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$9M Boathouse Project to Transform Downtown Industrial Area

24 Feb 2015, 5:20 pm

By Adrian Maties, Associate Editor

A Downtown Cleveland industrial area is about to be transformed into a place for walking, biking and boating. Mike Trebilcock, CEO of MCPc Inc.; his wife, Gina; and MCPc Family Charities, a non-profit associated with MCPc recently acquired a dozen industrial buildings in Cleveland’s Columbus Peninsula. They plan to turn the properties into a shared-use park, fitness center, and collegiate and youth boathouse.

According to Cuyahoga County land records, a company linked to the Trebilcocks purchased the 12 properties on Columbus Road from Pipeline Development for $3 million. The acquisition is just the first step for the multi-phased project the developers call The Foundry. Not only does it represent a $9 million investment in the city’s riverfront but, according to Mike Trebilcock, it will also help Cleveland’s kids stay fit, learn discipline and structure their lives.

The developers expect The Foundry to be operational by this autumn. Fresh Water Cleveland reports that the project will include offices, study rooms, two rowing tanks where rowers can practice during the off-season, a large boathouse and possibly second-level observation areas for parents. Cleveland Youth Rowing Association and various school-based programs will be the main users of the property.

Photo credit: Sandwick Architects

New York Investors Buy Twinsburg Office Complex for $13M

16 Feb 2015, 5:56 am

By Adrian Maties, Associate Editor

A Greater Cleveland office complex changed hands last month. Luttner Real Estate Investment Services announced that Twinsburg’s Canyon Falls Corporate Center was acquired by an unnamed investment group from New York for $13.1 million.

The Class A office complex consists of three buildings at 8920, 8921 and 8957 Canyon Falls Blvd. Together, they offer 94,316 square feet of space. Two of the properties are single story. The third has two stories and a full-service elevator, which was completely gutted and retrofitted in 2013.

Mark Luttner and Dan Lariccia sold the property on behalf of the previous owner, a Snavely Development Co. partnership. According to a news release from Luttner Real Estate, the Canyon Falls Corporate Center was 98 percent leased at the time of the sale.

Envision RX Options Inc. anchors the office complex, occupying 64 percent of its total space. The Canyon Falls Corporate Center serves as Envision’s national headquarters. The tenant roster also includes The Shelly Co., Kaiser Permanente and Gateway Hospitality Group.

According to CBRE, the Cleveland office market finished 2014 with an overall vacancy rate of 19.7 percent. Meanwhile, rental rates remained fairly stable in fourth quarter  2014, reaching $17.7 per square foot.

Photo credit:  Luttner Real Estate Investment Services

Lorain to Gain New Adult Rental Community

6 Feb 2015, 10:18 pm

By Adrian Maties, Associate Editor

The Greater Cleveland area will soon benefit from some much-needed residential units. Work is scheduled to start this winter on The Village at Lighthouse Point, an upscale adult rental community that should fill a rental need in the city of Lorain.

Jovic LLC and The Bouman Group LLC are building the property. The two developers hired KS Associates Inc. to provide site design services for the project. Last week, the Elyria-based civil engineering and surveying firm announced that it finished site design services for the 60-acre development.

The Lorain Planning Commission approved the project on Aug. 6, 2014. It calls for the construction of 298 suites on Jaeger Road, west of the Lighthouse Village shopping center. The units will be located in 52 one-story buildings and will range in size between 1,200 and 1,900 square feet. Amenities include park-like landscaping with walking trails and several acres of ponds.

The project also includes a commercial portion, to be constructed on 30 acres of the site. The total cost of the development is expected to be $62 million.

According to KS Associates, the first rental units at The Village at Lighthouse Point will become available this fall. The entire project is scheduled for completion in 2018.

Photo credit: KS Associates

Cleveland Arts and Social Sciences Academy Building Sells for $4M

2 Feb 2015, 5:47 am

By Adrian Maties, Associate Editor

The Cleveland Arts and Social Sciences Academy’s building on the city’s East Side is now under new ownership. The property was recently acquired for $4 million by American Education Properties.

Portland-based Charter School Capital, one of the nation’s leading providers of growth capital and facilities financing to charter schools, teamed up with investment firm American Infrastructure MLP Funds last summer to form AEP. It is part of an innovative $500 million program designed to help charter schools all around the United States address one of the biggest challenges they currently face: securing facilities that meet the growing needs of charter schools.

The CASSA building is located at 10701 Shaker Blvd. It opened in 2005 and is currently supported by Atlanta-based Mosaica Education, a charter school management company, and the school’s authorizer, Ohio Council of Community Schools. In a news release, Charter School capital said that CASSA recently earned an “A” rating and the designation of Ohio’s highest-ranked community school for value added by Battelle for Kids.

The transaction will allow  it to provide quality education to its 330 K-8 students today and into the future. In addition, school leaders will be able to retain control of their buildings and make all necessary modifications in order to expand both their enrollment and academic programs.

Photo credit: Charter School Capital

Beachwood Developer Plans 200,000-SF Distribution Center in Solon

25 Jan 2015, 12:04 am

By Adrian Maties, Associate Editor

ORG Holdings L.L.C. intends to build a 200,000-square-foot warehouse on an 11-acre site located at 6801 Cochran Road in Solon, according to Crain’s Cleveland

Edward Schwartz, an ORG principal, told Crain’s Cleveland that, together with his business partner, Jonathan Berns, he plans to acquire the site and start construction as soon as the project receives all the necessary approvals. St. Gobain Crystals, part of the French-based St. Gobain of North America building materials firm, is the current owner of the site, which is listed for sale with Newmark Grubb Knight Frank. The asking price is $995,000.

Although he did not reveal the cost of the project, Schwartz did say he expects to open the new facility by the end of the year. It will have a ceiling clear height of 32 or 36 feet and will be LEED certified.

CBRE Group Inc. reports that the Cleveland-area industrial market saw 264,721 square feet of positive absorption in the last quarter of 2014, bringing the year’s total to 2.2 million square feet. As a result, vacancy dropped slightly to 6 percent for the first time since 2007, while availability fell more significantly to 6.8 percent.

It was the first time since the first quarter of 2009 that availability dropped to less than 7 percent. This has inspired some developers to start work on speculative projects, like ORG.

Charts courtesy of CBRE.

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