New York Investors Buy Twinsburg Office Complex for $13M
- Feb 16, 2015
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