{"id":1004275748,"date":"2018-10-31T04:25:31","date_gmt":"2018-10-31T12:25:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004275748"},"modified":"2022-12-09T02:25:12","modified_gmt":"2022-12-09T10:25:12","slug":"zamir-equities-snaps-up-560-ksf-cleveland-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/zamir-equities-snaps-up-560-ksf-cleveland-office-tower\/","title":{"rendered":"Zamir Equities Buys 560 KSF Cleveland Office High-Rise"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004275760\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004275760\" data-attachment-id=\"1004275760\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/zamir-equities-snaps-up-560-ksf-cleveland-office-tower\/1111-superior-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;4.5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D610&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1491399206&quot;,&quot;copyright&quot;:&quot;2014 All Rights Reserved&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1111 Superior Avenue\" data-image-description=\"&lt;p&gt;1111 Superior Avenue&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;1111 Superior Avenue&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg?w=800\" class=\"wp-image-1004275760 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg\" alt=\"1111 Superior Avenue\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/1111-Superior-Avenue.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004275760\" class=\"wp-caption-text\">1111 Superior Ave.<\/p><\/div>\n<p>The glass-clad, Class A office high-rise known as 1111 Superior Ave. in Cleveland has just changed hands. With the assistance of commercial real estate and capital markets services provider HFF, American Landmark Properties Corp. sold the 559,300-square-foot property to Zamir Equities LLC.<\/p>\n<p><em>\u201cWe had a strong showing of investors for a highly sought-after, value-add office investment in downtown Cleveland,\u201d<\/em> Jaime Fink, senior managing director with HFF, told <em>Commercial Property Executive<\/em>. Joining Fink in the representation of American Landmark were Jeffrey Bramson and John Merrill, fellow senior managing directors, in addition to Bryan Rosenberg and Patrick Shields, directors with HFF.<\/p>\n<p>1111 Superior made its debut in Cleveland\u2019s central business district in 1983 and underwent its most recent renovation in 2014. Today, the 28-story property is 83.4 percent leased and home to the likes of IBM Corp., MetLife Services &amp; Solutions, Asurint and the Cleveland Metropolitan School District, which holds the anchor position with nearly 92,500 square feet at the LEED Silver-certified property. The investment community took note.<\/p>\n<p>According to Fink, potential buyers were attracted to 1111 Superior\u2019s diverse tenancy, state-of-the-art amenities and the \u201c<em>mark-to-market opportunity with below-market rental rates.\u201d<\/em>&nbsp;<\/p>\n<p>HFF and other parties involved in the change in ownership of 1111 Superior are keeping mum on the sale price. The property last traded for $19.5 million in 2014, when it was just 50 percent occupied due to original anchor tenant Eaton Corp\u2019s exit. Per Cuyahoga County records, 1111 Superior has a 2017 taxable market value of nearly $33.9 million.<\/p>\n<h2><strong>The Cleveland appeal<\/strong><\/h2>\n<p>As noted in real estate investment services firm Marcus &amp; Millichap\u2019s 2018 forecast for Cleveland, <em>\u201cDeclining vacancy and a stable economy will buoy investor interest in the Cleveland office market this year<\/em>.\u201d The prediction is proving true.<\/p>\n<p>In addition to the 1111 Superior transaction, notable office deals year-to-date include Rugby Realty\u2019s acquisition of the 575,000-square-foot Aecom Centre for approximately $36.9 million and KRA Management\u2019s $16.7 million <a href=\"https:\/\/www.commercialsearch.com\/news\/clevelands-tower-at-erieview-changes-hands\/\">purchase of the Tower at Erieview<\/a>, a 770,000-square-foot building. And a group of investors including DRA Advisors and the Wolstein Group snapped up 200 Public Square, a 1.3 million-square-foot office skyscraper, for $187 million.<\/p>\n<p><em>Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a deal facilitated by HFF, American Landmark Properties Corp. sold 1111 Superior Ave. four years after having acquired the asset half-full for $19.5 million.<\/p>\n","protected":false},"author":969,"featured_media":1004275760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21743,21808,21783,13,21742,21747],"tags":[33744,32792,37114,34836,32924,35469],"class_list":["post-1004275748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office","tag-american-landmark-properties","tag-hff","tag-ibm-corporation","tag-marcus-millichap","tag-metlife","tag-zamir-equities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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