Northeast Ohio News

Akron Office Outlook Quarter 2 - 2021

July 20 2021

Akron’s office leasing activity has remained relatively suppressed since the start of 2021 as companies embrace flexible work schedules for their employees and delay long term real estate decisions.

Renkert Building to become hotel, event space and restaurant

July 02 2021

CANTON – The historic Renkert Building in downtown will receive $5 million in Ohio historic preservation tax credits to be transformed into a hotel, event space and restaurant. The project is one of 31 statewide to share $35.9 million in new...

A business boom in ohio

May 24 2021

Named for the Iroquois word for "great river," the state of Ohio is experiencing an economic boom.

Developer proposes townhomes, retail building at Ohio 82 and Prospect Road in Strongsville

May 19 2021

A Strongsville firm has proposed a 32-acre townhome-retail development at the southeast corner of Ohio 82 and Prospect Road.

OZ Tax Credits FOR SALE

May 19 2021

After obtaining 35% of all Ohio Opportunity Zone tax credits awarded to our Clients, our firm is representing several recipients of Ohio Opportunity Zone Tax Credits who are looking to sell those tax credits for a percentage of face value.

SVN Brokers $6.7M Sale of Apartment Asset in Medina, Ohio

May 06 2021

MEDINA, OHIO — SVN Summit Commercial Real Estate Advisors has brokered the $6.7 million sale of Jefferson Villa Apartments in Medina, about 33 miles south of Cleveland.

Owner of shuttered Kmart in Cleveland’s West Park neighborhood plan redevelopment to include grocery store, coffee shop

April 12 2021

The owner of the site of a former Kmart store in Cleveland’s West Park neighborhood is planning a full overhaul of the space to accommodate national retailers who want to open new locations.

Group led by local real estate developer acquires Beachwood Inn property

March 05 2021

The Beachwood Inn has closed, and the property has been purchased by a group headed by local real estate developer Randy Kertesz.

Macy’s distribution center near Youngstown wins $1.9M in job-creation tax credits

February 23 2021

Macy’s Corporate Service LLC has been awarded Ohio Job Creation Tax Credits for a proposal to create 417 jobs at its distribution center in Mahoning County’s Jackson Township.

Hotel occupancy in Cleveland plunges to 37% in 2020, and the worst may be yet to come

January 22 2021

Hotel occupancy throughout the U.S. plunged in 2020 due to the coronavirus pandemic. Downtown Cleveland hotels, including the Kimpton Schofield Hotel, had an average occupancy rate of just 31%.

New mixed-use building featuring storefronts, apartments coming to Medina's historic district

January 22 2021

A new development project will bring 39 loft-style apartments and retail storefronts to Medina’s historic downtown, with construction set to begin this summer.

Saucy Brew Works moving ahead with Independence brewery-pub-event space

January 06 2021

Saucy Brew Works is continuing its expansion and has set the wheels in motion to build on property adjacent to Topgolf in Independence.

Great Northern, Belden Village malls could get new management, owners under bond restructuring

September 29 2020

Two Northeast Ohio malls, Great Northern in North Olmsted and Belden Village in the Canton area, could get new management and possibly new ownership under a debt restructuring partnership by a West Coast retail property manager and an East Coast...

Staggered seating, upgraded HVAC among changes in pandemic-era office design

September 21 2020

Among the countless challenges presented to companies by the coronavirus pandemic is how to reassess office layouts. Employees returning to work may be welcomed by sanitization stations, seating prioritizing safe physical distance and Plexiglas...

Cleveland companies listing space for sublease gives window on how coronavirus may change office life

August 06 2020

CLEVELAND, Ohio — A Cleveland real estate firm said the amount of office space companies are marketing jumped in the second quarter, during the same time many companies told employees to work from home to prevent the spread of the coronavirus...

Northeast Ohio Industrial Market Overview

March 01 2020

As the dust settles, data shows that the Northeast Ohio economy continued to expand at a modest pace in 2019. The growth resulted from continuing strength in a few key sectors and waning drags from manufacturing and freight. Construction and...

J.C. Penney to close Chapel Hill Mall store in April; Canton remains open

January 17 2020

The last remaining retail anchor store at Chapel Hill Mall in Akron will close this spring. A spokeswoman for J.C. Penney confirmed Thursday afternoon that the location will shut its doors for the last time in three months.

Downtown hotel sells for $28.2 million STAN BULLARD

December 16 2019

The Hilton Garden Inn Downtown Cleveland, 1100 Carnegie Ave., was acquired by MCR, a fast-growing hotel company based in Dallas and New York City, becoming the company's 86th hotel, according to a news release issued Monday, Dec. 16.

Midwest Development Partners picks up pace

December 01 2019

In the basement of a three-story building on Murray Hill Road in Cleveland's Little Italy neighborhood, you'll find the home base of a real estate group that's starting to shape Cleveland's future.

Industrial Commercial Properties buys Garfield Heights Kmart for $1.4 million

November 19 2019

Industrial Commercial Properties buys Garfield Heights Kmart for $1.4 million

Solon buyer bags Mayfield Village hotel

October 21 2019

The Holiday Inn Cleveland Mayfield, 780 Beta Drive, has been acquired by an affiliate of Spark Hotels of Solon, which plans to undertake a substantial interior and exterior updating of the 108-room hotel with an attached conference center.

Avenue Tower downtown sells for $15 million

October 21 2019

Picking up the mantle for building for-sale condominiums in downtown Cleveland where a prior effort failed, the Geis Cos. of Streetsboro, through St. Clair 12 LLC, paid $15.45 million on Friday, Oct. 4, for the 10-story Avenue Tower and associated...

Bedrock offers first glimpse into renovated, historic May Co. building

September 19 2019

CLEVELAND, Ohio – On one side of the glass window, a stylish common area and kitchen are flooded with natural light. On the other, Public Square is visible through a large “M” emblazoned on the window. The logo is a relic of the May Co. department...

Summa Health acquired by Michigan's Beaumont Health

July 09 2019

CLEVELAND — Michigan-based Beaumont Health is acquiring Akron’s largest employer, Summa Health, in a deal that will allow for growth and expansion in both Michigan and Ohio, according to a news release issued by both organizations.

Booming? No. But Cleveland's office market remains steady June 20, 2019 | Dan Rafter

June 20 2019

The biggest office sale in Cleveland in the first quarter of the year came relatively late: Oaktree Capital Management’s $51.5 million purchase of PNC’s operations at 4100 W. 150th St. But while that transaction grabbed most of the headlines...

Independence looks to fill previously crime-ridden hotel

June 09 2019

INDEPENDENCE, Ohio -- The city’s Planning Commission recently rejected a proposal for a change in zoning and eventual renovation of what was once America’s Best Value Inn & Suites on Brecksville Road. The former hotel has been vacant for at...

Rejection of Little Italy project is part of development backlash that could hurt NEO

June 02 2019

CLEVELAND, Ohio – Some of the hottest urban neighborhoods in Cleveland and similar areas across Northeast Ohio are sick of being revitalized.

Planners say removing Shaker Boulevard is the only way to transform Shaker Square

April 26 2019

CLEVELAND, Ohio – Planners are now firmly in favor of re-routing Shaker Boulevard traffic around Shaker Square so its central green space can be enlarged.

Developers pitch plans for neighborhood-style mixed use at former Pepper Pike Beech Brook property

April 25 2019

PEPPER PIKE, Ohio -- City Council heard Wednesday (April 24) from representatives of Axiom Development, the group seeking to redevelop the 65-acre, scenic Beech Brook property, which was closed two years ago after having served young people ...

Lakewood close to giving approval for two medical marijuana dispensaries

April 16 2019

LAKEWOOD, Ohio -- GTI (Green Thumb Industries) Ohio LLC plans on opening two medical marijuana dispensaries in Lakewood. The Chicago-based company has proposed construction of two RISE stores on undeveloped lots at 11818 Madison Avenue and 18607...

Opportunity CLE must follow through to promote socially beneficial investments in 64 local opportunity zones: editorial

March 29 2019

Opportunity CLE has grouped Cuyahoga County's 64 Opportunity Zones into 11 districts it will market to investors. (Opportunity CLE) A trickle of investor interest in “opportunity zones” created by federal tax-cut legislation in 2017 may explode...

Meijer supercenters to open in Avon, Mentor and Stow

March 25 2019

CLEVELAND, Ohio - Family-owned Meijer is opening three stores in Northeast Ohio this spring and officials say it’s not your average grocery and merchandise supercenter.

Cleveland Clinic building hospital in middle of competitive Lake County market

March 24 2019

CLEVELAND, Ohio – The Cleveland Clinic plans to build a new hospital in Mentor, expanding its presence in Lake County and adding another actor to a crowded healthcare scene there.

Whatever happened to the 105 Tim Hortons coming to Northeast Ohio?

February 26 2019

CLEVELAND, Ohio -- Remember the slew of Tim Hortons coffee and donut shops that were supposed to open in Northeast Ohio?

Hawken buys Montessori campus in University Circle for new Mastery School

February 19 2019

CLEVELAND, Ohio – The Hawken School is taking over the former Montessori high school in University Circle and turning it into a new private high school with a model that’s growing in popularity nationally – teaching classes through student projects...

Could West Side Market’s produce arcade be transformed? Alan Glazen submits plan

February 12 2019

CLEVELAND, Ohio – Local business leaders, operating within a non-profit corporation, want to lease a mostly idle wing of West Side Market’s produce arcade and turn the city-owned property into a showcase for local goods and foods. Advertising...

Cleveland developer, denied by voters in May, proposes another senior living campus in North Royalton

January 29 2019

NORTH ROYALTON, Ohio -- A Cleveland developer -- whose plan to build a senior-living campus at West Sprague and State roads was rejected by voters in May -- has returned with another senior-living proposal at York Road and West Sprague.

Strongsville residents divided over proposed Circle K that City Council rejected; council stays mum

January 29 2019

STRONGSVILLE, Ohio -- Nine Strongsville families and a Strongsville business owner, in emails to City Council members last summer and fall, expressed support for a proposed Circle K gas station/convenience mart at the southwest corner of Ohio...

Brecksville might convert 105-year-old Central School into mixed-use development

January 22 2019

BRECKSVILLE, Ohio -- The city might work with a developer to convert the 105-year-old Central Elementary School, on Ohio 82 just west of Brecksville Road, into condominiums or some other type of housing. Other options include condos or apartments...

1st Burntwood Tavern to be built from ground up under way in North Olmsted

January 15 2019

NORTH OLMSTED, Ohio – The first Burntwood Tavern to be built from the ground up is planned adjacent to the Aloft Cleveland Airport.

Investors buy 6-acre block at downtown Cleveland’s eastern edge for development, possible corporate HQ

January 12 2019

CLEVELAND, Ohio – The recent sale of a city block at the eastern edge of downtown Cleveland points to large-scale development plans in the Superior Arts District, where longtime manufacturing buildings could become a corporate headquarters supporting...