17 adviser - Crain`s Cleveland Business

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CRAIN’S CLEVELAND BUSINESS
FEBRUARY 5-11, 2007
INSIDE
17 ADVISER:
KEEP AN EYE
ON PROPERTY
REAPPRAISALS
15
REAL ESTATE
COMMERCIAL&INDUSTRIAL
S H O R T TA K E S
“We spend half our day laughing and half working.
If we’re not joking around, one of us is sick.”
■ SWITCHING TEAMS: Robert L. Stark
Enterprises Inc. has made a strategic hire.
Cyndie O’Bryon, a 20-year vet of Northeast
Ohio office leasing, has joined the developer as
vice president of leasing. She made the move
as her former colleagues at Trammell Crow
Co.’s Cleveland office joined CB Richard Ellis
in a national merger of the companies. Robert
Stark, CEO of the Woodmere Village-based
realty development company, said he wanted
to bolster his office leasing capability because
of the addition of office space at Crocker Park
and his long-planned mixed-used development
downtown, which calls for 1 million square feet
of office space. “She’s seasoned, highly
regarded and knows everybody” in the office
side of the business, said Mr. Stark, who
primarily has focused in the past on shopping
centers. For her part, Ms. O’Bryon said the
move to Stark rather than CB was “completely
coincidental. Being part of what (Mr. Stark) is
trying to do is a dream come true.”
– Chris Semarjian, real estate developer, on working with Stuart Lichter
MARC GOLUB
Real estate developer Chris Semarjian (pictured above at Akron’s Lockheed Martin complex) and his partner, Stuart Lichter, plan to convert
the shuttered Ford Motor Co. van assembly plant in Lorain to a multitenant industrial park.
DIVIDE&CONQUER
Real estate duo forges ahead with plans to parcel Ford plant
By STAN BULLARD
sbullard@crain.com
converted a dozen Ohio properties to
multitenant use since 1998, some 15
million square feet of industrial property.
hen Los Angeles real
The Ohio properties are part of a
estate developer Stuart
portfolio
of 60 million square feet of
Lichter and his Ohio
industrial, office and movie studio
partner, Chris Semarjian,
properties that Mr. Lichter’s Los Angelestrooped into a Dec. 20 press conference
based Industrial Realty Group owns
behind Lorain Mayor Craig Foltin, Mr.
between New Jersey and California.
Semarjian said he gulped when he saw
With that experience behind them, it
dozens of television, radio and newslikely
won’t take the two long to digest
paper reporters crowding the room.
Ford’s Lorain plant because the pair
“I thought, ‘My God,’” Mr. Semarjian
has a well-honed strategy for tackling
said. “I’m not used to this. This must be
such complexes.
really important to the community.”
PHOTO
PROVIDED
And then they can move on to satisfyImportant, indeed. Through IRG
Through IRG Lorain LLC, Chris SemarLorain LLC, the two longtime partners in jian and Stuart Lichter purchased the ing their even bigger appetite for more
December purchased the shuttered Ford closed Ford Motor Co. van assembly deals.
Mr. Semarjian said he and Mr. Lichter
Motor Co. van assembly plant in Lorain. plant in Lorain.
are
working on “another monster deal”
They plan to subdivide the supersized 4 millionin Northeast Ohio, one of four industrial properties the
square-foot plant on 220 acres into a multitenant
duo has under contract. Neither man would disclose
industrial park.
W
They both know the process well. Together, they have
See DIVIDE Page 20
■ ON THE MARKET: The Northeast Ohio
retreat by Tops not only threw empty stores on
the market, but also a huge empty warehouse
in Maple Heights. CB Richard Ellis reports it
landed the listing for
the former C&S Wholesale Grocers Inc.
warehouse at 17000
Rockside Road, which
served Tops stores
in the region. No
asking price is set to buy or
lease the 700,000-square-foot warehouse.
The building includes a 25,000-square-foot
refrigerated area that is a whopping 38 feet
tall. Keene, N.H.-based C&S shut the warehouse Dec. 8, when Tops shut down. Howard
Lichtig, a CB vice president, is working on the
listing with a CB broker from Boston.
■ SUPPLY AND DEMAND: According to a
report released last week from Colliers
International, the fourth quarter of 2006 was a
strong one for the office market nationwide,
with demand surpassing expectations. Fourth
quarter office vacancies measured 12.55%
versus 13.59% during the year-ago period. As
such, downtown rents increased, reaching a
national average of $41.01 per square foot. In
comparison, downtown rents in Cleveland
averaged $20.31 per square foot, according
to the Colliers report.
SNAPSHOT
ENVIRONMENTALLY FRIENDLY
According to a study titled, “Green
Perspective from Corporate America,”
more corporations are placing value on
green buildings.
40%
consider green building to be a
high priority in their organization.
60%
agree that green building would
lower their operating costs.
43%
view green building as part of their
company’s growth strategy.
Source: Siemens Building Technologies, Siemens USA study
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16 CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
FEBRUARY 5-11, 2007
REAL ESTATE
Galleria courts weddings, events to aid comeback
By STAN BULLARD
sbullard@crain.com
W
ithin the past year,
events as varied as a
Golden Gloves bout
and a reception for
Bishop Richard E. Lennon of the
Catholic Diocese of Cleveland have
played out under the glass-topped
roof of the Galleria, next to the
Tower at Erieview office building.
Art galleries occupy the key East
Ninth Street end of the Galleria,
and a mélange of nearly 40 retail,
service and office tenants fill some
of the storefronts.
However, empty stores still line
the two-story mall once hailed as
part of downtown Cleveland’s
comeback when it opened in 1988.
Although Werner Minshall, CEO
of Bethesda, Md.-based Minshall
Stewart Properties Co., will not
disclose the Galleria’s vacancy
figure, he did report the adjoining
Tower at Erieview office building
is 80% occupied.
Minshall Stewart Properties leads
the Erieview Land Group investor
group, which owns the 40-story
office tower and attached mall.
He is frank, however, in describing
the situation at the retail portion of
the nearly 900,000-square-foot
complex, which is comprised of the
Galleria and Tower at Erieview.
“It’s not as great as it once was,”
Mr. Minshall said. “It’s not the
disaster that it was.”
Mr. Minshall’s company has
focused on resurrecting the Galleria
since purchasing the complex in 2002
from Cigna Corp. of Philadelphia.
The Richard E. Jacobs Group, which
built the Galleria next to the Tower at
Erieview, had given the lender the
keys to the complex the prior year.
“From an economic point of view,
we’ve gone from a complete disaster
to a break-even point last year,” Mr.
Minshall said of the Galleria portion
of the complex. “This year, we hope
to make a little. We see it as money
we don’t have to spend.”
Current events
The goal with the Galleria, he said,
is “to keep the place interesting and
provide some things to surprise our
office tenants. You’ve got to see that
place as (the building’s) lobby.”
And what a lobby it is. Brian
Bower, Minshall Stewart senior vice
president of operations, estimates
more than 8,000 people walk
through Galleria every day.
Mr. Minshall said since he has
owned the building, he has had to
contend with unfounded rumors
that the Galleria might be shut down
or be razed. So, he said, the management decided it just had to prove to
the community that the Galleria is
here to stay, get as many people to
visit it as possible and hope to start
collecting better rents in the future.
Along the way, the realty
operator realized it could reap
some cash by renting out the mall
in the evening and on weekends,
extending beyond the types of
events typical for a mall.
A key part of the transformation
came in December 2005 when
Vicky Poole, Galleria marketing
director, sat in the building’s round
food court and looked skyward.
She wondered how she could
emphasize the view of the city and
the sky and broaden the room’s
appeal. Her answer: She persuaded
Mr. Minshall to install a huge
curtain that swings around the food
court during evening and weekend
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events when eateries are closed.
“The difference is huge,” Ms.
Poole said. “It creates a huge room
in the round. It gave us a room that
emphasized the ambiance of downtown. It’s a room for a sit-down
dinner.” Or add a bandstand and it
is a theater in the round.
Last year, the Galleria hosted 38
events compared with four the
prior year. This year, Ms. Poole
expects to host even more. The
Galleria has been used for two
weddings, a bar mitzvah and large
fundraisers for charitable groups.
The center can accommodate
1,500 people. The food court converts
into a dining room for 400 people.
For smaller groups, the center rents
out two empty storefronts, such as
the former Limited Inc. store.
Tim Donovan, who plans the
popular Scrooge’s Night Out party
and fundraiser as director of the
Ohio Canal Corridor nonprofit, said
the group wound up at the Galleria
because it could accommodate a
large event such as his, which drew
1,200 people last December.
“It gives you a location in the
heart of the business sector,” said
Mr. Donovan, adding that the
Galleria management is accommodating. “A lot of people aren’t
comfortable going to the fringes of
downtown for a more unique setting.
The Galleria also allows people to
leave their coat in the car if they
park in the underground garage
and take the elevator upstairs.”
Chasing success
The make-do strategy and
emphasis on the arts to give the
Galleria panache came slowly to the
center’s operators.
Originally, Mr. Minshall wanted
to restore the retail fabric. Then
there was an emphasis on locally
produced food, but Mr. Minshall
said most such operators prefer
home-based or neighborhood
storefront locations.
“We chased a lot of rabbits down
the wrong hole,” he said.
But Mr. Minshall and his staff
keep chasing.
■
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FEBRUARY 5-11, 2007
WWW.CRAINSCLEVELAND.COM
CRAIN’S CLEVELAND BUSINESS 17
REAL ESTATE
Stay vigilant to ensure fair property valuations
P
ay attention, Northeast Ohio
property taxpayers: County
auditors in Cuyahoga, Lake,
Portage, Stark and Lorain
counties have reappraised taxable
values for commercial and industrial
properties within their districts.
The reappraisal typically will result
in an increase in tax obligations. The
tax obligations, referred to as ad valorem taxes in Ohio, are levied against
the property according to its value.
Pursuant to state statute, county
auditors, using the best information
available, are required every six years
to reappraise each parcel of real
property within their district. This is
followed by a statistical update in the
third year after the reappraisal.
Usually, a recent arm’s-length
sale of a parcel of real estate affords
the auditor with the best evidence
of value, but this type of evidence
often is not available. Therefore, auditors often rely on appraisals, market data and actual cost, income and
expense information provided by
taxpayers to determine values.
■ Trends in assessments: As a result
of this most recent reappraisal for
tax year 2006 (of which first half tax
payments are due in January or
February 2007), property values
have increased.
Specifically, in Cuyahoga County
commercial/industrial property
values have increased 6.1%; in Portage
County, the increase is 8.62% for
commercial and 9.5% for industrial;
in Lake County, the commercial/
industrial increase is 9%; in Stark
County, the commercial/industrial
increase is 10.6%; and in Lorain
County, the increase is 5.65% for
commercial and 6.97% for industrial.
In comparison, the percentage
increase in property values after
the 2000 reappraisal was 13.3% in
Cuyahoga; 6.61% in Portage; 8% in
Lake; and 13.4% in Stark.
It is interesting to compare the
auditors’ assessments as an indication of the strength of the real estate market compared to actual
industry figures.
For example, in Cuyahoga County,
the overall increase in commercial/
industrial values for 2006 was half of
the increase that was seen in 2000.
This is consistent with a report
prepared by CB Richard Ellis on the
Cleveland industrial market that
showed vacancy rates increasing
while lease rates remained relatively
stagnant from 2002 through 2005.
■ Costs to taxpayers: Historically,
real property taxes have been the
largest single source of income for
local government programs and
services.
For example, a $50,000 obligation
for an industrial warehouse taxpayer in Cuyahoga County’s Solon is
allocated between several entities.
The Solon School District receives
$32,500 or 65%; the City of Solon,
$3,000 or 6%; the Cuyahoga County
Public Library, $1,500 or 3%; and
Cuyahoga County, $13,000 or 26%.
However, of concern to property
owners and tenants responsible for
tax payments is that real property
taxes generally have a significant
downward effect on investment returns or profits.
It is imperative for taxpayers to review the reappraised values and determine if the values as determined
by the auditors are fair and lawful.
This review should include a
determination of whether the
industrial or commercial real property is overvalued because the reappraisal did not adequately reflect
changing market conditions; changing economic conditions; actual
vacancy or other structural problems associated with the property;
or actual reduction in income
attributed to the property.
Taxpayers should review the information utilized by the auditors in
performing the reappraisal and to
verify the accuracy of the property
information. Some information can
be obtained on auditors’ websites.
ROBERTDANZINGER
ADVISER
■ Contesting the assessments:
Most often, county auditors perform an excellent job to ensure that
properties are assessed fairly.
Notwithstanding, the auditors may
not always possess sufficient or
accurate information regarding
properties, which may result in the
determination of value that is unfair.
If a taxpayer concludes the new
assessment is too high resulting in
an unfair tax obligation, then Ohio
law gives the taxpayer an opportunity to contest the assessment.
Initially, a complaint must be
filed with the auditor in the county
in which the property is located.
This complaint must be filed by no
later than March 31.
The Ohio Supreme Court has
held that in many circumstances it
is the unauthorized practice of law
to prepare and file a tax complaint.
Prudence requires contacting an
Ohio licensed attorney prior to filing
a complaint.
Tax assessments should be carefully reviewed to ensure the resulting
tax obligations are fair and that the
property is not being burdened with
an unjust tax obligation.
■
Mr. Danzinger is a partner with
Sleggs, Danzinger & Gill Co. LPA. He
can be reached at (216) 771-8990 or
rdanzinger@sdglegal.net.
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18 CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
FEBRUARY 5-11, 2007
REAL ESTATE
PLACESOFNOTE
A look at Northeast Ohio’s interesting spaces
Twist Creative Inc.
By SHERRY GAVANDITTI
clbfreelancer@crain.com
U
niversity Heights residents
Michael and Connie Ozan
are finding creative stimulation by running their
design firm from an old Ohio City
flophouse used in the late 1800s.
Once used to house weary travelers, the building at 1985 W. 28th St.
and Lorain Avenue now is home to
Twist Creative Inc., founded in 1997.
The firm moved into the second
floor of the more than 100-year-old
building in 2003.
And since then, Twist has become
part of a commercial push for the
Ohio City area, with the designers
making their mark — floor by floor.
In 2005, Twist expanded into the
building’s third floor, and last year
the Ozans took over the fourth floor.
While there is nothing unique
about what’s been done to the Ozans’
work space, the couple is far from
alone in their attraction to Ohio City,
according to Joseph C. Mazzola, executive director at Ohio City Near West
Development Corp., a Cleveland
nonprofit that oversees community
development activities in Ohio City.
He said businesses are beginning
to see the economic, architectural
Twist Creative’s
lower-level
conference
room features
architectural
details like bay
windows. The
graphic design
firm is housed in
a West 28th
Street flophouse
from the 1800s.
MARC GOLUB
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and cultural advantages of the area,
with roughly 10 to 15 businesses
opening annually. In the Twist
building, three other businesses
are at street level.
“Just 10 years ago, the area was
in really rough shape,” he said. “If
you look at West 25th Street now, I
don’t know of another commercial
corridor that has gone so far down
and come back up like it has.”
The Twist Creative building and
Ohio City are authentic Cleveland
experiences, according to Mr. Ozan.
“Being a graphic design firm, we
wanted an older space to work
with,” he said. “We love the bay
windows and the banister and the
old staircase going up to the second
floor and the old brick.”
Mr. Ozan is Twist’s president
and creative director, and Mrs.
Ozan is design director and
founder of the company, which
employs four designers and an
administrative assistant. They’ve
been married for eight years.
So far, the Ozans have spent
more than $30,000 in renovations
to make the 2,500-square-foot
space uniquely theirs, with an
artistic, modernized renaissance
movement present throughout.
“We hired an interior designer,
then proceeded to do things like put
in old columns from other houses
in the area and an old window as a
divider space. On the second floor,
everything was done by hand,”
Mrs. Ozan said.
Twist just recently acquired the
fourth floor, which is 400 square
feet overlooking the roof. Plans
call for spending an additional
$40,000 on renovations to the
third and fourth floors.
Mr. Ozan said work might involve
using that space as a library or
private meeting and relaxation
space, perhaps a deck for cookouts
and summer meetings with clients.
The Ozans say they are so happy
with Ohio City that they plan to
restrict future staff growth to a
maximum of 15 so the business
will not have to relocate.
“What we really liked about
Ohio City is the little-city feel. For a
creative firm it is a great place to be
energized, get out of your office and
walk some place,” Mrs. Ozan said.
According to Mr. Mazzola, his
organization has been taking
inventory of vacant buildings in a
step toward economically reviving
Cleveland’s oldest and most diverse
neighborhoods.
“What that area has is beyond
potential,” he said.
Ohio City business owners are
being encouraged with grants,
low-cost loans and reimbursements of up to $25,000 for building
and property enhancements.
“There has been a lot of reinvestment and we’re trying to knit it
together by devoting significant
organizational resources to the
planning and the development of
Lorain Avenue in Ohio City,” Mr.
Mazzola said. “It’s part of a regional
strategy with the Detroit Shoreway
Community Development Organization and Stockyards Redevelopment. Let’s not just let investments
happen in isolation, let’s have the
three groups work together.”
■
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FEBRUARY 5-11, 2007
CRAIN’S CLEVELAND BUSINESS 19
WWW.CRAINSCLEVELAND.COM
REAL ESTATE
BREAKING NEW GROUND?
Modular walls move office
space design into future
By CHRISSY KADLECK
clbfreelancer@crain.com
W
hen the 32 employees
of the Convention and
Visitors Bureau of
Greater Cleveland move
into their new office on May 18,
they will find work spaces designed
with glass moveable walls.
Paul Johanni, vice president
of constructive solutions at
Cleveland’s S. Rose Co., which
specializes in furniture for businesses, believes that easily installed
and reconfigured walls like those
being used by the CVB in the former
Higbee’s building are the future in
office design.
He said he has noticed over the
last two years an overall willingness by more companies to consider
this design option.
“We have a couple of businesses
here locally that have just made
major investments into the philosophy that today I could have four
offices and 10 work stations, and
tomorrow I could have 20 work
stations in the same place,” said
Mr. Johanni, whose company sells
two modular wall product lines
and recently remodeled its own
25,000-square-foot, four-story
building using the moveable walls.
“So because there is not one
businessperson out there that can
say in three years he knows exactly
where you are going to be, these
modular walls are helping businesses create environments that
will meet those future needs, whatever they may be,” he said.
As for the CVB, the organization
elected for the modular method for
the sake of design. “We are using
movable walls to maintain the
historic aspects of the Higbee’s
building so that you can have clear
sight lines across the whole first
floor we will be occupying,” said
Tamera Brown, the CVB’s vice
president of marketing.
“When you walk into the front
door you can see back as far as
possible and the moveable walls
gave us that option,” Ms. Brown said
of the benefits of using movable
walls in the 15,000-square-foot
space. “With 28-foot ceilings,
building floor-to-ceiling walls
would have been difficult anyway.”
A tipping point with modular
walls seems to have occurred in
the last 12 to 15 months, according
to Bill Eberhard, principal of Oliver
Design Group in Cleveland. That’s
when, for the first time, he said he
and his colleagues priced three
different manufacturers on glass
systems that cost less than conven-
tional construction.
According to Mr. Eberhard,
basic drywall partitions of normal
height cost $50 a lineal foot whereas
modular walls typically carry a
price tag of $300 to $350 a lineal
foot in a normal height. The price
gap closes when you look at glass
systems where a conventional
glass wall is $300 per lineal foot
compared to a movable glass wall
that costs $350 to $450.
“On the front end, it may appear
that modular walls are significantly
more than drywall because people
like to do lineal foot comparisons,”
Mr. Johanni said. “But with modular
walls the painting, finishes, electrical,
bases are included in the price,
and if you have doors, the hardware, trim, all of that is included.
So you can’t use just a straight
lineal foot number because there
is so much included in the modular
product that is not included in
drywall.”
The Oliver Group’s Mr. Eberhard
pointed out that if a company does
move, they can take every wall
with them.
The walls can clip into a conventional ceiling system and have
gripper feet at the bottom that
keep them secure and stable
enough to put in doors that swing
or slide, Mr. Eberhard said.
He said another reason this
method is becoming more relevant
is that the movable walls are now
considered personal property
under changed IRS rules. As such,
the depreciation period on the walls
has been significantly reduced.
“Your capital cost goes up (when
you invest in the products), but your
tax advantages explode,” he said.
Tom West, director of office
services at Cresco Real Estate, said
while these products are not new, he
too has noticed an accelerated interest among his clients to incorporate
modular walls into their office space.
“Businesses who do a substantial
amount of reconfiguration and
who want some flexibility prefer
this kind of system because of the
reduced cost, and frankly it can be
written off in a much shorter period
of time than typical improvements,”
said Mr. West, a 25-year veteran of
the real estate industry.
“Many, many tenants move
because they don’t want to go
through the reconfiguration of
their space,” Mr. West said. “It’s
dusty, dirty, noisy and disruptive
and with this kind of system you
don’t have that kind of aggravation.
It can literally be done relatively
quietly while people are working in
the immediate area.”
■
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CCLB 02-05-07 A 20 CCLB
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20 CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
FEBRUARY 5-11, 2007
REAL ESTATE
Divide: Duo tackled Akron’s
Lockheed complex in 2005
continued from PAGE 15
what properties they are eyeing.
Mr. Lichter’s company has bought
another 6 million square feet
around the country since closing
on Ford, Mr. Lichter said.
Opposites attract
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Media glare aside, colleagues
say Mr. Lichter and Mr. Semarjian
shun the limelight and are a study
in opposites.
Mr. Lichter is quiet and low key.
Lorain’s Mayor Foltin said he was
surprised that the real estate guru
— who flew into the Lorain County
airport on a recently purchased
private jet — didn’t wear $500
suits, instead opting for the more
casual look of khaki pants and a
sweater.
“He would fit in at the Slovak
Home in Lorain,” the mayor said.
While Mr. Lichter’s name is now
widely recognized, it was a different
story in the 1980s when the littleknown realty investor was a partner
in the purchase of Akron’s former
B.F. Goodrich headquarters, which
became the Canal Place, and the
former Caterpillar Inc. plant in
Mentor, now the multitenant
Liberty Business Park.
Terry Coyne, director of Grubb &
Ellis Co.’s industrial unit, remembers
one recent meeting during which
Mr. Lichter tapped on his Macintosh laptop while eight lawyers
debated how to structure a deal.
Mr. Lichter “looked up and
quietly said, ‘I think you should do
it this way’ to resolve the problem,”
Mr. Coyne said.
Conversely, Mr. Semarjian, 42, is
“extremely intense and focused,”
Mr. Coyne said. Mr. Semarjian’s
sentences are short exclamations.
He’s always in a hurry.
Although Mr. Semarjian helps
shepherd a huge realty empire
today, he does not even operate
out of a stand-alone office.
Instead, he occupies a corner
office as vice president at the NAI
Daus brokerage, located at Enterprise Place in Beachwood.
Mr. Semarjian went into the
industrial brokerage business two
weeks after graduating from Kent
State University in 1987. He met
Mr. Lichter three years later, when
they were introduced by a New
Jersey broker who had worked
with Mr. Lichter on investments in
the Garden State and in acquiring
the Caterpillar plant.
While Mr. Semarjian learned the
realty business in Cleveland, Mr.
Lichter’s background is broader.
Mr. Lichter worked for the
General Services Administration,
then as an appraiser at New York
Life Insurance Co. in New York. He
also worked out troubled commercial loans at Marine Midland Bank
before setting out to do his own
realty investments in 1971. He
founded Industrial Realty Group
30 years ago.
Although Mr. Lichter’s Industrial
Realty Group operates in 16 states,
Mr. Lichter said Ohio is “one of
the few states” where he has a
statewide partner, which Mr.
Lichter credits to Mr. Semarjian’s
deal-making ability. That means
Mr. Semarjian invests in Ohio
properties along with Mr. Lichter
and shares in the risks and rewards
of ownership. Mr. Semarjian is not
a partner in Industrial Realty deals
outside Ohio.
For his part, Mr. Semarjian
laughs when he’s asked how the
two became partners. “I sold
Stuart more than seven million
square feet of property between
1991 and 1998, it was time we
became partners. It was costing
Stuart too much (in brokerage
commissions).”
The four deals and 600 jobs the
developers imported to Akron
surprised even Bob Bowman,
deputy mayor of economic development in Akron. “I did not think
they’d fill it this fast,” Mr. Bowman
said. “It’s been phenomenal.”
Although the developers said
every property is different, there
is one similarity in how they
approach each corporate relic.
“We cut the hell out of expenses,”
Mr. Semarjian said, noting corporations often have to use union
labor for jobs such as mowing
The most surprising part of IRG Lorain’s plans for the
former Ford plant is that the new owners originally
planned to tear down nearly 1 million square feet in the
center of the 2.5-million-square-foot main assembly
building to make the building more marketable.
Over the years, Messrs. Lichter
and Semarjian have formed a
friendship from their business
relationship.
Today, the two talk about four
times daily. Mr. Lichter visits Ohio
every two weeks.
“We spend half our day laughing
and half working,” Mr. Semarjian
said. “If we’re not joking around,
one of us is sick.”
Deal-makers
The duo’s most recent big deal
in Northeast Ohio before Ford was
the purchase in November 2005
of the 2.1-million-square-foot
Lockheed Martin Corp. complex at
1210 Massillon Road in Akron.
The sale cut overhead for Lockheed Martin’s MS2 unit, which produces maritime systems and sensors, and allowed it to consolidate
its 500 jobs at the four-building
complex into one structure, which it
now leases from the new owners.
Just 14 months later, after
bringing in four new tenants and
investing “significantly” in the
complex, Mr. Semarjian said the
developers only have 250,000
square feet left to fill in the 1940vintage complex.
One tenant there, Charles Rowe,
the CEO of Sharon Holdings Corp.,
remembers that when he was
looking for a new site for his
company’s Sharon Stairs Co. last
year, Mr. Semarjian showed him a
property in Orrville, then asked if
he had a minute to check out the
Lockheed Martin plant.
“When I got there, it was, ‘Oh
boy,’ nothing pretty,” Mr. Rowe
said. “It looked like it had been
abandoned 25 years. It was
surrounded by barbed wire. (Mr.
Semarjian) says, ‘It looks rough
now. But this is what I can do with
it,’” and outlined his plans.
Today, Sharon Stairs’ 200
employees are making steel staircases in 225,000 square feet in the
complex, which Mr. Rowe said
was selected from dozens of buildings not because it was the least
expensive — it wasn’t — but
because of the landlord’s willingness to customize the space.
He even stops himself short of
calling the complex a showplace.
grass; the developers do not.
Mr. Lichter said to reduce a
property’s costs, he focuses on
reducing property tax bills from
the prior corporate tab, “even
though we know it’s painful for
the community,” and making
improvements to cut energy bills.
Ford site’s future
For the most part, the two
embrace flexibility in planning.
It already shows at the old Ford
plant.
The most surprising part of
IRG Lorain’s plans for the former
Ford plant is that the new owners
originally planned to tear down
nearly 1 million square feet in
the center of the 2.5-millionsquare-foot main assembly building to make the building more
marketable.
Mr. Lichter even factored the
salvage value of the steel beams in
the middle of the building into the
economic model the developers
prepared for the project.
However, Mr. Semarjian said
the plan might change; a company
that IRG Lorain is wooing to buy
340,000 square feet on the north
end of the main building is now
entertaining an offer from the
property owners to instead lease
or buy the building’s center.
The developers also have
proposals out to another four
tenants who will virtually fill the
main building if they lease or buy
portions, though no deals are
signed yet.
The developers and Mayor
Foltin refused to identify prospective space users at Ford. Other
plans include putting up for sale
70 standalone acres for new industrial buildings.
More challenging for the developers is a 500,000-square-foot
plant to paint vans that Ford built
in 2000 and used on a test basis.
“I’d have bet the farm that was
going to be the first thing to move,”
Mr. Semarjian said. “It may be the
last.”
However, there is one thing sure
for Messrs. Lichter and Semarjian:
The Ford plant in Lorain may be a
big deal, but neither expects it to
be their last.
■
CCLB 02-05-07 A 21 CCLB
2/2/2007
3:06 PM
Page 1
FEBRUARY 5-11, 2007
WWW.CRAINSCLEVELAND.COM
CRAIN’S CLEVELAND BUSINESS
Study: Suppliers to see how they stack up
against companies in Ohio, other regions
continued from PAGE 1
representation; budgeting for work
force training; and inventory practices.
To entice auto suppliers to participate in the confidential study, each
company will receive a benchmarking report explaining how it compares with its peers.
“The good thing is they don’t have
to wait for some magical consultant
to ride to the rescue,” Dr. Hill said.
Dr. Hill said improving the performance of individual companies
should raise the overall competitiveness of Ohio’s auto supply sector. He said planners hope to get at
least 100 survey responses, which
would give them a good base for
their report. Companies interested in
participating in the study should
visit the web site and apply by Feb. 17.
‘Under pressure’
Dr. Hill said Ohio’s auto suppliers
face a critical moment, as domestic
automakers such as Ford and General Motors scale down their operations to combat an erosion of sales.
At the same time, so-called “new
domestics” such as Honda and Toyota are pushing their advantage by
increasing production capacity in
the United States.
“This is an industry under pressure,” Dr. Hill said. And that pressure has big implications for the
economy in Ohio, which is one of
only a handful of states where auto
supply volume is split fairly evenly
among Detroit’s Big Three — Ford,
GM and DaimlerChrysler — and
foreign automakers.
Ohio in 2006 produced more than
1.7 million cars, trucks and vans,
ranking it second behind Michigan in
U.S. vehicle production by state,
according to trade publication
Ward’s Automotive. More than onethird of that production — 650,000
units — comes from Honda’s two
assembly plants in East Liberty and
Marysville. Honda helped draft some
of the survey questions, Dr. Hill said.
CompeteColumbus, a business
group that focuses on advancing
select industrial clusters in central
Ohio, is financing the study privately. MPI Group, a Shaker Heights
firm that conducts research on the
manufacturing industry, is putting
together the report. The study’s cost
wasn’t disclosed.
John Brandt, MPI’s CEO and
founder, said the benchmark study
is similar to others the group has
conducted regarding auto suppliers
in the Midwest and Southeast.
When the survey data is compiled,
auto suppliers that participated can
see how they compare with companies in Ohio and other geographic
regions, including the so-called
“Southern Auto Corridor,” which
includes such states as Alabama,
Mississippi and Tennessee. Those
states in the last 20 years have been
popular with foreign automakers
seeking sites for assembly plants.
Foreign automakers also are
adding capacity in the Midwest. For
instance, Honda plans to build a $500
million assembly plant in Greensburg, Ind., and Toyota is considering
a major engine plant in Michigan.
Jim Samuel, vice president of
CompeteColumbus, said as foreign
manufactures weigh where to locate
such plants, Ohio retains a key
advantage in its deep labor pool and
strong supplier base. While the target
region for the study was Greater
Columbus, evaluating auto suppliers
statewide, “regardless of whom they
support, whether it’s Honda or
Ford,” was necessary to better evaluate the industry, Mr. Samuel said.
to keep production costs down.
The fallout has resulted in numerous bankruptcies of big parts
companies such as Delphi Corp. and
Toledo-based Dana Corp.
“If you said to me (10 years ago)
that Delphi and Dana would every
declare bankruptcy, I never would
have believed it,” Mr. Allen said.
Those companies not quick to
adapt to the demands of a changing
auto industry risk becoming little
more than speed bumps to more
nimble auto suppliers, Dr. Hill said.
Though Northeast Ohio suppliers remain closely tied to Detroit automakers, more are seeking out the
Japanese Big Three of Honda, Nissan
and Toyota.
Magnet is working in concert
with TechSolve of Cincinnati — a nonprofit similar to Magnet that provides
business services to area companies —
to tailor a program to provide “floor
services” to help auto suppliers that
participate in the study improve their
operational processes, whether it’s
introducing lean manufacturing
concepts or improving inventory cycle
rates, Dr. Hill said.
■
has been recapitalized by
Bill Burke
and
The undersigned acted as financial advisor
in the recapitalization of Fire-Dex, LLC.
For more information, please call (216) 589-0900
or visit www.wesrespartners.com.
Cost controls critical
Tracy Allen, manager of Ohio’s
Development Finance Advisory
Council, said he has seen more
requests in the last two years for state
aid for capital projects from automotive suppliers squeezed by rising
materials costs and demand for price
cuts from big automakers struggling
ON THE WEB
Story from
www.crainscleveland.com
Simbionix wraps
up financing for
cardiac device
Simbionix USA Corp. has
completed a $3 million
equity round of financing
led by Early Stage Partners of
Cleveland in December.
Early Stage invested just under
$1 million in Simbionix, which
also is in Cleveland, said Charles
MacMillan, chief financial officer
of Capital One Partners, the
parent company of Early Stage.
Simbionix will use the investment
to further develop a cardiovascular
surgery simulation device for use
in training surgeons. The product
is scheduled for release this year.
Simbionix’s domestic manufacturing partner, Astro Manufacturing
& Design of Eastlake, invested in
the company, as did investors from
Cleveland, Switzerland and Israel.
Early Stage invested $1 million
in Simbionix as part of a $4 million funding round when the firm
moved its headquarters to Cleveland from Israel in April 2002.
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21
CCLB 02-05-07 A 22 CCLB
22
1/31/2007
3:13 PM
Page 1
CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
FEBRUARY 5-11, 2007
LARGEST 2006 SBA GUARANTEED LOANS
RANKED BY LOAN AMOUNT
Name
Address
Rank Phone
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
ANIMAL CLINIC NORTHVIEW INC.
34910 Center Ridge Road, North Ridgeville 44039
440-327-8282
PMC GAGE INC.
3900 Ben Hur Ave., Willoughby 44094
440-953-3300
SHAHAN INC.
30560 Lakeland Blvd., Wickliffe 44136
NA
MANUFACTURER'S HOLDING INC.
186 Commerce Drive, LaGrange 44050
440-355-4200
J & M MACHINE INC.
1234 High St., Fairport Harbor 44077
440-357-1234
LIQUID RESOURCES OF OHIO LLC
909 W. Smith Road, Medina 44256
330-721-7900
PALATINE CORP.
30760 Center Ridge Road, Westlake 44145
440-317-0582
6640 ENGLE ROAD LLC
9841 York Alpha Dr., Unit 1, North Royalton 44133
440-625-3625
BLACKJACK DEVELOPMENT CO.
1856 Pearl Road, Brunswick 44212
330-721-8000
PREMIER PARKWAY PROPERTIES LLC
34600 Lakeland Blvd., Eastlake 44095
440-975-8778
ENGINEERED LAMINATES & COATING
404 N. Howard St., Akron 44304
330-374-0500
L. L. KLINK & SONS INC.
23920 Snell Road, Columbia Station 44028
216-271-0177
ADVANCE COMPUTER SERVICES INC.
800 S. Broadway Ave., Akron 44309
330-785-5200
MERLIN MANUFACTURING INC.
5185 New Haven Circle, Barberton 44203
330-848-6796
DEEP BLUE DISPLAYS
103 Karl St., Berea 44017
440-260-7797
MANDEL VETERINARY HOSPITAL LLC
1794 S. Taylor Road, Cleveland Hts. 44118
216-321-6040
CRUZ-SAMSA CORP. DBA PETLAND
2255 Lee Rd., Cleveland Heights 44118
216-321-7387
Business owner
Loan amount SBA-guaranteed Type of
loan (1) Participating lender Purpose of loan
(000)
amount (000)
Type of business
Robert Hutchinson
$1,984.0
$1,984.0
7A
NA
NA
Veterinary practice
Nicholas W. Bosworth Jr.
$1,789.2
$1,341.9
7A
Chase
Refinance
Manufacturer of precise measuring
equipment
Saif Khan
$1,678.0
$1,258.5
7A
KeyBank
Business purchase
Gas station
Mark A Zupan
$1,659.2
$1,244.4
7A
Huntington National Refinance
Bank
Manufacturer of high precision metal
components
John W. Stoneback
$1,378.0
$1,033.5
7A
NA
NA
Tool maker
Timothy Curtiss
$1,265.0
$948.8
7A
NA
NA
Disposal solutions for non-hazardous
waste materials
NA
$1,239.0
$929.3
7A
NA
Construction and real NA
estate
Richard Ferruggia
$1,215.0
$911.3
7A
Republic Bank
Real estate purchase Own and manage real estate
Randal Virost
$1,200.0
$900.0
7A
Huntington National Business
Bank
development
Kenneth DeFranco
$1,140.0
$855.0
7A
KeyBank
Real estate purchase Automotive paint supplier
Steve Goldsword
$1,060.0
$795.0
7A
NA
NA
Manufacturer
John Heline
$1,050.0
$787.5
7A
NA
NA
Special construction
James W. Fuller
$990.0
$742.5
7A
American National NA
Bank
Distributor of computer parts and
services
Michael Ligas
$947.0
$947.0
504
CFBank
Construction
Window treatments and bedding for
hospitality industry
Jake Miceli, Douglas Miceli
$892.0
$892.0
504
NA
NA
Custom exhibits and displays
William Mandel
$856.8
$642.6
7A
Huntington National Real estate purchase Veterinary practice
Bank
Susan Cruz
$850.0
$637.5
7A
UPS Capital
Business purchase
NA=Not available. This list of the largest U.S. Small Business Administration guaranteed loans was compiled from information obtained from the Cleveland District Office of the
SBA and the companies. The Cleveland District approved a total of 2,177 loans in the fiscal year that ended Sept. 30, 2006, for a total dollar amount of $293 million; the
average SBA loan was $135,000. Crain's Cleveland Business uses staff research, company surveys and the most current references available to produce its listings, but there
is no guarantee these listings are complete. We welcome all responses to our lists. Business lists and The Book of Lists are available at www.crainscleveland.com
(1) The 7(A) Loan Guaranty Program is the SBA's primary business loan program. The 504 Certified Development Company Program provides financing for major fixed assets
only.
Industrial supplies
Pet store
RESEARCHED BY Deborah W. Hillyer
CCLB 02-05-07 A 23 CCLB
2/2/2007
2:22 PM
Page 1
FEBRUARY 5-11, 2007
Produce: Past
collaborative
effort failed
continued from PAGE 3
78-year-old produce terminal, which
is the hub of the region’s wholesale
food business.
Connie Perotti, executive director of
Maingate Business Development
Corp., a neighborhood community
development corporation that has an
office at the food terminal, described
the expansion as “the emerald city.”
She can see the expansion from her
office.
Ms. Perotti said she hopes Sanson’s
project will spur redevelopment by
other members of the food terminal
cooperative.
Most of the structures date to the
late 1920s. At that time, Nickel Plate
Railroad and a number of the food
brokers that were located along the
rail spur that brought produce to the
city consolidated operations into the
food terminal.
Ms. Perotti said the terminal is the
seventh- or eighth-largest wholesale
food terminal in the United States
and is the hub for a group of about
50 food processors and wholesalers
in the area. She said the food terminal companies had begun work on a
coordinated redevelopment plan a
few years ago, but that effort stalled.
“It would be wonderful if it (the
Sanson expansion) were catalytic,”
Ms. Perotti said.
The Sanson effort itself almost
stalled because the company couldn’t
reach agreement with Norfolk Southern Corp., Nickel Plate’s successor,
over the cost of a 1.8-acre parcel
needed for the expansion.
Sanson sought the land for
$120,000, or $65,000 an acre, but
Norfolk Southern wouldn’t budge
from its $300,000 asking price,
according to an account presented
to Cleveland City Council.
The city’s Economic Development
Department stepped in with a $20,000
grant to help with the purchase and
Sanson bought the land from the
railroad. The company didn’t ask for a
tax abatement.
Rudy Husband, a spokesman for
Norfolk Southern, said the company
does not discuss real estate negotiations. This is not Sanson’s first major
expansion. In 1995, it created a joint
venture, Produce Packaging Inc., to
cut and package fresh fruits and
vegetables. That business since has
been spun off to a location on
Carnegie Avenue.
■
WWW.CRAINSCLEVELAND.COM
23
Group: Merger to make specialties less so
continued from PAGE 3
commitment from both institutions,
Dr. Keating said. That’s part of what
attracted Dr. Daniel Simon last
summer to the UH Case Medical
Center, where he is the chief of cardiology. He formerly was an associate
professor of medicine at Harvard
University and associate director
of interventional cardiology at
Brigham and Women’s Hospital in
Boston.
Case and UH jointly have set
aside $20 million to expand the
heart program at UH Case Medical
Center. Much of that initial investment will go toward hiring doctors
and researchers, program development and capital expenditures in
the medical school.
That’s just one example of how
the two institutions are working
together to set priorities, Dr. Keating said.
Case and UH also plan to collaborate to develop centers of excellence
in neurology, cancer, children’s
medicine and women’s health,
according to Dr. Keating.
Strength in numbers
Dr. Davis said the presence of
more doctors in one large practice
group should be beneficial when it
comes to negotiating with health
insurers and Medicare and Medicaid on reimbursement rates for
services.
“There’s a tremendous
advantage in contracting
if the practice plans are
unified.”
– Dr. Pamela Davis, interim
dean, Case Western Reserve
University medical school
“There’s a tremendous advantage in contracting if the practice
plans are unified,” she said.
Doctors who are part of the UH
Medical Group also will be eligible
for employee benefits through UH,
Dr. Keating said.
Dr. Jeffrey Ponsky, chairman of
the surgery departments at Case
and UH Case Medical Center, said
merging the practices into one
large group is a great step away
from the “old days, when every
specialty was its own group.”
Dr. Ponsky said the physicians in
various specialties now can work
together to develop strategic initiatives, align their visions to create
institutes, and share revenues and
losses.
Under the previous model, “it
was difficult for some groups to
make strategic investments in
development of their specialties
based on financial constraints,”
said Dr. Ponsky, who also is on the
executive committee of chairpersons that helped create UH Medical
Group.
■
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Story from
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OAI names CEO
The Ohio Aerospace Institute has appointed Michael
L. Heil as its new president
and CEO.
Mr. Heil, who will start in
March, comes to OAI from
Wright-Patterson Air Force Base
in Dayton, where he served as
director of the Center for Space
Studies and Research at the Air
Force Institute of Technology.
Mr. Heil replaces William R.
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24
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Page 1
CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
FEBRUARY 5-11, 2007
REAL ESTATE
Don Schwaller - Classified Manager
Phone:
(216) 771-5172
Fax:
(216) 694-4264
E-mail: dschwaller@crain.com
Copy Deadline: Wednesdays @ 3 p.m.
All Ads Pre-Paid: Check or Credit Card
INDUSTRIAL SPACE
CRESCO real estate
216.520.1200 •
INDUSTRIAL
HIGHLY VISIBLE - multi-tenant building in Westlake for lease - 2,760 to 36,310 sf - 14’ to 16’
clear - George Pofok, CCIM or Kevin Kelly
AIRPORT AREA - office/warehouse - 2,910 sf with 1,400 sf office - dock and drive-ins good freeway access - Pamela Bertovich
FLEX SPACE FOR LEASE - 4,000 sf office/whse with 700 sf newly constructed office - 16’ clear
height with dock and drive-in - Ken Anderson
I-77 AND I-480 - for sale - 5,000 sf on 7.23 acres - fenced in lot suitable for storage or
redevelopment - Tyler Newman, CCIM
BROOKLYN HEIGHTS - freestanding for sale 12,000 sf with 2,000 sf office - 3 docks - 2
drive-ins - 16’ clear - some neutral income - Fred Christie, SIOR
I-271 AND I-480 - 25,000-44,000 sf available for lease - 4 drive-ins - 5 docks - heavy power
- 4,400 sf offices - many amenities - CAT 5/DSL - Simon Caplan, SIOR or Eliot Kijewski
25,660 SF - 1.07 acres - recent building renovations - dock - drive-in - up to 25’ clear - fenced
in land and parking - Bob Garber, SIOR or Tyler Newman, CCIM
AIRPORT AREA - high image 43,000 sf on 3 acres - immediately available - clear span - 28’
clear - 18 DKS - sprinklered - Armand Aghajanian, Fred Christie, SIOR or Joe Barna, SIOR
www.crescorealestate.com
SALE/LEASE - I-480 and Lee Road - 33,000 sf manufacturing building on 1.9 acres - 6 docks
- 480 volt power - sprinkler - 1 ton crane - Matt Beesley, SIOR
SALE PRICE REDUCED FOR IMMEDIATE LIQUIDATION - priced below $8.00 PSF - west side
90,000 sf manufacturing/assembly facility on 3+ acres - great highway access - Kevin Kelly
OFFICE
RENOVATIONS UNDER CONSTRUCTION - LANDERHAVEN OFFICE SPACE OPPORTUNITY
- suites from 1,800-28,000 sf - leasing incentives - must tour - Rico Pietro
PLAYHOUSE SQUARE AREA - unique historic building with 2 floors at 2,226 sf each plus
4,332 sf basement - currently bar/restaurant - sell at $525,000 or lease - Tom West, SIOR
GREAT SUBLEASE OPPORTUNITY- located in Fifth Third Center on 18th floor - approx. 4,700
rsf available - great views - combo of private and open offices - Patrick Reardon, SIOR
9,000 SF ROCKSIDE CORRIDOR - half floor - immaculate former call center - open floor
plan with great glass lines - Leah Kukulka
FIRST OFFERING - 18,000 sf of office immediately available - excellent access to I-77/
I-480 - motivated owner - asking $8.75/sf - Joe Barna, SIOR or Fred Christie, SIOR
COMMERCIAL SPACE
Available
FOR LEASE AT I-77 & I-480 IN VALLEY VIEW
• 5,000sf w/ 1500sf Office, (1) Dock (1) Drive-in, 480v 200 Amp, 19', Occupancy 3rd Quarter, 2007
• 10,000sf w/ 1500sf Office, (2) Docks (1) Drive-in, 480v 200 Amp, 19', Occupancy 2nd Quarter, 2007
• 11,250sf w/ 1200sf Office, (2) Docks (1) Drive-in, 480v 400 Amp, 17', Occupancy 2nd Quarter, 2007
Lombardo Investments LLC
216.524.0715
www.lombardobusinesspark.com
Strongsville
5 Acres
Commercial.
Corner of Prospect and
Route 82. High Traffic
440-846-2108
Let A Mouse Find Your New Location
Classified Ads
WORK!
www.colliersomlistings.com
STORAGE
FOR RENT
REAL ESTATE
SERVICES
OFFICE/WAREHOUSE
SPACE
HEATED STORAGE
Loading Dock Services
STREETSBORO
PROPERTY
RV’s, Boats, Campers
Concrete floors, 20 ft. high
ceilings, 20 ft. drive-in door,
secure, competitive rates.
Call Mr. King
330-995-1070
Service, Maintenance and Sales
of Dock Levelers, Bumpers,
Seals, Truck Restraints and
Metal Stairs. Free Inspections
and Estimates.
800-34-DOCKS / 440-729-0380
FOR SALE OR LEASE
Two cranes, 3 docks,
1 double door. 40,000 sq. ft.
of Warehouse/Office
Call Mr. King @ 330 995-1081
Because smart & experienced beats smart every timesm
216.861.7200
www.colliersom.com
List your Industrial, commercial or Retail Space Here!
Contact Don Schwaller at 216.771-5172
request Private Lender’s
desiring a 12% to 20% return
secured by real estate.
Western Reserve Land Conservancy
WAITE HILL:
Vacant Land
29-ACRE
RIVERFIELD
FARM - The Chagrin River runs
along the 1140' southern
boundary of this property easy
river access. A large level ag
field makes up the center portion of the property. The east
boundary is a wooded 20'
ridge w/ panoramic views to
the west. This is an ideal equestrian devotee, alpaca breeder, tree farm, etc.
Open house 1-4 p.m. on Sunday February 11
PRICE REDUCED
Visit a home designed
for real lakeshore living
and entertaining, one
distinguished by unique
architectural features,
cathedral ceilings,
astonishing sunsets on
the lake, and with golf,
tennis, boating, and dining
only a few steps away at
CIC. For sale by owner.
For details see:
www.Lakehouse.com/page-10593.html
216.233.2837
INVESTMENT
OPPORTUNITY
SafeHarbor
Network
LUXURY PROPERTIES
Catawba Island
Lakefr ont Home
Global commercial real estate expertise
Contact: Jean Mackenzie
Call 440-333-9500
to request Free Report
on Private Mortgage Lending.
Classified Ads
WORK!
(216) 522-1383
FOR SALE
Lantern Arms Apartments
•Substantial Upside
•49 Units (7 Story Mid-Rise)
•Minutes from Downtown Dayton
•Close to Major Employment
•Easy Access to Major Freeways
(SR-35, I-70 & I-75)
•No Set Asking Price
Barry Swatsenbarg
248.324.2000
barry.swatsenbarg@freg.com
34975 W Twelve Mile Rd
Farmington Hills, MI 48331
www.friedmanrealestate.com
Kent
$749,000
One of a kind! Last available lakefront residence! Timeless design
ensures enduring value and will
accomodate any style of living or
furnishings. Over 6,200 sq. ft.
with 1.400 sq. ft. quest house, &
shed. Conveniently located 800
ft. from country club, pool, tennis,
golf and major highways.
Price: $750,000
Because these are conservation properties, the buyer may potentially realize significant tax benefits. For more information about our
Conservation Buyer Program or to walk these properties, please call:
Western Reserve Land Conservancy
(440) 729-9621
AVON
APARTMENTS
Jeannine Dyer
1-800-341-1141
Motivated Seller
Engaging Newer home 4 bd
and 2.5 bath. Great kitchen,
cedar cabinets, spacious master,
garden tub, and marble counter
tops. 2,300 sq ft. $256,777.
Call 216-513-5818
To Advertise your
Luxury Property contact
Don Schwaller at (216) 771-5172
CCLB 02-05-07 A 25 CCLB
2/1/2007
2:49 PM
Page 1
FEBRUARY 5-11, 2007
CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
25
CLASSIFIED
BUSINESS SERVICES
BUSINESS OPPORTUNITY
DON’T
FORGET:
Crain’s Cleveland Business
on-line @
CrainsCleveland.com
For all the latest business
news...online
OFFICE FURNITURE
SPORTS &
ENTERTAINMENT
Owner of a lower
level, third base
suite at Jacobs Field
REAL
ESTATE
AUCTIONS
looking for multiple or single
game partners for the
2007 Indians Season.
LL Design, Ltd.
Print Media
Logo Design
Catalog Design
Art Production
Illustration
Web Design
216-431-2700
www.theofw.com
Package includes 8 tickets
and 3 parking passes.
Mon. – Fri. 8-5 • Sat. 9-1
4100 Payne Ave.• Cleveland
Interested parties should call
Sal Caroniti at 440-243-8200
BUSINESS FOR SALE
Presentations
440.465.6866
www.LLDesignStudio.net
Huge selection of pre-owned
and New Office Furniture
at Low Prices.
Immediate Delivery.
For daily on-line
Selling A Business?
Ohio Business Brokers Assoc.
updates, sign up @
WWW.OBBA.ORG
CrainsCleveland.com/Daily
Find hundreds of businesses.
Find a good broker to help.
E-MAIL US YOUR AD: DSCHWALLER@CRAIN.COM
Buying A Business?
Crain’s Executive Recruiter
Sales Representative - Media Sales
We are seeking an entry-level sales representative to replace a
promoted associate, for our DECOR Expo shows held twice annually (Baltimore and Atlanta). The selected candidate will
work out of our Cleveland headquarters, and be responsible
for prospecting, selling and servicing decorative art and framing exhibitors in a defined geographic territory in the U.S.
DECOR Expo is the largest decorative art and framing exposition in the United States. Each year, more than 15,000 trade
buyers attend the 2 shows to see the latest trends in decorative art, design, color and associated framing products. See
www.decor-expo.com for more details.
Qualified candidates will possess a bachelor's degree in marketing, advertising, psychology, political science or business
management, and some experience in sales. Outgoing personality, self-motivation, excellent organizational skills and a
demonstrated desire to succeed in business are important attributes of the selected candidate.
Ashland University’s Richard E. and Sandra J. Dauch College of Business and Economics seeks adjunct faculty to
teach undergraduate and MBA courses at campuses in
Ashland, Columbus, Massillon, Medina, and Westlake.
Evening, Saturday and daytime openings are available in
accounting, business law/ethics, business management,
business statistics, economics, entrepreneurship, finance,
hotel/restaurant management, human resource management, international business, management information
systems, marketing, operations management, and organizational behavior/development. Master’s degree and
work experience in related field required. Prior teaching
experience preferred. Applications accepted on rolling
basis and consideration begins immediately. E-mail letter
of application and current resume/vita to Carol Pietrasz at
busadjunct@ashland.edu. Further information pertaining to
these positions can be found at www.ashland.edu/jobs.
Ashland University is an equal opportunity employer and is
committed to diversity in the workplace.
CASE WESTERN RESERVE UNIVERSITY
Please send resume and salary history to Rob Spademan at rspademan@SBMediaLLC.com.
Independent Internet Sales Account Exec
Web Solutions & Advertising for ThomasNet.com
in Northern Ohio for over 100 years.
Top commission rates.
OFFICE SPACE
F ROM O FFICE S PACE
TO C LASSROOMS
Draw based on experience. Residual income.
Top earners exceed $100K/yr.
3TANDARD¬"UILDING
Discover the Difference
In Leasing MADE SIMPLE!
Fulfilling needs of any business
4HE¬ONLY¬WAY¬TO¬BE¬CLOSER¬TO¬THE¬
*USTICE¬#ENTER¬IS¬TO¬LIVE¬THERE
Contact Tammy 216.255.3915
s#OMPETITIVE¬2ATES¬¬s,AKE¬6IEWS
s5NBEATABLE¬,OCATION
www.evbco.com
#OMMERCIAL¬
"ROKERAGE¬
-ANAGEMENT
Resumes to fred@tnetohio.com
or Fax 216-328-5541
To place your Executive Recruiter ad
Call Don Schwaller at 216-771-5172
Weatherhead School of Management
Department of Economics
Applications are invited for a full-time, non-tenure track faculty position as Professor for the Practice of Management in Economics
position. The successful candidate must have teaching experience in
the field of Economics at the Undergraduate level. A Master’s degree
in a related field is required and ABD or Ph.D preferred. The person
will teach 6 courses a year and will counsel and advise undergraduate
students in economics. Experience and demonstrated excellence in
teaching economics courses, working with students individually and in
teams, and ability to create and implement new ideas and classrooms
exercises is mandatory.
In employment, as in education, Case Western Reserve University is
committed to Equal Opportunity and Affirmative Action.
To apply, applicants may forward their resume and 3 letters of
recommendation to: Economics Department Search Committee,
Weatherhead School of Management, Case Western Reserve
University, Cleveland, OH 44106-7235. Phone: 216/368-5537.
Application deadline: Open until filled.
CCLB 02-05-07 A 26 CCLB
26
2/2/2007
4:50 PM
Page 1
CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
FEBRUARY 5-11, 2007
THEINSIDER
THEWEEK
REPORTERS’ NOTEBOOK
BEHIND THE NEWS WITH CRAIN’S WRITERS
JANUARY 29 - FEBRUARY 4
A building by
any other name …
The big story: The Hong Kong company that
■ Some believe it’s best to wait until a person dies to name a building after them —
just in case.
Kent State University probably should
have taken that advice.
Kent State’s board of trustees last week
struck the name of Paul H. Jones from its
Child Development Center. It’s now the Kent
State University Child Development Center.
The decision was made after the recent guilty
plea by former state representative Paul Jones
to multiple counts of tax evasion and fraud.
The building was named after Mr. Jones in
1990, when he used his clout in the Ohio
House to get $1.56 million in state funds to
build the center. The money covered the total
cost of the center, which provides day care to
200 preschool children plus training and
research opportunities for students in the early
childhood education program at Kent State.
Mr. Jones also helped Kent State secure
state money for various other projects, said
university spokesman Scott Rainone. When
trustees voted to name the building after
Mr. Jones, the resolution noted that the state
representative was “a close friend of the
university … who has devoted considerable
time and effort to the education of Ohio’s
young children.”
Even after Mr. Jones’ felony convictions,
Kent State has not changed its policy on
naming buildings after the living, Mr. Rainone
said.
“The authority to name buildings rests
with the board of trustees,” he said. “It will
makes Dirt Devil vacuum cleaners completed its
acquisition of Whirlpool Corp.’s
Hoover floor care business.
Techtronic Industries Co.
closed its $107 million cash
acquisition of Hoover after
passing federal and state
antitrust reviews. Techtronic
will combine Hoover with its
existing Dirt Devil and Royal
business in Glenwillow to create TTI Floor Care,
North America. Chris Gurreri, 41, was named
president of TTI Floor Care, which plans to add
110 jobs in Glenwillow during the next three
years.
Settling up: The Electrolizing Corp. of East
Cleveland paid the federal government $1.5
million to settle a civil claim that the metal plating
company submitted a false claim for work it
performed as a subcontracted supplier for U.S.
Navy nuclear submarine parts. Patrick M.
McLaughlin, attorney for Electrolizing, said the
company agreed to the settlement, in part, to
avoid the time, risk and expense of possible
litigation with the government. Electrolizing
had been hired as a subcontractor to perform
metal plating on parts used to build nuclear
submarines. After it was notified by a whistleblower, the government determined that between
1997 and 1999 Electrolizing had performed some
of the work improperly and covered it up by
falsifying test results and certifications.
Hit the road:
TravelCenters of America
LLC completed its spinoff from Hospitality
Properties Trust and now is a public company.
The Westlake company’s shares began trading
Feb. 1 on the American Stock Exchange under
the symbol “TA.” TravelCenters operates a network
of 163 hospitality and fuel service areas primarily
along the U.S. interstate highway system.
WHAT’S NEW
On the move:
Seeley Savidge & Ebert LLC
plans to move the law firm’s main office to
Westlake from downtown after purchasing a
5-year-old office building in the suburb for $2.78
million. Gary Ebert, a name partner at the firm,
said the decision to move its 30 employees to
Jamestown Professional Building was difficult
because Seeley Savidge has been downtown for
29 years. The firm now is in the Fifth Third
Center building. Its new home will be a brick
Georgian-style building at 26600 Detroit Road
visible from I-90.
For the record: TransDigm Inc., a subsidiary
of aircraft component maker TransDigm Group
Inc., said it’s privately offering $300 million
in notes. The offer, for 7.75% senior subordinated notes due 2014, is expected to close Feb.
7. … Kalahari, the massive indoor water park
resort south of Sandusky, will expand its water
park to 173,000 square feet from 80,000 squarxe
feet. The expansion is expected to open next
December.
To keep up with local business news as it happens,
visit www.crainscleveland.com.
and will remain a shareholder of Western
Reserve and a member of its board of advisers.
The split was amicable, said Mark A. Filippell,
a managing director at Western Reserve.
“It’s as friendly as it could be,” he said.
— Shawn A. Turner
Queen City investment firm
taps a King for key post
Web firms won’t let hiring
get ahead of revenues
■ The former top man at Fifth Third Bank’s
Cleveland office has found a new job.
Robert J. King Jr. is now managing director
in the private equity division of Cincinnatibased investment firm
Financial Stocks Inc. It’s
the second position for
Mr. King since he retired
in early 2005 as president
and CEO of the Northeast
Ohio region of Fifth
Third Bank of Cincinnati,
a company at which he
King
worked for 30 years. Most
recently, Mr. King was a managing director at
Cleveland investment bank Western Reserve
Partners LLC, a post he began in January 2006.
The private equity business in which Mr.
King will be involved seems a perfect fit. The
group he’ll head primarily will focus on
taking noncontrolling positions in commercial banks, but it also will do some investing
in insurance companies and real estate
investment trusts, Mr. King said.
“The opportunity intrigued me, and it’s a
space I have some familiarity with, obviously,”
he said.
Mr. King will retain an office in Cleveland
■ In terms of revenue, things are looking up
for Internet-based businesses in Northeast
Ohio that responded to a survey by the Web
Association.
But in terms of employment, things are
looking a bit more sideways.
About 52% of the Internet-based businesses that responded to the nonprofit group’s
State of the Web survey expect revenues to
grow by more than 20% this year, while 33%
anticipate modest growth and the other 15%
expect flat figures.
Regardless, 54% expect to maintain their
current staffing levels in 2007, according to
the survey, released at a Web Association
luncheon last week. Another 22% expect to
hire at least 20% more employees and 22%
expect smaller staff increases. Only one
organization said it expects to cut employees.
Web Association president Jon Eggleton
said respondents probably want to ensure
the revenue predictions are correct before
hiring more people.
“If sales continue to grow, then maybe
next year they’re going to add staff,” Mr.
Eggleton said.
The association received 54 responses to
the survey. — Chuck Soder
STOCKS
10 BEST PERFORMERS
COMPANY
Swinging for the fences: Andre Thornton,
the former Cleveland Indians slugger, bought
a majority stake in ASW Services Inc., an
Akron supply chain management company that
operates 1 million square feet of warehouse
space in Akron, Cleveland, Green, Mogadore
and Belleville, Mich. Phil Maynard, previously
majority owner of ASW, remains with the
company as a minority owner. Mr. Thornton has
merged his GPI Procurement Services in
Warrensville Heights with ASW. The two will
operate under the name ASW Global and have
200 employees.
be on a case-by-case basis.”
Mr. Jones earned his master’s degree from
Kent State and then was a six-term state representative, two-term mayor of Ravenna and
former chairman of the Portage County
Democratic Party. — Shannon Mortland
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
COMPANY: Alcoa Forged Specialty
Wheels, Cleveland
PRODUCT: Pro Series and
Adventure Series wheel lines
The Pro Series and Adventure Series lines
offer new wheel designs to the Alcoa product
portfolio of wheels forged from one piece of
6061-T6 aluminum. Both lines are available
for most ½-ton trucks, full-size SUVs and
Jeeps, and each wheel has been designed,
engineered and manufactured “to optimize
strength, durability and design while lowering
wheel weight,” Alcoa says.
Each style is available in 17- and 20-inch
sizes with polished clearcoat and chrome
finish options. Polished clearcoat is a surface
coating that reduces maintenance and
increases surface durability. Chrome eases
maintenance, according to the company.
Brandon Stotsenburg, marketing director for
Alcoa Forged Specialty Wheels, said the Pro
Series line “reflects an aggressive, competitioninfluenced appearance while offering unmatched
strength and durability for on-road and off-road
use.”
Visit www.alcoawheels.com for information.
Send new product information to
ssuttell@crain.com.
CLOSE
2/2
Sifco Industries Inc. (SIF)
6.90
Oglebay Norton Co. (OGBY)
21.00
Olympic Steel Inc. (ZEUS)
27.85
Park-Ohio Holdings (PKOH)
17.80
Nacco Industries Inc. (NC)
145.47
Cleveland-Cliffs Inc. (CLF)
55.40
Lincoln Electric Holdings (LECO) 63.24
Lesco Inc. (LSCO)
10.84
Parker Hannifin Corp. (PH)
85.26
Nordson Corp. (NDSN)
53.17
WEEK’S
% CHANGE
12.01
9.37
9.26
6.27
6.24
5.48
4.96
4.73
4.46
4.23
52-WK
HIGH
52-WK
LOW
7.35
21.00
39.49
21.36
172.45
55.60
63.30
18.17
88.00
57.81
3.72
12.10
21.03
12.72
119.05
31.39
43.30
6.70
69.70
38.70
10 WEAKEST PERFORMERS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
COMPANY
CLOSE
2/2
WEEK’S
% CHANGE
52-WK
HIGH
52-WK
LOW
DataTrak International (DATA)
Preformed Line Products (PLPC)
Invacare Corp. (IVC)
CBiz Inc. (CBZ)
Omnova Solutions Inc. (OMN)
LNB Bancorp Inc. (LNBB)
Boykin Lodging Co. (BOY)
Aleris International Inc. (ARS)
Hawk Corp. (HWK)
Penton Media Inc. (PTON)
5.32
34.36
21.10
6.75
6.13
15.94
7.62
52.48
11.00
0.80
-14.19
-4.53
-2.04
-0.59
-0.33
-0.13
0.00
0.00
0.23
0.50
9.05
46.37
36.40
9.00
6.83
19.73
13.45
54.00
16.00
0.91
4.05
30.02
19.78
5.72
4.00
15.78
7.58
35.37
9.77
0.20
CLOSE
2/2
WK’S VOL.
COMPANY
(in thousands)
52-WK
HIGH
52-WK
LOW
Progressive Corp. (PGR)
National City Corp. (NCC)
Goodyear Tire & Rubber Co. (GT)
FirstEnergy Corp. (FE)
KeyCorp (KEY)
Eaton Corp. (ETN)
Sherwin-Williams Co. (SHW)
Parker Hannifin Corp. (PH)
PolyOne Corp. (POL)
Cleveland-Cliffs Inc. (CLF)
23.57
38.10
24.89
60.84
38.77
78.62
68.39
85.26
7.28
55.40
15,796
13,061
11,427
6,640
6,036
5,922
4,173
3,953
3,509
3,131
27.86
38.35
25.33
61.70
38.88
79.98
69.64
88.00
9.89
55.60
22.18
33.26
9.75
47.75
34.24
62.81
37.40
69.70
6.62
31.39
10 MOST ACTIVE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Source: FinancialContent Inc.
CCLB 02-05-07 A 27 CCLB
1/31/2007
3:13 PM
Page 1
In business,
it’s better
to receive.
Free Incoming Calls for small business
starting at $49.99/month.
Other monthly charges apply. See below.*
Requires two-year subscriber agreement.
The power to take every call and still save money. It’s just another way Sprint
helps your small business cut costs and stay productive. And yet another reason
why twice as many business customers choose Sprint over Cingular.
SCP-7000 by Sanyo®
Buy one $29.99
get four FREE
After $119.96 mail-in rebate. Requires
activation of new line of service and
two-year agreement per phone.
> Text Messaging Capable
> Rubberized Form Factor
> Built-in Speakerphone
CALL 1-8SPRINT-BIZ CLICK sprint.com/business GO to the nearest Sprint or Nextel retailer
THE POWER TO GET MORE DONE. SWITCH TO SPRINT TODAY.
*Rates exclude taxes and Sprint fees (including USF charge of up to 2.41%, which varies quarterly, cost-recovery fees up to $1.55 per line and state/local fees that vary by area). Sprint fees are not taxes or government-required charges.
“Twice as many business customers” claim based on a survey of corporate-liable customers. Nationwide Sprint PCS Network reaches over 250 million people – coverage not available everywhere. See sprint.com/coverage for details.
Not available in all markets or retail locations. Subject to credit approval. Phone Offer: Expires 3/31/07 or while supplies last. Up to $36 activation fee and $200 early termination fee apply. Must be same-model phone. Mail-in Rebate:
Taxes excluded. Line must be active 30 consecutive days. Allow 8 to 12 weeks for rebate. Device model subject to availability. Free Incoming Plan: Offer ends 3/31/07. Free Incoming applies to calls received in the US. Overage ($0.45 per
minute). Nights: 9pm–7am; weekends: Friday 9pm–Monday 7am. Partial minutes charged as full minutes. ©2007 Sprint Nextel. All rights reserved. Sprint, the “Going Forward” logo and other trademarks are trademarks of Sprint Nextel.
CCLB 02-05-07 A 28 CCLB
2/2/2007
4:33 PM
Page 1
2007 BMW 328i
• Auto. Steptronic Transmission
• Dual climate control A/C
• Heated Seats
• CD Player
2007 BMW 750Li
• Power Windows/Locks
230 HP in-Line 6 cylinder
• Nasca Leather Comfort Seating • Logic7 Audio System
• Park Distance Control
• Moonroof
339*/month for 24 months
995*/month for 36 months
$
* 24 month lease. Total due at signing $3,884. Tax, title and registration fees extra. Due at signing includes: 1st payment, $400 refundable security deposit, $2,500 down payment and bank fee. Customer responsible for excess wear and tear. 10,000 miles per year. 20¢ per mile over. One available at
this price. MSRP: $34,870. SALE PRICE: $34,085. Other 328i’s available at similar savings. Expires 2/28/07.
Oil Changes
Windshield wiper blades
Brakes, including rotors and pads
Scheduled service inspections
Belts
Lights
Roadside Assistance
TOTAL
$
* 36 month lease. Total due at signing $5,640. Tax, title and registration fees extra. Due at signing includes: 1st payment, $1,000 refundable security
deposit, $2,950 down payment and bank fee. Customer responsible for excess wear and tear. 10,000 miles per year. 25¢ per mile over. One available
at this price. MSRP: $84,795. SALE PRICE: $80,923. Other 750Li’s available at similar savings. Expires 2/28/07.
SPECIAL LEASING ALSO AVAILABLE FROM
BMW FINANCIAL SERVICES, LLC
Full Maintenance standard on all new BMWs
Maintenance cost over 4 years/50,000 miles*
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
• Adaptive Xenon Headlights
• Alloy Wheels
WWW.BMWCLEVELAND.COM
BMW CLEVELAND
6135 KRUSE DR. • SOLON
1-866-210-6710
2007 JAGUAR XK COUPE
bmwusa.com
1-800-334-4BMW
The Ultimate
Driving Machine®
2006 LAND ROVER LR3
Stock # J01507
Black with Black Leather Interior
LOADED WITH: Luxury package, premium surround sound, 20”
alloy wheels, Advanced Technology package. Executive Driven.
M.S.R.P. $87,800
74,900
SALE $
PRICE
WIDE VARIETY OF LEASE AND PURCHASE
PACHAGES AVAILABLE.
Photo for illustration purposes only.
• V-6 Ex-Service Loaner (NO MILES!)
M.S.R.P. $45,900
• SE Premium Package
Discount $ 9,000
• Cold Climate Package
BUY OR
• Rear Seat Package
LEASE AT
• Sirius Satellite Radio
• All Leather
6 AVAILABLE AT THIS PRICE!
$
36,900
Complimentary Scheduled Maintenance Included!
4 Years/50,000 Miles!
X-TYPE • S-TYPE • XJ • XK
JAGUAR CLEVELAND
6137 KRUSE DR., SOLON • (440) 542-0601
www.jaguarcleveland.com
LAND ROVER SOLON
6137 KRUSE DR.• SOLON, OHIO • 1-866-210-6707
www.landroversolon.com