Some small companies in Ohio may be able to qualify for Certified Development Company/504 loans from the U.S. Small Business Administration as long as they meet certain requirements. This type of debt financing may be used to expand or improve a company's operations through the purchase of real estate other than rental properties, equipment or another approved business asset.
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.
Pending approval from the Cleveland City Planning Commission, Zaremba Inc. plans to build 108 new apartment units in downtown. The nine-building development project would create 59 one-bedroom apartments and 49 two-bedroom apartments in the Avenue District. The units would range in size from 600 to 1,100 square feet and include a mix of townhouse-style homes and flats. Seventy-seven new parking spaces would also be included in the real estate development project.
Two buildings that are part of an Ohio city's history will be put up for auction at the end of February. The owners of the Akron real estate properties that previously housed the Ohio Brewing Co. and Schermesser Funeral Home want to sell the assets quickly. The auction has no minimum bid, and whoever submits the highest bid takes the property.