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Real Trends takes a closer look at commercial real estate happenings in the local market


HER Commercial Real Estate Services Join HCRE 

Hanna Commercial Real Estate is proud to announce a merger with HER, REALTORS® Commercial Real Estate Services. This transaction adds to Hanna CRE’s portfolio and expands our reach to central and southern Ohio.

This merger combines two incredibly strong and experienced companies together to form one of the top commercial real estate brokerages in Ohio. By combining two powerful forces, the organization will benefit from increased collaboration across markets, bringing together the best of each company to enhance our offerings throughout Ohio. 

“The synergies between our companies are remarkable," said Scott Hrabcak, Managing Director/SVP Columbus Region. "The experience and collaboration that both organizations will bring across markets will optimize the results for our clients statewide." 

“We are very excited to join forces with the HER Commercial Brokers in the Columbus, Dayton, and Cincinnati areas,” said Mac Biggar, President of Hanna Commercial. “They have a great reputation, and we believe adding central and southern Ohio to the list of markets where we have offices will be a great benefit to all of us.”  

HER, REALTORS was founded in 1956 in Columbus, Ohio. Its commercial real estate services division specializes in all segments of the commercial real estate industry; representing sellers, buyers, landlords, and tenants in areas including office, industrial, retail, multi-family, warehouse, land, 1031 exchange, and business brokerage. Their experienced team of sales professionals is skilled in delivering proven results and providing clients with exceptional service. 

Since 1939, Hanna Commercial has been a leader in the commercial property marketplace, successfully providing clients with creative and comprehensive real estate solutions. HCRE has shaped and filled almost every major building in the industry. With first-class expertise and unsurpassed attention to detail, handling transactions from one-person offices in the suburbs to corporate headquarters in major urban locations and around the world.



At Hanna Commercial, our strategy for 2022...To pivot!

When a business pivots, it changes some aspects of its core services to better meet customer demands. Over the last several years our marketing slogan has been ENHANCE YOUR ASSET’S VALUE. While our goal in property management is to do just that for the owners we service, we also see a need to adjust our service menu to meet the needs of real estate investors. Some investors may not have a need for our full-service package but can benefit from and enhance the value of their assets with a segment of our menu.

While we typically quote full service, 3rd party property management, we recognize that each investor has a unique need.  In the last year, we have pivoted our maintenance staff to provide services to our managed properties and work as a subcontractor for owners or other management companies. We have added 5 assignments to our portfolio that are maintenance only.  Hanna Commercial will provide the on-site maintenance technician, online work order system, 24/7 emergency contact information, computerized preventative maintenance scheduling, and task completion and reporting. 

Hanna Commercial property management has also added oversight of vacant properties to the available services. This oversight includes access to the maintenance technician staff for repairs as well as consulting with our Director of Operations on how to minimize cost and increase value while the vacant property is being marketed. We have added 4 properties to our portfolio with this support.

Our property accounting group is top-notch and has been working together as one cohesive group for over 20 years.  We now have clients that like to do the day-to-day management but either out of preference or partnership/debt requirements need the accounting piece to be at arm’s length. We will handle the lease administration, tenant billing, cash receipts, and bill payment and have added two assignments with this approach.

As we enter the second half of 2022, we will continue to pivot and meet the needs of our clients to help increase their asset’s value and offer them value outside of our full-service product.

Hanna CRE’s property management services include Tenant management, Facility and Property Management, Full Service Accounting and Reporting, Budget Preparations, Owner Communication, and Vendor Oversight. Our team’s expertise combines market knowledge and a client-focused approach. We currently manage 3 million square feet of properties, and we are ready to help with your Property Management needs!

Contact: Tracy Ols
Director of Commercial Property Management





Established in the 1980s, Hanna Commercial’s Corporate Services Team partners with national and global firms to asset-manage commercial real estate portfolios. Whether your company requires a full industrial, retail or office property outsourcing or a complementary real estate firm, we are able to provide individualized services and flexibility to match your company’s objectives. Our Corporate Services platform has been designed and proven to increase efficiency, reduce costs, and extract value from your existing real estate assets.

Our mission is to provide consistent and unconflicted transaction management services for our regional and multi-national clients’ real estate portfolios as their trusted advisor. We serve with the finest professionals in the industry within an environment of trust, respect, and open communication, and partner with best-in-class local providers. Our team is a community-minded global leader pioneering in the delivery of corporate services to our clients within the framework of an innovative value proposition.

At Hanna Commercial, we put our expertise to work for you, so you can focus on your core business activities. As your partner, we specialize in understanding your unique set of business and corporate real estate demands, whether it is the need to control occupancy expenses or receive proactive and creative solutions to reduce overall real estate costs. We are committed to ensuring that the real estate investments you make today will be valuable tomorrow.

We are dedicated to becoming a long-term partner to our clients by building trust, reliability, and accountability. Through portfolio analysis and optimization, we help identify immediate, medium, and long-term opportunities in order to increase your return on real estate, improve operational efficiencies, and achieve portfolio cost reduction.

We focus on cost avoidance to help monetize tied-up capital in the real estate portfolio and make strategic long-term plans. Our property database provides you with web-enabled capability for all real estate holdings—owned or leased. With this tool, we can create customized reports so that your company can get ahead of critical dates, have transparency, and better manage real estate transactions. 

Please contact our Hanna Commercial Corporate Services Team with questions or to set up an introductory meeting to better understand how we can assist your company.


Contact: Diana C. Whisenant, SIOR
Executive Managing Director, Corporate Services




HannaCRE is proud to announce that Brennan Tilow received the NAIOP Northern Ohio 2021 Rising Star of the Year award. Congratulations, Brennan!

Brennan has a background in residential home financing with over nine years in the real estate industry. He is currently responsible for portfolio management, leasing, property sales, and acquisitions for corporate clients both nationally and internationally. Brennan’s clients enjoy working with him because of his strong work ethic, his prowess in negotiating, and his dependability.









Harbor Freight Expands Network in Northern Ohio

Harbor Freight Tools recently signed a lease for 15,000 SF
freestanding building on Mayfield Road, most recently the former
Guitar Center store, located at 5800 Mayfield Road. Sean Wall and
Vincenzo Calabrese of Hanna Commercial represent Harbor Freight
Tools in Northern OH and continue to expand the network of stores
in the area.




Retail Team Brings Raising Canes to East Side

Hanna Commercial Real Estate’s Retail Team handled the deal for
the first Raising Cane’s on Cleveland’s East Side. Agents Sean Wall,
Michael Occhionero, and Tony Visconsi represented the landlord on
the ground lease at 5880 Mayfield Road in Mayfield Heights. The
location’s grand opening was on June 10.





Maple Street Biscuit Company Enters the Ohio Market

Maple Street Biscuit Company, a Florida Based Breakfast and Brunch restaurant leased space for their first Ohio location in Columbus. HCRE Agents Shawn Darling and Tony Visconsi represented Maple Street Biscuit Co. for the space at 1310 Polaris Parkway, a former Mod Pizza location.








Sellers choose the auction route for several different reasons. The most prominent being they become more time sensitive than price sensitive for one reason or another. Many of the sales we see are driven by the judicial system, whether it be a receivership ordered sale or a bankruptcy ordered sale. Some of our sellers are corporate sellers who are selling off assets that they are no longer using, some are builder/developers that have excess product, and also private sellers who for one reason or another need a time-definite sale. The reason could be a partnership dissolution, relocation to another state or the property could be lingering on the market for years. Also, many times sellers use auctions when they have a unique or hard-to-value property, a one-of-a-kind property where there are no comps available. Typically, in those situations, an auction is the best way to determine value. Transparency is also a reason to sell at an auction.

Some of the benefits of going to auction are that you can set the time and date at which you will sell the property because the seller is in control of the terms and conditions under which the property will be put under a definitive contract. Auctions are beneficial to sellers who don’t want to go through the hassle of dealing with contingent contracts where buyers typically try to re-trade the deal at some point between a letter of intent and closing. Buyers are depositing hard non-refundable earnest money the day of the auction which ties them into the deal more and makes it much more difficult to walk away from a deal. All properties are sold as-is, where-is.

Contact: Michael E. Berland, AARE
Principal & Managing Director (Auctioneer)






More of the same in Q2 for Greater Cleveland Industrial… short supply leads to higher rents and sale prices.

Market Report

The Industrial real estate market in greater Cleveland continued to tighten through the second quarter of 2022.  Market rents and sale prices continued to rise as vacancy remained very low.  Rents increased $0.10 from the end of 2021 to $5.66/ft, a 1.8% rise.  Sale prices rose just over $50 a foot, representing a 3% increase from the first quarter.  

The market absorbed more than was delivered in the past twelve months, with just over a million square feet absorbed, compared to deliveries of 800k SF Vacancy rates held steady this quarter at 4.2%.  It remains difficult to find space that fits every need, with few turn-key properties available.  

Construction levels are at record highs, with 23 buildings containing 4 million SF currently in progress.  Those levels are much higher than in previous years which ranged from 1.5-2mm SF under construction.


Real Trends

Concerns about a looming recession have not yet impacted the industrial market.  According to KeyBank’s 2Q22 survey, “78% of middle market business leaders described the outlook for their company’s financial performance over the next 12 months as excellent or very good”

The survey also stated: “Among those who were skeptical about the health of the economy, inflation, the cost of raw materials and a potential recession were the biggest concerns.”

Industrial Market News

Plymouth REIT buys Bedford property for $16.5 million

New medical cannabis growing facility sells for $27.8 million

Team NEO aims to build a bank of shovel-ready sites in Cuyahoga, Summit counties

Cuyahoga County projects win $50 million in state brownfield grants

Geis, Stonemont plan 1 million-square-foot spec building in Portage County

Market Pricing

Supply and Demand


Industrial Submarket Statistics



New and Interesting Office/Industrial Listings


Contact: Bob Biggar
Sales Associate