Cleveland
University Hospitals to Buy Highland Hills’ One Harvard Crossing for $12M, Relocate 600 Employees
University Hospitals is moving to a new location. The hospital system recently announced its plans to buy the One Harvard Crossing office building, in Highland Hills, and move 600 of its administrative employees to the East Side suburb.
Investors Strike Two New Deals in Downtown Cleveland’s Hot Apartment Market
Downtown Cleveland, with its steady economic growth, low apartment vacancy and numerous retail and hotel developments, continues to prove very attractive to investors. Recently, two new companies have made their presence known in the area, in attempts to take advantage of the 95%-occupied downtown apartment market.
American Greetings Breaks Ground on New World HQ in Westlake
American Greetings broke ground on August 26 on its new headquarters building at the Crocker Park development in the Cleveland suburb of Westlake. Expected to cost between $150 million and $200 million, the project is scheduled to be completed in two years.
Cleveland Indians to Renovate Progressive Field
The Cleveland Indians announced on Thursday, August 7, that Progressive Field is getting a makeover. Called “The Progressive Field Evolution,” the multimillion-dollar renovation project will start in the offseason. Most of it is expected to be complete by Opening Day 2015, with the remainder to be finished early in the season.
Global Healthcare REIT to Expand in Ohio with Nursing Home Acquisition
Utah-based Global Healthcare REIT, Inc. announced at the end of July its plans to expand into Ohio. The company has entered into an agreement to purchase the Meadowview Nursing Home, located in Seville, Ohio. It will be the fifth such property in Global Healtchare REIT’s portfolio.
InterContinental Hotels Group Opens Cleveland’s First Hotel Indigo
The city of Cleveland is welcoming a new hotel brand. InterContinental Hotels Group has opened the first Hotel Indigo in the area. Located in Beachwood, the new hotel is designed to reflect the history and culture of the surrounding neighborhood. It also celebrates the Cleveland Metroparks system, a beautiful and diverse network of green spaces dedicated to conservation, education and recreation and referred to by the locals as the “Emerald Necklace.”
All Pro Freight Systems Expands in Lorain County with 118,000-SF Industrial Lease
All Pro Freight Systems, Inc. is expanding its presence in Lorain County. The Avon-based transportation and logistics company has recently leased 118,000 square feet of space at the former Accutech/Cleveland Plastic Films facility, in Elyria.
Cuyahoga County Finally Opens New Administrative HQs
The new Cuyahoga County Administrative Headquarters building is finally open for business. Cuyahoga County Executive Ed FitzGerald, County Council President C. Ellen Connally, and Fred Geis of Geis Companies were present on July 15, at 2079 East 9th Street, to celebrate the event. The new headquarters will be home to more than 600 county employees.
Developers Plan Almost 400 New Apartments for Downtown Cleveland
Although apartment construction in Greater Cleveland has reached a five-year high, it doesn’t seem to want to stop here. Developers continue to announce more and more projects. The two most recent ones are expected to bring almost 400 new units to the city’s downtown area.
Joint Venture Buys Cleveland-Area Shopping Center for $47M
A joint venture between two east coast companies has purchased the Golden Gate Shopping Center in Mayfield Heights. New York-based Hornig Capital Partners, LLC and Hutensky Capital Partners of Hartford, Connecticut, have paid $47.05 million for the premier retail plaza. Cleveland-based Forest City was the seller. The deal represents one of the largest single asset retail sales in the Cleveland market during the past two years.