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.

Transaction of the Week - 10/17/11

PB IL OREO, LLC Sells Industrial Space at Former Lucas Aerospace Facility

Grubb & Ellis Company was retained by PB IL OREO, LLC in the sale of the industrial area known as Unit No. 2, Parts A & B of the Former Lucas Aerospace Building. The property, located at 777 Lena Dr., Cleveland, sold to Stuart Lichter and Chris Semarjian, dba Lena Commerce, LLC for $1,700,000.

The Former Lucas Aerospace facility was built in 1989, and features 21’6 ceilings, 4 docks with levelers and 2 drive-indoors. The building sits on 28.37 acres. In 2006, Commercial Turf relocated its headquarters into 83,000 square feet of the warehouse area of the same facility. Read the full story on Crain's Cleveland.

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.