender requirements usually dictate that money is set aside for structural reserve; however, if it’s not a loan obligation, it’s good security to have in place. This is calculated as a percent of the net operating income and used for larger, capital expenses such as roof replacement and parking lot work, items that the landlord is typically responsible for per the lease. Again, a good portion of your company’s profits must be put towards your real estate expenses, instead of reinvesting it into your business.

4. Finding tenants. If you own a facility and occupy a part of it, you are left with some empty space to fill. Chances are that you want or need the additional income. Depending on the market, it may or may not be easy to find lessees. Markets fluctuate, and it takes time and resources to secure tenants. In today’s economic situation, you are competing with many other building owners for occupancy and may not get the income you had anticipated.

5. Building management. This can be a full time job in and of itself, let alone simultaneously running a business. Fielding tenant calls, doing the accounting, collecting rent, handling that leaky roof and the toilet that won’t flush will all become a part of your daily life. As a building owner, be prepared to take on a lot of additional responsibilities. As a tenant, your landlord would most likely be responsible for day to day maintenance, depending on the lease.  With a landlord in place, you have less to worry about, leaving you with the ability to focus on the current operations and improvement of your company.

Depending on your goals, building ownership may or not be for you. Keep in mind how each of the above points will impact your business, both financially and operationally. Consider it carefully when making your decision whether to own or lease commercial real estate.

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Twinsburg, Ohio Freezer Space Available For Lease at 9300 Dutton Drive from Industrial Landlord Weston Inc.

9300 Dutton Drive, Twinsburg

9300 Dutton Drive, Twinsburg

Cleveland, Ohio, January 8th, 2013 – Greater Cleveland Real Estate specialist Weston Inc. is pleased to announce the availability of a free-standing distribution warehouse at 9300 Dutton Drive in Twinsburg, Ohio.

This high image building features outstanding amenities in Twinsburg’s premier industrial area. The building is well-equipped with 12 docks, 1 drive-in, and a 6,000 SF freezer maintained at 0 degrees Fahrenheit and below. The ceilings are 25′ high, leaving plenty of room to rack and stack.

“Our Dutton Drive location is highly functional,” says Tim Breckner, Business Development Agent for Weston. “This is the perfect location for any distributor or manufacturer, either in the food business or otherwise.”

About Weston: Today Weston owns and leases industrial properties, and serves approximately 450 tenants in over 75 projects in the Greater Cleveland Commercial Real Estate industry and across the country. For more information log on to our website at Team Weston’s website or contact Tim Breckner at 440.349.9000.

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WESTON BUILDERS IS DOING DEALS

Cleveland, Ohio, November 10th, 2012— Weston, Inc. announced today that it has formed a new entity, Weston Builders, LLC.  In discussing this new venture, T. J. Asher, CEO of Weston Inc. underlined Weston’s continued need to expand its business opportunities, particularly in the multifamily residential industry it has forged into. He explained that Weston Builders primary focus will be on Low Income Housing Tax Credit (LIHTC) renovation work, the senior living industry, and higher education student housing.

“This venture is a natural progression for us,” Asher says. “It makes complete sense. We have the staff in place. We have long-standing relationships with our lenders so that we can get deals done. And, we have a great reputation in the marketplace.”

Mark Horton, President of Weston Development, will head up this effort, supported by Chris Gellin, formerly of Merit Enterprises, the building arm of Associated Estates, Inc., as Vice President “You would be hard-pressed to find  two people with as much combined experience as Mark and Chris”, Asher adds.

Gellin defines the strategy for the future growth of Weston Builders as “practical”, referencing its first project as a key example. The Residences at Carronade in Perrysburg, Ohio is a HUD financed ground up construction of 108 residential apartment units. Described as “upscale, yet affordable” the second phase of this complex has an anticipated groundbreaking slated for April, 2013.

“We have standing relationships with subcontractors and an understanding of Low Income Housing Tax Credits,” Gellin adds.  “We also have a network of lenders and financial institutions.”

As to why he has decided to jump on board with Weston, Gellin proudly adds, “Weston’s reputation is unsurpassed.  It’s a pleasure to be part of this team.”

Weston Builders will be introduced at Booth # 20 at the  Affordable Housing Finance Live  Conference in Chicago, November 14-16.

Weston is one one of Northeast Ohio’s largest privately-held industrial building owners and developers with more than 400 tenants in 10 million square feet of space in 10 states. Founded in 1972, it is a second generation commercial real estate business led by the Asher Family.  For more information about Weston, log on to www.teamweston.com.

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What I Did on My Summer Vacation

Rob Namy, Senior Vice President for Weston Commercial Real Estate

Rob Namy, Senior Vice President for Weston Commercial Real Estate

Weston Senior Vice President Rob Namy was buoyed by his recent summer vacation. However, anyone that know him knows that it was not a typical beach getaway. Rob has been involved for several years with the organization known as MedWish, and his vacation was spent in El Salvador on a humanitarian effort to provide personal and medical care and hygiene items to the people of this under-developed country.

MedWish International is a not-for-profit organization committed to re-purposing medical supplies and equipment discarded by the healthcare industry. Their objective is to provide humanitarian aid in developing countries to save lives and reduce waste in order to save our environment.  Rob has been a volunteer for 8 years, going on humanitarian missions every year with different groups, or ‘brigades’ as MedWish calls their aid groups. The groups are composed of doctors, nurses, teachers, and everyday people with the desire to help in any way they can. Rob says the experiences he has had with MedWish have been some of the most enriching he has had in his life. “To be able to spend time with these people just listening to their problems and knowing that you are helping to fulfill their needs, both basic and medical, is an experience beyond words”, said Namy. “I look forward to these brigades every year.”

MedWish relies on donations from individuals to make these missions possible. Rob, along with 40 other volunteers,  brought along hundreds of pounds of first aid and hygiene items donated  by kind individuals to give to the 1,500 people they saw there.  Hundreds of humanitarian aid workers  rely on MedWish to fill their suitcases to fulfill important work in remote Peruvian jungles, resource-scarce African villages, Southeast Asian orphanages and earthquake-battered Haiti. On their first day in El Salvador, the 2012 brigade treated 300 patients in their field clinic. It is truly staggering to realize that this is the only medical treatment that most of these people will receive all year. 

If you would like to learn more about MedWish and their incredible humanitarian work, contact Rob at rnamy@teamweston.com, or please visit their website.

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Weston Introduces New Marketing Campaign

Weston Inc. FOR IMMEDIATE RELEASE

Cleveland, Ohio, June 14, 2012—One biography is about a night fisherman, the other about a man in love with his dog and his Harley and still another about the author of a soon-to-be-released novel about the Lake Erie Islands.  These are but three of the revelations in Weston’s new eight-part, tenant-focused marketing campaign.

The campaign highlights eight Weston tenants unveiling details about what they do outside of the office. 

“We could have promoted the usual bricks and mortar, but we recognized that concrete is not what this company is about” says Suzanne Broadbent, Weston’s Director of Sales and Marketing.  “We have always been about people.  Marketing buildings without revealing the personalities in those buildings is just not us.  This puts our best face forward in the truest sense.”

The tenants responsible for putting a face on Weston agree.  Most lauded Weston for being personable, acknowledging their friendship over the years with their leasing agents.

Yet, even the folks at Weston were surprised by what their tenants revealed.  Who knew that the music producer was out fishing on Lake Erie into the wee hours the night before?  Or, that the corporate executive spends hours creating a headboard for his daughter and roly-poly toys for her newborn?

“As the campaign came together, we were drawn by these stories,” says Broadbent. “And, she says with a smile, “we thought we knew these tenants well,” she adds.  “There’s something about the honesty of the interviews that makes this very appealing.”

The campaign will be introduced as a business-to-business application, taking its place alongside other Weston collateral materials at meetings and presentations.  Postcards will be distributed to potential customers to give them a better understanding of Weston.

“We are hopeful that this will set us apart from every other company that leases space to faceless clients. That is not Weston.  This is us. This is what we’re about.”

About Us: Weston is one of Northeast Ohio’s largest privately held industrial building owner and manager with 400 tenants in 10 million square feet of space in 10 states.  Founded in 1972, it is a second generation commercial real estate business led by the Asher family.

For more information about Weston, log on to http://www.teamweston.com.

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A Weston Success Story: 410,000SF Multiple Building Joint Venture in Spartanburg, SC

Our joint venture success story

410,000 SF in Spartanburg, SC

  • Weston purchased a 409,600 SF industrial warehouse campus on 25 acres in April 2008 for $8,400,000.
  • The acquisition included four (4) buildings constructed in 1989-90.
  • Property is located in the thriving market of Spartanburg, South Carolina.
  • Weston negotiated favorable financing with a lender to enjoy below market cost of capital over the four (4) year hold period.
  • Project was 100% occupied at acquisition and we were successful negotiating and extending the existing tenant lease terms to continue healthy returns on our investment.
  • In April 2012 we sold this facility to an investor for $9,000,000 and completed our first “round trip transaction” with this JV partner.
  • Projected returns at acquisition were projected to be 13.5% and upon sale we achieved over 27% project return on this investment.

Many more success stories to see! http://teamweston.com/acquisitions.php. View our full listing of available properties at http://www.charlotteindustrialrealestate.com.

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Spotlight on Joe Soltesz, Controller for Weston

Go Joe!

The 24 Hour of Booty Cycling Event

Go Joe!

A Weston employee for more than 13 years, we all know Joe Soltesz is a vital member of the Weston team.  But, not only is he hard working in the office, he is a great contributor outside the office as well.  Joe participates in an event called “24 Hours of Booty.” 

“24 Hours of Booty” is the Official 24-Hour Cycling Event of LIVESTRONG™.  The event brings together cyclists from all over, who participate because they are passionate about fighting the terrible disease of cancer.  24 Hours of Booty raises funds that are critical for many local and national cancer charities. 

Since the beginning of this organization in 2002, more than $7 million has been raised to fight cancer.  Their mission has been to conduct 24-hour cycling events that increase public awareness, funds, and support for LIVESTRONG™ and local cancer organizations.  Their goal is to grow participation and fundraising by increasing the number of quality events held in communities worldwide.

Over the last 3 years, Joe and his wife have received support from many of their friends and family and have raised over $10,000 for this cause.  This year, on July 27th, they will be participating in their 4th Booty event.  This particular event takes place in Charlotte, North Carolina.  This time, their goal is to go further than he ever has (he did 260 miles in the Charlotte Event and 270 miles in the Atlanta Event last year).  This year he hopes to make it to 300 miles – incredible!

To get a better idea of what this event is all about, Joe put together a 10 minute video of last year’s Charlotte Event and posted it on You Tube:

http://www.youtube.com/watch?v=rqu-wGStfRU&feature=plcp&context=C345d89fUDOEgsToPDskJ1JTva4ljy-qbqH3tZ7tNF

Everyone here at Weston is very proud of Joe for participating in these events and we really encourage you to support him!  Visit his website and to learn more and to support his effort to fight cancer!

http://www.24hoursofbooty.org/site/TR/Bike/General?px=1131021&pg=personal&fr_id=1170

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The Best Industrial Space on the West Side of Cleveland, OH

Weston Inc., leader in Cleveland Commercial Real Estate
For Rent/Lease: 8500 Clinton Rd. in Brooklyn, OH

Brooklyn Distribution Center, or the former Terex plant in Brooklyn, Ohio, has available the best industrial space on the west side of Cleveland. And let me tell you why.

The Space

There is 163,000sf of clean, functional, space in move-in condition. The ceilings range in height from 25’ – 38’ to accommodate whatever process your business participates in. There are 7 docks and 1 drive-in to accommodate your loading needs. There is a rail spur from Norfolk Southern that runs directly into the contiguous space to provide loading and unloading capabilities. Where else can you find these features?

The Landlord

Weston Inc. is a reputable building owner with locations in Cleveland and across the country. We own 12M square feet and manage over 450 customers. You can rest assured knowing that we have the experience and know-how to manage the building with your best interest in mind. Let us show you why we’re the best landlord in town. 

The Hook

Tim Breckner put it best when he said, “This is the best industrial space currently available on the West side of Cleveland.  We are excited about it and we are sure it will lease quickly.  Brooklyn is also excited about the potential of picking up a new company in the city.”

Is it time for you to upgrade? Contact Weston today and move-in tomorrow: 440.349.9000.

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