Westwood Centre Corporate Park

The investment group led by Brad Coven purchased a 50% interest in the Westwood Centre Corporate Park in Westlake, Ohio in 2003. This two-building, 85,000 sq. ft. office and warehouse business park had been 55% leased at acquisition. We realized these buildings had been built with docks and deep warehouse bays with 18’ ceilings. They were initially developed for distributor-type businesses. However, we understood that the Westlake industrial market was better suited for service-type companies and home improvement businesses.

In re-developing the asset, we began by adding ramps and drive-in doors to many suites that better suited the type of tenant in the market. Within 2 years, we had leased the park to full occupancy, then proceeded to refinance the buildings and set a capital expense budget in place, which allowed us to replace the parking lots, roofs and life / safety (fire alarms and pull stations) systems for both buildings. Today, the business park cash flows extremely well and has proven to be a tremendous and stable long-term investment.