Transaction of the Week - 10/10/11

Harbor Group purchased the garage at the corner of short Vincent and Euclid from AmFin R.E. Investments Inc. This property has been developed with hopes of expanding it upwards to accommodate condominiums on an additional 5 to 7 floors. The property is well positioned to take advantage of the growth around both east fourth and the new medical mart. Occupancy rates are up in this neighborhood for both office and apartments. And this acquisition positions the buyer to take advantage of rising parking rates with the possibility of building on top of the garage for apartments or condos. The garage was built for future expansion. Rumors of its initial cost were around $25 million. So the buyer likely got a steal. It also has retail space on its first floor. As you may be aware, Harbor Group also owns the building formerly known as the BP building, now named 200 Public Square in Downtown Cleveland. Harbor Group International bought the property from the court reported receiver. Harbor Group was represented by Richard Sheehan, Bob Nosal, and myself in this transaction.