Only 18 months after buying the former Leisy Brewery property, 3400 Vega Ave. in Cleveland’s Ohio City neighborhood, an affiliate of Sanctus Capital LLC of Westlake has put the site back on the market again. It’s the second former brewery this year that was put up on the market in this part of town. Across Fulton Road, the closed Platform Brewery was put up for sale in May.
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In a move that came as a surprise to some members of its development team, a New York-based developer has decided to sell one of the last-remaining open development sites in Cleveland’s hot Gordon Square neighborhood near Lake Erie. The offering of 1321-1357 W. 73rd St. comes after its owner, Joe Zagelbaum of Brooklyn, NY, went through a year-long process to get plans approved by the city for a 196-unit apartment complex.
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The latest in a series of properties at the northwest end of Cleveland’s Clark-Fulton neighborhood is in play for possible redevelopment. The former Platform Brewery, 3506 Vega Ave., hit the market today after the microbrewer ceased operations in February following its acquisition in 2019 by Anheuser-Busch.
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Several major downtown Cleveland tenants are in the market for new homes and where they land could shake up the office market in the central business district. The moves come at a time when many companies are shrinking their office footprints and downtown office building owners are fighting to keep what tenants they have. Interestingly, several major tenants that are on the move are looking for larger space than what they have now.
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