Commercial Real Estate News

A brief summary of the most relevant and major commercial real estate news in Greater Cleveland

Cleveland development: what to look for in 2024 — University Circle

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Back when Cleveland was an industrial powerhouse, few wanted to live near its dirty, noisy industries. Today, its largest source of employment is the education and health services sector — a cleaner industry to which it’s attractive to live within a short walk or bike ride. It is centered in and near University Circle, surrounded by long-neglected neighborhoods. But investment has been coming into those places — Hough, Fairfax, Glenville, Cleveland Heights’ Top of the Hill, and East Cleveland’s Circle East — bolstering them as neighborhoods of choice.

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Cleveland Lake Shore Power Plant land gets new owner

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It seemed too good to be true, and alas, it was. Title to a large, mostly vacant property for the former Lake Shore Power Station, 6800 S. Marginal Rd., in Cleveland, is being transferred to a new owner. The 62-acre site is across Interstate 90 from the bulk of Cleveland Metroparks’ lakefront improvements. But it’s not the Metroparks, the city or even a developer seeking to add recreation, housing or a mix thereof next to Lake Erie.

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Great Lakes Brewing confirms relocation options

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In a statement issued today by Great Lakes Brewing Company (GLBC), their chief executive officer confirmed NEOtrans’ report from last week that it is considering relocating its production facilities from Cleveland’s Ohio City neighborhood and packaging facility in Strongsville to a site in Avon. The press statement also confirmed it hasn’t ruled out continuing with its plans to relocate them to Scranton Peninsula in Cleveland’s Flats. And it will retain its Ohio City brewpub and gift shop. More than 200 jobs are involved among all of GLBC’s facilities.

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Downtown Cleveland skyscraper sells cheap

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According to a well-placed source, Downtown Cleveland’s third-tallest skyscraper is under a purchase agreement from a New York City-based buyer. The 45-story Huntington Building, also known as 200 Public Square, has seen its share of challenges since the pandemic and the rise of remote working nearly four years ago as other office properties have. That is one reason why the building has reportedly sold for a vastly discounted rate.

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Great Lakes Brewing move to Avon on tap?

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A Cleveland icon may not be in Cleveland much longer. Executives and owners of Great Lakes Brewing Company (GLBC) are debating a significant relocation of most of its operations out to west-suburban Avon in Lorain County. The 200-employee company has been headquartered and its beer products brewed in Cleveland’s Ohio City neighborhood since its founding 35 years ago. But Avon’s mayor said an announcement may be made about the potential new site “in the coming months.”

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Three big county projects about to advance

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Fifteen years ago, when the Great Recession could let someone go bowling down East 9th Street without hitting anyone, three major construction projects were about to get started and provide the city of Cleveland with much-needed economic stimulus. Back then, construction of the new Huntington Convention Center, the Flats East Bank redevelopment, and the new Inner Belt highway bridges represented a total public works investment of nearly $1.5 billion.

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BrandMuscle opens new Cleveland hub

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The bad news is that a Downtown Cleveland employer has reduced its office footprint. The good news is the company, BrandMuscle, a mid-sized marketing technology firm, opened a new office yesterday downtown. The better news is that BrandMuscle kept Cleveland as one of its two remaining office hubs along with Chicago, while closing other offices in Austin, TX and Kansas City, MO after switching to a largely remote-work culture.

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Cabinet-maker MasterBrand to move HQ to Beachwood

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A newly independent corporation with 13,600 employees company-wide in more than 20 manufacturing facilities and offices is relocating its headquarters to Greater Cleveland — specifically, Beachwood. While a 26-year-old, three-story office building at 3300 Enterprise Parkway will be its new corporate headquarters, MasterBrand’s operations center will remain in Jasper, Indiana along with a production facility and training center.

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