Newmark is pleased to announce that Director Susan Licciardi and Managing Director Marc Braun of the Cleveland office recently completed the 55,799-square-foot office building sale of 6500 Rockside Road (Metro Center) in Independence, Ohio on behalf of the seller, Rzepka & Associates, LLC, an affiliate of TransCon Builders, Inc. The property sold to Metrocenter RLF, LLC, a Fairview Park, Ohio-based affiliate of real estate investment company Realife Real Estate Group, for $5.47 million.
Metro Center is a Class A, multi-tenant office building located in Cleveland’s South Submarket. The property is best known for its reflective glass windows and spacious offices. Metro Center was 89 percent leased at the time of the sale.
“We are thrilled to have represented TransCon Builders in this prominent sale in the Northeast Ohio Market,” said Licciardi. “This was an excellent investment opportunity for the buyer to acquire a Class A building with high occupancy in a high-performing office submarket.”
TransCon Builders specializes in the construction and rehabilitation of a variety of commercial assets, including nursing homes, assisted living facilities, residential apartments and commercial offices, as well as land development. The firm originally built Metro Center in 1988 and has owned and managed the asset up until the sale to Realife Real Estate Group. TransCon Builders, who has developed, owned and managed four office buildings in Northeast Ohio, has decided to begin selling its office assets to concentrate on developing and managing its nursing home, assisted living and residential apartment assets.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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