Transaction of the Week - 10/24/2011

First Interstate Properties, Ltd. purchased 90 acres of land from Oakwood Club. The land, formerly part of Oakwood Country Club in Cleveland Heights, sold for $2,200,000. The land will be developed into senior living, green space and retail use. First Interstate purchased 63 acres of the former Country Club in December, 2010. Terry Coyne, Jeff Cristal and Bob Nosal, Grubb & Ellis Company, represented the seller, Oakwood Club.