Cleveland
Cleveland Medical Mart Achieves Milestone in Construction Process
By Adrian Maties, Associate Editor The $465 million Medical Mart & Convention Center project under construction in Cleveland has now reached an important milestone. On Friday, June 22, the uppermost steel beam was placed on top of the building in a topping out ceremony. Dignitaries and hundreds of construction workers signed a white steel beam, […]
Investor Trio to Breathe New Life into Avenue Tower
By Adrian Maties, Associate Editor With Downtown Cleveland’s occupancies approaching 96 percent and growing, according to Metro Trends, a local group of investors is hoping to acquire the residential portion of the Avenue District condominium tower downtown and rent out the empty apartments. Located at the intersection of East 12th Street and St. Clair Avenue, the […]
Cleveland Clinic, Ohio University to Invest $49.1M into Northeast Ohio
By Adrian Maties, Associate Editor The United States is facing a growing shortage of primary-care physicians, but the Cleveland Clinic and Ohio University are taking steps to alleviate the situation in Cleveland. They recently signed an affiliation agreement and plan to invest $49.1 million into Northeast Ohio to open a medical school campus at the […]
East Side Office Portfolio in Foreclosure
By Adrian Maties, Associate Editor In 2007, Gotham King Fee Owner L.L.C., a joint venture of Gotham Realty Holdings of New York and Beachwood developer and broker Donald King, paid $140 million for nine office buildings in the eastern suburbs of Cleveland. The joint venture acquired the Gotham King portfolio from Duke Realty Corp., an […]
California Pension Fund Acquires Statler Arms
By Adrian Maties, Associate Editor The California State Teachers’ Retirement System acquired a majority stake in LCOR, a Berwyn, Pa.-based unit of the defunct financial giant Lehman Brothers Holdings Inc. Included in the more-than-$800 million transaction are 14 apartment buildings totaling 5,000 units and including Statler Arms Apartments in Downtown Cleveland. The Statler is located […]
American Greetings Details Plans for New Headquarters
By Adrian Maties, Associate Editor In May 2011, the American Greetings Corp. announced its intentions to move to a new headquarters in Westlake. A year later, it has finally unveiled the first plans for the $150 million to $200 million project, to be located in Westlake’s Crocker Park. The new world headquarters designs were unveiled […]
Horseshoe Cleveland Finally Opens
By Adrian Maties, Associate Editor The Horseshoe Casino Cleveland is finally here. On the evening of May 14th, the casino officially opened its doors to the public. Gary Loveman, chairman, president & CEO of Caesars Entertainment Corp.; Dan Gilbert, chairman of Rock Gaming; Marcus Glover, general manager & senior vice president of Horseshoe Cleveland; Cleveland […]
New 138kV Substation Coming to Lorain
By Adrian Maties, Associate Editor
FirstEnergy Corp. (NYSE: FE) started work on May 2 on a new substation and associated transmission lines in Lorain, Ohio. The facility is designed to support the new arc furnace that Republic Steel is building there. On May 3, FirstEnergy officials and representatives from the city of Lorain participated in the […]
Vita-Mix Breaks Ground on $10M Expansion of Olmsted Falls World Headquarters
By Adrian Maties, Associate Editor
The Vita-Mix Corp. broke ground last week on a $10 million expansion of its world headquarters in Olmsted Falls. The increasing demand for high-performance blending equipment both nationally and in more than 80 countries worldwide has convinced the renowned blender manufacturer of the need to expand its current facility.
More than 400 […]
Westfield Group to Sell Strongsville’s SouthPark Mall
By Adrian Maties, Associate Editor
The Westfield Group, the world’s second-largest shopping mall owner, announced plans to sell eight non-core U.S. shopping centers for $1.2 billion in order to pay off debt and invest in higher-profile projects. Greenwich, Conn.-based Starwood Capital Group will acquire a 90 percent stake in seven centers. The eighth property, Eastland, a […]