City: Cleveland

The appraised value of a 738-unit apartment property in suburban Cleveland, which was financed with a $53 million CMBS loan just two years ago, has been reduced by just more than 84%, to only $18.1 million.

The collateral pool for what originally was a $384.8 million CMBS loan against a portfolio of apartment properties that Chetrit Group purchased in 2019 for $522 million is likely to shrink further in the coming months.

Commercial Property Executive B'laster Holdings has agreed to fully lease Westfield Commerce Park, a 450,112-square-foot industrial building in Seville, Ohio. The specialty chemical manufacturer is taking the space from Stonemont Financial Group, which was represented by JLL. Westfield Commerce Park ...

Cleveland's office market, which has lost 2.73 million square feet of space since 2020 as buildings have been converted to other uses, still saw its vacancy rate increase to 23.3% during the third quarter from 23.2% in the second, according ...

Cleveland’s office vacancy rate declined to 22.7% in the first quarter from 23.2% in the first, marking the fourth consecutive quarter of declines, according to Newmark.

ConnectCRE Piping Rock has agreed to lease 408,767 square feet of industrial space at Turnpike Commerce Center, a 1 million-sf property in Shalersville, Ohio. The vitamin and supplement manufacturer was represented by CBRE, while JLL represented the owners: Geis Cos. ...

Commercial Real Estate Direct Staff Report Phillips Edison & Co. has paid $51.5 million, or $165.36/sf, for the 311,440-square-foot Westgate Shopping Center in Fairview Park, Ohio. The Cincinnati REIT purchased the open-air retail property from RH Johnson Co. of Kansas ...

Commercial Real Estate Direct Staff Report The $53 million CMBS loan against the 738-unit Euclid Apartments in the Cleveland suburb of Euclid, Ohio, has been classified as being more than 60 days late with its debt-service payment. As a result, ...

Commercial Real Estate Direct Staff Report Tanger Inc. has paid $167 million for the Pinecrest mixed-use lifestyle property in the Cleveland suburb of Orange Village, Ohio. The Greensboro, N.C., REIT bought the open-air property's 376,000 square feet of retail space, ...

Berkadia has provided $49.1 million of Fannie Mae financing to help fund the purchase, by Brookhaven Property Group, of the 788-unit Chestnut Lake apartment property in the Cleveland suburb of Strongsville, Ohio. The 10-year loan amortizes on a 30-year schedule ...