BGL Facilitates Sale of Cleveland Mixed-Use Property

The asset, which is anchored by the Department of Veterans Affairs, was sold to a CGA Real Estate Services affiliate.

10701 E. Blvd., Cleveland, Ohio
10701 E. Blvd., Cleveland, Ohio

BGL Real Estate Advisors, a divison of Brown Gibbons Lang & Co., facilitated the sale of a part of the Wade Park campus in Cleveland, Ohio, to an affiliate of CGA Real Estate Services. The acquisition comprises 115,462 square feet of office space, 122 senior housing units for homeless veterans, a 19,321-square-foot tier 3 data center, a 2,080-unit structured parking facility and one acre of vacant land. The anchor tenant of the office component is the Department of Veterans Affairs that occupies nearly 85,000 square feet.

The property is considered to have an important impact on the city’s economy, as it employs more than 600 people in office, administrative and health-care jobs. It is adjacent to the Louis Stokes Veterans Affairs Medical Center and connected to it through a skywalk.

Located at 10701 E. Blvd., within the University Circle District, the campus extends from East Boulevard to Magnolia Drive and overlooks Rockefeller Park. Nearby are the Cleveland Museum of Art, the Natural History Museum, Case Western Reserve University, as well as several gardens. Downtown Cleveland is less than 10 miles away.  

Image courtesy of BGLREA