NAI Daus recently secured a buyer for King James Building 2, a 68,000 sf property located at 24650 Center Ridge Road in Westlake, Ohio.
Alec Pacella, CCIM, Senior Vice President of NAI Daus, represented the buyer, Select Real Estate Opportunities (SREO), in this transaction while Colliers Ostendorf-Morris represented the seller, Wells Fargo Bank. According to Pacella, “SREO brings new focus and energy to the property and we are already in discussion with several companies considering a move to the building. We are excited to be handling leasing and local property management for this building.”
SREO purchased the building for $750,000. It is a private investment fund based in Erie, Pennsylvania, that is led by Thomas Kennedy of Professional Development Associates, Inc. While this is SREO’s first purchase in the Cleveland area, Kennedy and his firm have an impressive history of redeveloping major landmark properties, including some of Erie’s largest downtown building.
Recently vacated, the Westlake building will be revitalized and repositioned as a multi-tenant property. Central to this effort will be the creation of a business center and executive suite operation at the building, managed by Pennsylvania-based Palace Business Centres. An October 2010 opening is planned.
“We are very excited to apply our development experience in the Cleveland market, and look forward to becoming an ongoing participant in improving properties and attracting business to the area,” said Kennedy.
Contact Alec Pacella of NAI Daus: 216 831 3310 | email@example.com