Dinn, Hochman & Potter, LLC

Office park sold to foreign investor group

A large Ohio office park was sold to a Canadian investor group on Dec. 23. Summit Office Park, located in Independence, was sold to Summit Cleveland LP for $26.5 million. The prior owners, Aegon N.V., had owned the commercial real estate since 2009.

Located on Summit Park Drive and Rockside Road, Summit Office Park includes four buildings and a total of almost 500,000 square feet of office space. A spokesperson for the new owners of the properties said that the purchase was a long-term investment in the Northeast Ohio real estate market. The spokesperson also commented that the group felt Northeast Ohio was on the upswing, and they looked forward to watching the area rise to its potential.

According to the Cuyahoga County Fiscal Office, the combined market value of the buildings at Summit Office Park is around $37 million. Currently, it is 69 percent occupied, and the buildings will be renovated by the new owners. Earlier in December, a separate Canadian investor group purchased an office building in downtown Cleveland called Charter One. Many people in the real estate business are noticing a trend of out-of-town investors buying properties in the Midwest.

An investor who is interested in purchasing commercial real estate in Ohio might want to speak with an attorney before going forward with a purchase. During the purchasing process, an attorney may be able to help ensure that the seller is disclosing all of the important information about the property. A real estate attorney may also help a seller obtain decent financing and handle any legal issues with the current tenants.

Source: Cleveland.com, "Summit Office Park in Independence sells for $26.5 million to Canadian investors", Michelle Jarboe McFee, December 23, 2014

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