Another building in the downtown area has sold to a large California Reit. The 5th highest building in Cleveland Fifth-Third Building. The Reit wanted to add some very quality real estate to their portfolio and this is what they liked. The price that they paid is not quoted but the story does say the building is worth north of $50 million.
The building is mainly offices that are leased out. The building is currently 76% full. What I noticed and this story though was why these out of state buyers liked the Cleveland downtown. Here is a quote from this story.
“We like all of the older office buildings being converted to residential,” Ingram said. “That’s a great sign for any [central business district,] and we see that taking place in Cleveland. And, of course, LeBron James joining the Cavs. And getting the Republican National Convention never hurts, either.”
The larger firms are seeing the Cleveland downtown and area really shaping up to be one the finest areas in America. It is certainty one of the most affordable.
They also mentioned what they thought the trend would be in the city area
“As an out-of-state investor looking into Cleveland, Hertz sees encouraging trends in the downtown office market. Apartment overhauls of older buildings are reducing vacancies and forcing more tenants onto the street to search for space. Plus a handful of law firms and other mid-size tenants are considering their options, with lease-expirations looming.”
This says that the pressure of low inventory in office space and housing will make living in the city or near it a premium. With the big boys moving in to this market and the positive statements they are saying is what an investor wants to see. This is a great sign of the new and exciting options that the Cleveland Metro Market has!
That is why I personally decided to get my real estate license in Ohio(Coldwell Banker) (already have one in Arizona) to look out in the fastest way I could for the best deals and be able to look at them daily. Rooftopinvestment.com will be coming out with some awesome new investments this year so be on the look out. . Brett Young Brettayoung.com Coldwell Banker