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Vacancy of Cleveland Buildings Built After 2000
According to Grubb & Ellis Research, as of the first quarter 2010, the overall vacancy of properties built since 2000 is 1.07%.
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150 Keep Court in Elyria sold on behalf of Community Health Partners
Mike Petrigan and Terry Coyne represented Community Health Partners in the sale of 150 Keep Court, Elyria. The building was approximately 100,000 square feet, and was unoccupied at the time of sale. The building property was originally acquired by CMH for purposes of expansion for its adjoining cancer center. Expansion plans were modified and no longer included this property, at which point CMH retained Grubb & Ellis to market and sell the asset. The buyer is a partnership led by commercial real estate broker, Kevin Kelly. Kevin's group will reposition the property for lease.
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La Dolce Vita sells in Little Italy, Cleveland, Ohio
The building which houses well known restaurant, La Dolce Vita, in the Little Italy neighborhood of Cleveland, Ohio, sold on Tuesday, February 2, for $725,000 to a partnership led by restauranteur and tenant, Terry Tarantino.
The building is located at 12110 Mayfield, at the corner of Mayfield and Murray Hill, and houses the restaurant and 10 apartment units above it, with attached parking. The new ownership group expects to spend significant money upgrading the property.
The former owners, JDI Murray Hill, had retained Terry Coyne of Grubb and Ellis to sell the property. JDI Murray Hill had formerly been the lender, but had foreclosed on the building and had taken ownership in the December of 2009.
Mark Nasca, a Senior Vice President of JDI and a partner in the deal said, "Terry Coyne and his team were outstanding in implementing and executing the sale process. It was smooth and well run and concluded with an outcome which made our partnership very happy."
For more information on the property, visit http://www.terrycoyne.com/ourproperties/detail.asp?id=238
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