Old Meyer Factory in Cleveland's Euclid-Green Neighborhood Sold

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A local investor partnership comprised of Reuven Dessler and Rico Pietro acquired a large factory complex in Cleveland’s Euclid-Green neighborhood for a simple reason — it was too good of a deal to pass up.

The partners, organized as RR 18513 Euclid Ave LLC, submitted a non-refundable cash offer of $2.5 million for the vacant, former Meyer Products snowplow factory, 18513 Euclid Ave. The offer was accepted.

The submittal came just two hours before a deadline after which the property would have gone to auction on Aug. 31. Bids were to start at $750,000, per real estate brokerage CBRE.

The factory, which Pietro described as in good condition, is set on 12 acres of land. With two buildings totaling 265,000 square feet, the partnership acquired the property for less than $10 per square foot.

That’s roughly one-fifth of the average price that industrial properties were selling for in Greater Cleveland in the first half of 2026. But market prices are less in the Northeast Cleveland submarket.

Even so, the transaction price of Meyer Products’ factory was less than half as much as the $20.95-per-square-foot sale in January of the nearby Nickel Plate Station. The 900,000-square-foot former General Motors Fisher Body plant, 20001 Euclid, is in the city of Euclid. It’s a property that made history nationwide.

The Meyer Products factory produced for 80 years something even more recognizable — its signature marigold-yellow snowplows. But the factory was shut down in 2025 by Meyer’s owner, The Aebi Schmidt Group, which shifted production to Monroe, WI. About 150 jobs were lost here.

Pietro said the prior owner took care of the property. Its roof is well-maintained, the buildings have efficient radiant and gas-fired heating systems, and has new LED lights throughout the buildings which offer clear heights of up to 27 feet.

But a big selling point to the buyers is the property’s access to electrical power — up to 5,000 amps for the two buildings on site. While that’s nowhere near enough for a data center or similar use, it is enough for what the buyers have in mind.

“We have some things we’re going to use the buildings for in the short-term,” Pietro said, declining to elaborate. The new owners also will add a security gate for vehicles, install cameras around the site and paint the buildings to brighten them up.

“In the long-term, our intention is to find occupants seeking automated warehousing or advanced manufacturing using robotics,” Pietro added. “We’ll reach out to Team NEO and the Ohio Department of Development to start that process.”

He said that the property will be marketed for sale or lease, but noted that two out of three manufacturers or warehouse operators own their properties. Dessler and Pietro stepped in to buy the property because they said some companies don’t feel comfortable about buying properties at auction.

Dessler made his money as co-founder of the Solon-based Mazel Company with Jake Koval. Mazel is a wholesaler of name-brand closeout merchandise. Pietro is a principal at the Independence-based real estate brokerage and analytics firm Cushman & Wakefield | CRESCO Real Estate.

“Reuven and I have talked for 10 years about being in partnership,” Pietro said. “He came to us and asked if he would partner with him on this (Meyers purchase). He just saw value in being able to market and manage and negotiate incentives through a full-service brokerage shop for a property like this.”

The sale became public record last week when title company Rocket Close LLC of Cleveland requested a certificate of disclosure from the City of Cleveland’s Building Department to learn if there were any property violations prior to a title transfer for the seven parcels in the transaction.

The certificate listed the buyer as Reuven Dessler, doing business as RR 18513 Euclid Ave LLC. The address of the LLC was 6161 Oak Tree Blvd., Suite 250 in Independence. That’s the address and suite number for CLE Developers, a development firm led by Pietro and Managing Partner Jason Laver, also a senior vice president at Cushman & Wakefield | CRESCO.

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