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Smartland Buys Lee-Yorkshire Apartments in Cleveland Heights

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.…

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Developers Break Ground on New Cambria Suites Hotel in Avon

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.…

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Inland Real Estate Buys University Heights Shopping Center

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…

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$250M Project to Deliver Marriott Autograph Collection Hotel, 205 Apartments to Downtown Cleveland

$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…

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Jacobs Real Estate Services Sells Acreage in Avon for New Marriott Hotel

Jacobs Real Estate Services Sells Acreage in Avon for New Marriott Hotel

A new hotel is coming to Avon next year. Westlake-based Jacobs Real Estate Services, an independent affiliate of The Richard E. Jacobs Group, announced on Tuesday, October 1, it has agreed to sell a 4.27-acre site on Just Imagine Drive to Emerald Hospitality Associates Inc. and Nimbus Investment Fund. The…

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Troubled Cleveland Shopping Center Going to Internet Auction

Troubled Cleveland Shopping Center Going to Internet Auction

Retail Properties of America, one of the largest owners and operators of shopping centers in the United States, is trying to unload a five-story shopping center in University Heights, so it listed the property for sale on the Auction.com website.…

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Value Place Plans to Develop Six Extended-Stay Hotels in Cleveland Area

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…

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Downtown Cleveland Attracts Leasing but Loses Skylight Financial Group

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.…

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Forest City Sells Cleveland’s Higbee Building to Horseshoe Casino Owners

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.…

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$40M Project to Deliver First New Hotel in Downtown Akron in 40 Years

$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…

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Agree Realty Corp. Buys Cleveland-Area Sam’s Club for $21.4M

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.…

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Work Resumes on Schofield Building Conversion; Eight Northeast Ohio Projects Receive Historic Preservation Tax Credits

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.…

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