Cleveland
Value Place Plans to Develop Six Extended-Stay Hotels in Cleveland Area
Value Place, the largest economy extended-stay lodging brand in the nation, continues its rapid expansion across the United States and has now set its sights on Cleveland’s metro area. The Wichita, Kansas-based extended-stay hotel brand already has three corporate properties in Mentor, Akron-Green, and Avon, and plans to develop six more in the area over the next two years.
Downtown Cleveland Attracts Leasing but Loses Skylight Financial Group
Skylight Financial Group will move roughly 100 workers from the Skylight Office Tower at Tower City, in downtown Cleveland, to the United Bank Building at West 25th and Lorain Avenue, in Ohio City.
Forest City Sells Cleveland’s Higbee Building to Horseshoe Casino Owners
Forest City Enterprises, Inc. finalized last week the sale of the 14-story Higbee Building, one of Cleveland’s most renowned historic places. Rock Ohio Caesars LLC is the property’s new owner. It opened the Horseshoe Casino Cleveland there last year.
Work Starts on John Marshall High, One of Three New Schools Planned for Cleveland
July 18 marked the official start of construction of the new John Marshall High School at 3952 W. 140th Street. Mayor Frank Jackson, Cleveland Metropolitan School District CEO Eric Gordon, JMHS Alumni President Ken Tischler, and Cleveland City Council President Martin J. Sweeney were among those present at the groundbreaking ceremony.
$40M Project to Deliver First New Hotel in Downtown Akron in 40 Years
Downtown Akron is getting ready for a new hotel. Mayor Don Plusquellic, Greystone Partners LLC and Amerimar Realty Company made the announcement last Tuesday, July 16. The project will incorporate the historic Greystone Hall at Mill and High streets and will be the first new hotel construction in the city’s downtown in 40 years.
Agree Realty Corp. Buys Cleveland-Area Sam’s Club for $21.4M
Agree Realty Corp., a Farmington Hills, Mich.-based real estate investment trust involved in the development and acquisition of single tenant net lease retail properties, has recently purchased a triple-net leased Sam’s Club located in Brooklyn, Ohio. Marcus & Millichap Real Estate Investment Services has arranged the all-cash sale.
Work Resumes on Schofield Building Conversion; Eight Northeast Ohio Projects Receive Historic Preservation Tax Credits
After a 3-year break, work is restarting on the conversion of the 14-story Schofield Building in downtown Cleveland. The $50 million project will deliver a 122-room hotel, 55 luxury apartments, a ground-floor restaurant and retail space at East Ninth Street and Euclid Avenue by late 2014.
Hackman Capital JV Acquires 16 Cleveland-Area Buildings as Part of 28-Asset Ohio Industrial Portfolio
A joint venture led by Hackman Capital Partners LLC, a privately held, asset-based investment firm headquartered in Los Angeles, has recently purchased 28 industrial buildings and two land parcels located in the state of Ohio. The transaction of the industrial real estate portfolio totaling 2,593,602 square feet closed on Friday, June 14. Hackman Capital Partners did not disclose the purchase price.
BYTEGRID Buys Massive Data Center in Downtown Cleveland, Secures $100M Credit Facility
BYTEGRID, a privately-held data center company headquartered in Northern Virginia, has acquired the Cleveland Technology Center (CTC), Cleveland’s market leader in secured telecommunications and data center facilities. The price of the transaction was not disclosed.
Akron Children’s Hospital Breaks Ground on Critical Care Tower
Akron Children’s Hospital broke ground on Thursday, May 30, on its new, seven-story, 300,000-square-foot critical care tower. Hospital leaders, elected officials, parents and children were present at the ceremony held in Perkins Square Park.