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Aerospace Technology Park

TechPark Development Company, a Flagship entity, is a co-general partner of TechPark Limited Partnership, the developer of Aerospace Technology Park in Brook Park, OH. Brook Park is immediately adjacent to the Cleveland Hopkins International Airport and NASA's John Glenn Research Center. Glenn is one of NASA's eight research installations and focuses on microgravity research, aeronautics and aerospace power and propulsion. It has primary responsibility for all space station power systems. TechPark's initial responsibility was to construct office, research and laboratory facilities for the private contractors within the Park.

After assembling five privately owned parcels to form the Park, Flagship arranged public infrastructure financing with a consortium of the City of Brook Park, Cuyahoga County and the State of Ohio. Sverdrup Technology, Inc. took occupancy in October 1989 of the first building, a 90,000 sq. ft. build-to-suit. The $8,000,000 construction financing was obtained from AmeriTrust Company, NA (now Key Bank), Cleveland, OH. Also completed were a 28,000 sq. ft. calibration and repair laboratory for the Shuttle instruments, a 24,000 sq. ft. office building for NASA personnel and a 78,000 sq. ft. office/R&D building for Analex Corp. All construction was financed through National City Bank of Cleveland. A 100,000 sq. ft. flex building completed in 1992 was built as a joint venture with TIAA-CREF. Prudential Insurance provided permanent non-recourse financing for the first four buildings, which have since been refinanced with Lincoln Road Capital Holdings LLC and Transamerica Life Insurance and Annuity Company. the flex building was conveyed to the lender in 2014.

As NASA’s operations became more closely focused on space exploration, the importance of the Glenn Center waned in comparison with the other labs. Although this is changing, the percentage of aerospace tenants in the overall mix has declined over time. Many remain, and Eaton Corporation and Northrup Grumman are still amongst our largest tenants. To counter these trends, the owners have focused on attracting non-aerospace tenants to its park-like setting and immediate proximity to Hopkins Airport. At the same time, the R&D building was sold to the City of Cleveland for airport expansion purposes and Aerospace Parkway was connected with I-X Center Drive. That connection has given the Park excellent access to the regional interstate system.

NASA Glenn has recently been awarded more space exploration assignments. Glenn now has primary responsibility for the next generation of human operated spacecraft, including the Crew Exploration Vehicle (CRV), the Service Module and the Spacecraft Adapter. Time will tell what these changes will mean for Aerospace Technology Park, but, in the meantime, the buildings are 100% leased.

TechPark Development Company is a joint venture of Flagship Properties and IJC TechPark Corporation. IJC TechPark is owned by the estate of Cleveland developer Irving J. Chelm.

Celeron Square, UConn (Celeron Square Associates)

Celeron Square Associates has completed the first half of a 324-unit student housing complex on the Storrs campus of the University of Connecticut. Phases I and II, consisting of 64 and 96 units respectively, are 100% leased. Celeron Square consistently wins the “Best of Storrs” award in the apartment category. Phase III, consisting of 120 units, is currently under development.

Flagship acquired the interests of its original partner, DKM Properties Corp., a subsidiary of the Dyson Kissner Moran Corporation, a private investment company based in New York City.


Hannum Crossing
Hannum Crossing is a 10-phase 232-lot single family residential subdivision in Streetsboro, Ohio. Streetsboro is a rapidly growing suburb of Cleveland located at the intersection of I-80 (the Ohio Turnpike)
and I-480. Click the video at right to view the neighborhood! As a result, Hannum Crossing has excellent access to all employment centers. It features a unique 25-acre environmental preserve with educational and esthetic enhancements. Five separate parcels were assembled to form the 184-acre tract. Initial financing was provided by Charter One Bank and more recently provided by Home Savings Bank of Youngstown, Ohio. Phases I-IX have been completed and are sold out. Flagship is currently developing Phase X into luxury homesites.


FLAGSHIP MANAGEMENT SERVICES, INC.

Flagship manages or co-manages all the properties described in the Development section. In addition, Flagship Management completed several management assignments for assets owned by federal agencies. Among those are the following:

  Agency: HUD
  Asset: Chips I Apartments
  Location: Canton, OH
  Asssignment: Emergency (48-hour) takeover, management stabilization, upgrade of all assets to local code and HUD standards.

  Agency: FDIC
  Asset: Portfolio of residential and commercial properties
  Location: New England and Mid-Atlantic states
  Asssignment:

Emergency (48-hour) takeover, management stabilization, upgrade of all assets to local codes, preparation for sale.


  Agency: FDIC
  Asset: Portfolio of Distressed Land Parcels
  Location: New England and Mid-Atlantic States
  Asssignment:

Define location, area, legal description and zoning for each land parcel; describe utilities and highway access; take control of sites, securing asset as required; remove all hazardous on-site materials.


FLAGSHIP CONSULTING, INC.

Flagship’s consulting practice focuses on acquisition / disposition matters, finance and construction. We were retained to provide services in connection with the following matters:

Private Party, Cleveland, Ohio

  An individual wished to acquire a unique parcel of land that required extensive research regarding its legal & physical description, ownership and valuation. Subsequent to presentation of its findings, Flagship Management pursued acquisition of the parcel on behalf of the client.

Private Finance Company, Solon, Ohio

  An investment company provided financing to an industrial company. The financing was secured by second mortgages on its industrial facilities. After the borrower defaulted on its obligations, Flagship Consulting was engaged to advise the lender on the values of the collateral and to create an orderly liquidation strategy following foreclosure.

Private Industrial Company, Euclid, Ohio

  The family that owned a die casting company sold the business to a new entity and leased the facilities to it. The company ceased operations and vacated the premises. Flagship Consulting advised the family on alternative uses for the facilities.

Private Restaurant Chain, Canton, Ohio

  A rapidly expanding and very successful family-owned Thai restaurant chain based in northeast Ohio retained Flagship to secure an additional location in a key Cleveland submarket. Flagship identified the site, coordinated the purchase and arranged for design services.