GOJO Industries head office in Akron goes up for sale

GOJO Industries head office in downtown Akron has been put up for sale.

In an announcement posted Thursday, November 18 on the Commercial Real Estate Exchange (CREXI) website, the 212,000 square foot office building was listed for $ 63,048,000 by John Redfield, senior vice president of net investment properties and rental groups at SRS Real Estate Partners in Newport Beach, California.

This price rises to a ceiling rate of 4.75%, according to CREXI data. That’s low, but the quality of the building’s leases – the largest of which by far is owned by GOJO, the maker of Purell-branded disinfection products – could mean the building is worth something akin to asking price.

“There’s a REIT that’s going to get it back. I don’t know the cap rate though, it’s pretty aggressive,” said Jerry Fiume, founder and director of SVN Summit Commercial Real Estate Advisors in Akron. “But someone can pull the trigger because the credit is so strong.”

The building is currently 100% leased, said Warren Blazy, who handles leasing at JLL Real Estate’s Cleveland site.

Redfield said in an email that the listing was not a sale-leaseback and that GOJO Industries did not own the building.

For its part, GOJO said it sold the building in August, but did not respond to an emailed question about the identity of the buyer. Redfield also declined to name the current owner of the building, who he says is his client.

Samantha Williams, senior director of corporate communications for GOJO, said the following from the company’s CFO John Cavanaugh: “In August 2021, we entered into a sale and leaseback agreement for GOJO Plaza, located in the central Akron city. As part of this agreement, we sold the property to a buyer and signed a 20 year rental agreement for 1 GOJO Plaza. GOJO Plaza is our global headquarters, and we do not intend to relocate our headquarters from GOJO Plaza. We understand that the GOJO Plaza buyer may have listed the property more recently; however, this does not impact GOJO or our GOJO Plaza long term lease. “

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