Cleveland
Devonshire REIT Buys Mentor’s Great Lakes Plaza for $8M
Another Cleveland-area shopping center has changed hands. A few weeks ago, Starwood Capital Group has completed the acquisition of two Northeast Ohio shopping centers, as part of a seven-property portfolio for which the Greenwich, Conn.-based investment firm has paid $1.6 billion to the Sydney, Australia-based Westfield Group. Now, Devonshire REIT, Inc. Has announced it has closed the purchase of Great Lakes Plaza.
Cleveland City Council Approves Financing for FirstEnergy Stadium Modernization Project
It’s been a rough couple of weeks for Cleveland Browns fans, as their team recently lost to two long-time rivals, the Cincinnati Bengals and the Pittsburgh Steelers, in the 2013 NFL regular season. But the Cleveland team did manage to score one important victory. On Monday, November 25, the Cleveland City Council has approved a financing plan for the FirstEnergy Stadium modernization project.
Starwood Buys Two Northeast Ohio Malls as Part of $1.6B Deal
Starwood Capital Group, a Greenwich, Conn.-based investment firm, has completed last week the acquisition of seven dominant regional malls in four states, on the West Coast and in the Midwest. The deal was announced in September. Two Northeast Ohio shopping centers are also included in the portfolio.
Pinecrest Development in Orange One Step Closer to Construction Start
A small village in Northeast Ohio is about to have a huge impact on the entire area. On November 5, residents of the village of Orange voted to approve plans to rezone a residential neighborhood and pave the way for a 76-acre mixed-use project that will bring new, upscale shopping to the region. According to unofficial results from the Cuyahoga County Board of Elections, 709 people voted for Issue 51, while 532 were against it.
NRP to Develop 348-Unit Apartment Community in Ohio
The NRP Group is developing The Vue, a new four-story, 348-apartment community in Beachwood, Ohio.
Cleveland Named Most Affordable Housing Market in United States
Looking to buy a house in Cleveland? You’re in luck! The Northeast Ohio city is the most affordable housing market in the nation, according to an annual report by Coldwell Banker Real Estate, the oldest national real estate brand in the United States.
Smartland Buys Lee-Yorkshire Apartments in Cleveland Heights
Smartland, Cleveland’s largest real estate investment firm and one of Ohio’s top property management companies, has purchased the Lee-Yorkshire Apartments. The price of the transaction was not disclosed.
Developers Break Ground on New Cambria Suites Hotel in Avon
Another hotel is under construction in the Cleveland area. Choice Hotels International, Inc., Ceres Enterprises, LLC, and Consolidated Construction Company started work on October 21 on a new Cambria Suites hotel at 35600 Detroit Road in Avon. The cost of the project was not announced.
Inland Real Estate Buys University Heights Shopping Center
Inland Real Estate Corporation has acquired a Cleveland-area shopping center in a joint venture with Dutch pension fund advisor PGGM. The purchase price was $24.9 million, excluding closing costs and adjustments. The joint venture also assumed an $18.4 million property-level loan with a two-year term, which it expects to pay off or refinance upon maturity.
$250M Project to Deliver Marriott Autograph Collection Hotel, 205 Apartments to Downtown Cleveland
The GEIS Companies and Sandvick Architects, both based in Cleveland, have teamed up to bring new life to the intersection of East Ninth Street and Prospect Avenue, a long overlooked area in the city’s downtown. Dubbed The 9, the $250 million development calls for the renovation and transformation of the former AmeriTrust Tower and historic Cleveland Trust Rotunda into a high-end complex featuring a luxury hotel, apartments, and much more. The project will create 1,000 construction jobs.