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Knowledge That Sells April 2013

Brian A. Hurtuk Managing Director | Cleveland brian.hurtuk@colliers.com COLLIERS INTERNATIONAL 200 Public Square, Suite 2005 Cleveland, OH 44114 216 239 5060 www.colliers.com/cleveland

Office

million in tax-exempt bonds to finance the new Cuyahoga County headquarters building on East Ninth Street and

General •

Northeast Ohio suburbs are hiring marketing consultants to boost the communities’ business attraction efforts. These

Prospect Avenue.

into the 48,600-square-foot office building at 17999 Foltz

and court them while they are process of expansion.

With a $4.5 million dollar bid, Drury Hotels of St. Louis will

Industrial Parkway.

Neighborhood of Cleveland. The financial services firm will

politan School District when the deal closes this summer. The

relocate from the Ohio Savings Bank Building on East

building will be completely renovated and open for business

Ninth Street.

by 2015.

Clifton Pointe II, the second phase of the multimillion dollar

The company will be located at the White Pond Crossing

construction in early May.

The Lorain City Council has approved a purchase of land for $7.1 million along the Lake Erie waterfront. Lorain officials will have the land cleared of 23 electrical towers and wires, preparing the site for lakeside developments in the future.

OrthoData, a developing diagnostic system for spine surgeons, will be moving to Akron from Louisville, Kentucky.

townhouse development in Lakewood, is scheduled start

Northwestern Mutual will lease 17,000 square feet at the new Ernst & Young Tower in the Flats East Bank

become the owner of the headquarters of the Cleveland Metro-

Foundation Software will triple its office space as it moves from Brunswick to Strongsville. The company will move

cities want to understand how to get in front of businesses

Development

The Cleveland-Cuyahoga County Port Authority will sell $90

Development.

The law firm of Porter, Wright, Morris, & Arthur is considering taking a substantial amount of space at the new Ernst & Young Tower.


Multi Radiance Medical will occupy 20,000 square feet at a location off of Carter Road in Solon.

Redstone Investments acquired the 29,667-square-foot office building at 3500 Embassy Parkway in Akron for $1.4 million.

Industrial •

MarketWest Energy Partners and The Energy and Minerals Group have announced a joint venture to provide gathering, processing, fractionation and marketing services in the Utica Shale region in northeast Ohio. The venture will have the title of MarketWest Utica EMG, and initial operations will be processed as the Cadiz complex located in Harrison County, Ohio.

Sources: Cleveland Plain Dealer, Crain’s Cleveland Business, CoStar Group, Inc., RE Business Online, GlobeSt.com, RealCapital Analytics, The Conference Board, The Federal Reserve Board, Xceligent

LIVING OUR CORE VALUES

On April 11th, Colliers International in Ohio held a commercial real estate event and panelist discussion for brokers across the state. Owners, investors and tenants from the Cincinnati, Cleveland and Columbus

CXA Corp. sold its 84,000-square-foot storage facility at 5801

markets addressed the Colliers’ team and provided

Wetzel Avenue for $2.5 million.

insights, answered questions and participated in discussions surrounding the commercial real estate

Integrated Automation Systems acquired a 106,000-square-foot

market. The Colliers’ team also helped to live its core

industrial facility at 1701 Henn Parkway in Warren for

value of fun with some friendly competition at Full

$1.84 million.

Throttle Indoor Karting.

OCP Contractors purchased a 35,710-square-foot facility at 21863 Aurora Road in Bedford Heights.

Retail •

Five Seasons sports club in Westlake was bought by Hyland Software and will close on May 31st.

Convenience store retailer 7-Eleven Inc. has leased another 19 stores in Northeast Ohio from Leigh Gas Partners LP.

Investment •

Sage Hospitality, a Denver-based company, has gained control of the Courtyard Cleveland Beachwood as part of a portfolio purchase of seven Courtyard hotels. Located at 3690 Orange Place, the building sold for $7.5 million.

“Knowledge That Sells” is a monthly publication compiled and researched by the market research department at Colliers International. For more information, or to be added to the subscriber list, please contact Brian Graham at brian.graham@ colliers.com. COLLIERS INTERNATIONAL 200 Public Square, Suite 2005 Cleveland, OH 44114 216 239 5060 www.colliers.com

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