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Seller Representation
Adaptive Reuse Sale - Multi-Family
3101 Euclid Ave. Cleveland, Ohio 44115
CLIENT
Crystal Kingdom
Development - Scott
Scheel
LOCATION
Cleveland, OH
REAL ESTATE TYPE
Office
SQUARE FOOTAGE
89,784 SF
SERVICES
•Disposition
•Architectural
Renderings
crescorealestate.com
PROJECT OVERVIEW
3101 Euclid Ave. is a roughly
90,000 square foot building
that had been sitting vacant
for many years. On the back
of the building is a parking
structure with approximately
180 spaces. The building can
be accessed from Euclid Ave
via the driveway on the east
side of the building or from
an easement off of E. 30th
to the parking structure.
The floorplates are varied as
the building has a driveway
on level 1, levels 2-4 have a
larger floor plate and levels
5-8 share a floorplate that
makes up the core of the
building. Roof access and a
mechanical penthouse are on
level 9. Approximate square
footage for each floor plate is
as follows:
Floor 1: 10,400 SF
Floors 2 – 4: 12,100 SF
Floors 5 – 8: 8,650 SF
Floor 9: 3,450 SF
Basement: 4,600 SF
THE SOLUTION
In order to best serve our
client we took steps to best
address each of the issues
that were challenges to
getting and maintaining a
sale. The asset underwent
environmental remediation
so that the building could
be repurposed. The parking
structure was examined by an
engineer and work to repair
any/all problems was ongoing
through the sale (buyer to
continue work after transfer).
Lastly, we enlisted the
services of Dimit Architects
to create renderings of the
possible redevelopment uses
for the building at 3101 Euclid
Ave. The structure lends itself
to the potential uses of: Hotel,
Residential apartments and an
Office. We also leveraged our
knowledge of Historical Tax
Credit availability to educate
potential buyers on what
cost savings were available to
them.
THE CHALLENGE
The building at 3101 Euclid
Ave sat completely vacant
and gutted to the bones.
The parking structure was
found to have several areas
that needed to be addressed
from a structural standpoint.
Lastly, the EPA found items
in the building that required
the removal of materials
before the building could
be repurposed. Each of the
above mentioned issues
presented a challenge to the
sale-ability of this asset for
our client.
RESULTS ACHIEVED
3101 Euclid Ave received
multiple offers, but ultimately
the deal that made sense was
from a local redevelopment
group. We worked with the
buyer’s broker to achieve a
quick due diligence period.
3101 Euclid Ave closed on
April 7, 2016. It sold for $1.75
million to The Inspirion Group
Ltd. Plans to redevelop
the building are underway
and it should be the first of
many exciting new projects
in the Midtown Corridor of
Cleveland.