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Knowledge That Sells March 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

complex in downtown Cleveland. The company has plans for a $200 million project on the site. •

into luxury senior living apartments. The building is the Rieger Hotel located at Jackson and West Market streets

With older office buildings seeing a vacancy rate as high as

and will cost $8 million to redevelop.

23%, and downtown residential units having an occupancy rate of 98%, this leaves an opportunity for developers in downtown Cleveland. Cities across the country have seen a

Administration, an affiliate of RestoreCleveland Co. The plan

residential spaces. Plans have been announced to convert

is to renovate the buildings and attract new tenants to the

hundreds of thousands of vacant Class B space into

site at 21000 Brookpark Road.

apartments to meet the rising demand downtown.

Westlake, plans to position the property for potential suburban office use while still allowing a portion of the

downtown Canton for $9 million. Plans have surfaced for a redevelopment project at the vacant Cleveland Athletic building at 1118 Euclid Avenue downtown. The development shows a 194-room Crowne Plaza Hotel. •

University Hospitals will transform a Solon office building into a 20,000-square-foot community health center. The development will be located at the corner of Solon and SOM Center roads and cost an estimated $3.5 million.

Corporex Cos., a real estate developer which through a subsidiary owns Five Seasons Family Sports Club in

A Philadelphia real estate developer has purchased the 160,000-square-foot Huntington Bank Plaza building in

The NASA Glenn north campus in Fairview Park was sold for $1.2 million in an auction run by the General Services

trend of turning obsolete office properties into high-end

Development

Buckeye Community Hope Foundation’s plan was approved by the City of Sandusky, to transform a century-old hotel

General •

Geis Cos. formally became the owner of the Ameritrust

property to be used for recreation.

Office •

Eaton Corporation finished moving into its new Beachwood building in the Chagrin Highlands corporate office park.

The first wave of employees moved into Goodyear’s new headquarters in East Akron on Innovation Way. About 1,800 people will eventually work in the new building which cost $120 million to develop.


Industrial

Investment

The 35,000-square-foot industrial facility at 7700 St. Clair Avenue has sold.

Silicone Solutions moved into a new 11,500-square-foot plant in

Phillips Edison plans to acquire Fairlawn Town Centre for $42 million.

The 258,000-square-foot Lakewood Center North, the

Cuyahoga Falls that roughly doubles the space it had in its

tallest building in the Cleveland suburbs, sold for

previous location. The company spent $500,000 on its new

$3.4 million.

factory and invested another $300,000 on equipment and renovations to the building.

Retail •

Weston Inc. purchased the four-story commercial building at 300 Prospect Avenue in downtown Cleveland for $300,000.

Declining vacancy rates and improving economic conditions are

Sources: Cleveland Plain Dealer, Crain’s Cleveland Business, CoStar Group, Inc.,

motivating developers to reposition, remodel or even expand older

RE Business Online, GlobeSt.com, RealCapital Analytics, The Conference Board,

and contemporary shopping hubs to meet consumers’

The Federal Reserve Board, Xceligent

evolving lifestyle needs. The mall development trend is moving away from the open-air concept to the hybrid of indoor

COMMUNITY INVOLVEMENT

and outdoor concepts. Northeast Ohio over the past decade has

Colliers International in Ohio participated in its quarterly Building Up Communities volunteer event at three foodbanks throughout the state. In Cleveland, volunteers helped to cook, clean and pack lunches at the Cleveland Foodbank on February 28th. For more information about the Cleveland Foodbank, visit www.clevelandfoodbank.org.

had a glut of shopping mall space. Now, some of these spaces will be modernized and positioned to capitalize on densely populated areas and annual income levels which can sustain shopping centers and allow them to thrive. •

In December, Westfield Great Northern will open a 10-screen Regal Cinemas, launch three new restaurants and debut a new main mall entrance. The 55,000-square-foot project will occupy the former food court between JC Penney and Sears. An additional 6,000 square feet of space near Sears will be reconfigured to accommodate new retail.

Menards home improvement store has postponed indefinitely its move into Mentor’s Diamond Centre development, off of Heisley Road.

The discount grocer Aldi will soon add a 17,000-square-foot store at the Steelyard Commons shopping center near downtown Cleveland.

“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.

Arborwear, the rugged clothing line, has announced it will add a retail store to its 18,500-square-foot flex building in Newbury.

The former Theresa’s restaurant at 2187 Murray Hill Road in Cleveland (Little Italy) has sold.

COLLIERS INTERNATIONAL Greater Cleveland 200 Public Square, Suite 2005 Cleveland, OH 44114 216 929 5060 www.colliers.com


Cleveland Knowledge That Sells