September 26, 2022 10:40 AM
Newmark announces the sale of LA Centre Office Plaza I and II—a two-property, 139,805-square-foot office portfolio—located at 25651 and 25777 Detroit Road in Westlake, Ohio. Newmark Vice Chairman Terry Coyne, SIOR, CCIM and Director Claire Coyne represented the undisclosed seller in the sale to buyer, JDI Realty, LLC. Newmark has also been retained by the buyer to lease the remaining vacant space at the properties, which includes 11,898 square feet available at LA Centre Office Plaza I.
“Despite the headwinds of Covid-19 and its impacts on the office market, this sale was a success for all parties involved,” said Terry Coyne. “In fact, the building garnered more competitive interest than it had previously in 2019. This is due to the buildings’ higher-than-average occupancy throughout the pandemic.”
Building amenities at LA Centre Office Plaza I and II include a 45,000-square-foot conferencing and banquet center, high-tech video conferencing and abundant surface parking surrounding the buildings. LA Centre Office Plaza I features a Houlihan’s restaurant on site and the buildings are walking distance to retail centers, other restaurants and nearby conveniences. Additionally, the properties are located at the I-90 and Columbia Road interchange and are proximate to Cleveland Hopkins International Airport and NASA Research Center.
According to Newmark Research, in the second quarter of 2022, the Greater Cleveland office market held its vacancy rate at 17.9% as it continued in recovery mode. The market experienced positive net absorption in the second quarter, representing the third straight quarter of positive absorption.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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