WESTCORE PROPERTIES SELLS HISTORIC CLEVELAND PROPERTY FOR $6 MILLION
Midwest real estate market stabilizes, demand for properties grows
CLEVELAND – Feb. 4, 2015 – As the Midwest real estate market stabilizes and the demand for properties within an urban city core grows, Westcore Proprieties sold a historic, Class-C office building in downtown Cleveland for $6 million to Millennia Companies, an apartment developer and property manager.
The 11-story, 160,000-square-foot Garfield Building – a historic masonry and steel-frame building – is located at 1965 E. Sixth St., on the corner of Euclid Ave. and East Sixth St., in downtown Cleveland. Originally built in 1893, the building is the former home to National City/ PNC Bank. Westcore Properties purchased the property in 2008. Millennia Companies has plans to develop the building into multi-family rental housing.
“We purchased this property in 2008 as part of a larger portfolio,” said Don Ankeny, president and CEO of Westcore Properties. “With the real estate rebound occurring in Midwest markets following the great recession, the timing was right for us to sell this site to a developer with plans to renovate the building into a premier housing structure in the downtown area.”
Eliot Kijewski and Rico Pietro with CRESCO Real Estate, a member of the Cushman & Wakefield Alliance, represented Westcore Proprieties in the transaction. Millennia Companies was represented by Allegro Reality.