Cleveland
Cleveland Metro Area Apartment Construction Achieves Five-Year High
In recent years, the soft job market and the uncertainty about the local economy kept many people in the Cleveland area from buying new homes. Instead, they opted to rent. That’s why, during 2012, apartment vacancy in the metro area reached one of the lowest levels of the last decade. Marcus & Millichap reports that apartment construction in the Cleveland area has reached a five-year high, as many developers looked to take advantage of the low vacancy levels. 550 units were completed in 2013 and builders are expected to deliver 750 units this year. Apartment construction projects seem to be springing up like mushrooms after the rain.
W.P. Carey Buys, Leases Back Air Enterprises Warehouse Facility
A Northeast Ohio industrial property recently changed hands. The Air Enterprises Manufacturing/Warehouse Facility in Streetsboro, Ohio, has been acquired by W. P. Carey Inc., a publicly-traded REIT, for a total price of approximately $7 million.
Buffalo Lodging Associates to Manage Hilton Garden Inn Akron
The Hilton Garden Inn Akron is scheduled to open this fall. The hotel is currently under development on three acres of land, on the former Goodyear world headquarters campus, at the corner of East Market Street and Kelly Avenue. It will be the first hotel constructed in Akron since 1980 and it will be managed by Buffalo Lodging Associates, LLC.
Two More Hotels Planned for Cleveland Area
2013 was a good year for hotel construction in the Greater Cleveland area, as developers started work on an important number of projects expected to deliver hundreds of new rooms to the region in the near future. And it seems that this hotel construction boom will continue into 2014. Work will soon start on two more projects in the metro area, one in downtown Cleveland, the other in Avon.
Westin Cleveland Downtown to Open in May
The Westin Cleveland Downtown hotel will open this May in Cleveland’s downtown financial district following a $64 million renovation. It will have a new look and a new general manager. Recently, the ownership has hired Mark Anderson to lead the hotel in operations and guest services.
BakerHostetler to Move to Cleveland’s Key Tower in 2016
Prime office spaces continue to be in high demand in Downtown Cleveland. BakerHostetler is just the most recent name added on the growing list of companies looking to do or to continue doing business in the CBD. Ranked 65th on the AmLaw 100 (American Lawyer, 2013, by gross revenue), the global law firm has recently signed a 15-year lease for space in Downtown Cleveland’s iconic Key Tower. Currently it is located in the PNC Center, at East Ninth Street and Euclid Avenue.
Marcus & Millichap Arranges Sale of North Olmsted Towne Center for $17.8M
Large retail properties in the Greater Cleveland area have seen a lot of action in the final quarter of 2013. Recently, Devonshire REIT, Inc. has paid $8 million for the Great Lakes Plaza in Mentor, while the Starwood Capital Group has acquired two shopping centers in North Olmsted and Canton, as part of a $1.6 billion, seven-property portfolio.
Ohio Development Services Agency Awards $20M in Ohio Historic Preservation Tax Credits to Five Northeast Ohio Projects
On Dec. 20, the Ohio Development Services Agency awarded $33 million in Ohio Historic Preservation Tax Credits to rehabilitate 31 historic buildings in 10 communities across the state. Five of these projects are located in Northeast Ohio.
Arhaus Furniture to Move 230 Employees to New Corporate HQ in Boston Heights
Arhaus Furniture, one of the fastest growing furniture retailers in the United States, has announced it plans to build a new, $43 million corporate headquarters and distribution center in the Village of Boston Heights. Construction is slated to start in March 2014. Arhaus Furniture hopes to move into the new building by April 2015.
CSU Breaks Ground on $45M Center for Innovation in Health Professions
Cleveland State University broke ground on December 9 on a new health sciences building. Called The Center for Innovation in Health Professions, it will be the place where students will learn and work together in interdisciplinary collaboration. The project is expected to cost $45 million.