Rico Pietro, Principal with Cushman & Wakefield | CRESCO Real Estate acted as the lead transaction advisor for the disposition of a strategic downtown property on the bank of the Cuyahoga River. The $3,000,000 sale includes eight (8) assets totaling an estimated 144,000/SF across 7.7 acres on December 21st, 2016.
The property is located just west of the Gateway professional sports complexes and predominately north of the Lorain/Carnegie Bridge with incredible views of the Cleveland skyline.
The Seller of the property is Forest City Realty Trust and the purchase entity is Flats South Cleveland LLC headed by Mr. Joel Scheer.
“The property has no immediate plans for redevelopment but its location, recent upgrades for access and infrastructure and breathtaking views of Cleveland’s bridges and skyline offer a considerable amount of flexibility for reuse as housing, manufacturing, office, retail or mixed use. Its potential really takes your breath away.” stated Rico Pietro.
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