Cleveland
New Hilton Garden Inn Coming to Akron’s East End Development
Akron will soon say hello to a new hotel. IRG Rubber City LLC and Summit Development Inc. have signed an agreement with Hilton Worldwide to bring a new Hilton Garden Inn to the city’s East End development.
Cleveland Institute of Art to Start Work on Phase II of $63.5M Expansion
An eight-year expansion and renovation project in Cleveland is heading into the final stretch. Ground will be broken next month on the second phase of Cleveland Institute of Art’s $63.5 million project in University Circle.
Phillips Edison-ARC Shopping Center REIT Buys 40th Grocery-Anchored Shopping Center
Phillips Edison–ARC Shopping Center REIT Inc. acquired another shopping center on April 23. The Cincinnati-based public non-traded REIT paid $7.3 million for the Hartville Center in the Greater Akron Metropolitan Area
Weston Offers 93,000 SF of Industrial Space for Lease in Twinsburg
The Cleveland industrial market has had a good start to 2013. This is why Weston Inc., a commercial real estate company and one of Northeast Ohio’s largest privately held industrial building owners and managers, is offering 93,000 square feet of industrial space at its new facility in Cleveland’s Southeast Submarket.
Thistledown Racino to Open on April 9
More gambling is coming to the Greater Cleveland area as Ohio is getting ready to welcome its second ”racino”. Rock Ohio Caesars’ ThistleDown Racino will celebrate its grand opening on April 9, in North Randall. American Idol winner and Las Vegas headliner Taylor Hicks will kick off the festivities with exclusive concerts.
Cleveland’s Medical Mart & Convention Center Opening Early, Under Budget
Great news for the city of Cleveland. Its long-awaited$465 million Medical Mart & Convention Center will open early and under budged.
Cleveland Clinic Plans to Expand Brunswick Facility
Cleveland Clinic plans to expand its medical building at 3574 Center Road, in Brunswick. The city’s Planning Commission approved preliminary site plans on March 7. Another review will take place on April 4. The clinic will then present more detailed site plans, including renderings of the building.
Port Authority to Issue $90M in Bonds to Pay for New Cuyahoga County HQ
The Cleveland-Cuyahoga County Port Authority’s Board of Directors voted during its meeting on March 14 to sell up to $90 million in bonds to finance Cuyahoga County’s new headquarters. The project is expected to revitalize one of downtown Cleveland’s older business districts and also serve as an anchor for surrounding mixed-use redevelopment.
Lakewood Center North Sells for $3.4M
Lakewood Center North, the tallest office building in Cleveland’s second largest suburb, was purchased by a local investor group led by commercial real estate broker and investor Brad Kowit. According to Cuyahoga County records, the price of the transaction was $3.4 million.
Fairlawn Town Centre Sells to Phillips Edison–ARC
Phillips Edison–ARC Shopping Center REIT Inc., a Cincinnati-based public non-traded REIT, has announced on February 4 the purchase of Fairlawn Town Centre, a 447,037 square foot community shopping center located in Fairlawn, Ohio. The acquisition brings Phillips Edison’s total portfolio to 33 properties with 13 leading grocers, in 15 states. The aggregate purchase price is approximately $409.7 million.