March 9, 2022

GE Lighting to Sell Historic Nela Park

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New chapters for some General Electric legacies

Milwaukee based commercial real estate company, Phoenix Investors, announced today that it has entered into an agreement to acquire Nela Park in East Cleveland, Ohio. Nela Park is considered the first industrial park in the world. It is the home of two former General Electic companies – GE Lighting, a Savant company, and GE Current, a Daintree company.

GE Lighting was acquired by Savant Systems, Inc., in July 2020 and plans to maintain partial tenancy at Nela Park after Phoenix's acquisition. Built in 1913, the park spans over 138 acres and houses industrial space, office space, and amenities such as a cafeteria, fitness center, and outdoor recreation facilities.

"This is great news for our business and the future of Nela Park, as well as East Cleveland and other surrounding cities," said Kathy Sterio, President of GE Lighting, a Savant company. "Phoenix has a track record of success reinvigorating and investing in commercial real estate to attract new tenants and will bring that same approach to historic Nela Park."

But some jobs will soon be leaving Nela Park
Another General Electric spinoff, GE Current, a Daintree company has been maintaining its headquarters at Nela Park since it left the General Electric fold three years ago. Current has been a real estate tenant of GE Lighting, but recently finalized plans to move most of its Cleveland-based staff to nearby Beachwood, OH. Beachwood has agreed to provide Current with financial incentives based on Current’s commitment to bring ninety full-time jobs with an estimated $6 million in payroll to the Beachwood location.

Current plans to maintain its laboratory space in Nela Park and lease it from Phoenix Investors. Current will likely direct future customer training visits to its facilities in Hendersonville, NC and the recently-acquired Hubbell Lighting Solutions Center in Greenville, SC.