Newmark Knight Frank Arranges Office Building Sale in Cleveland Suburb
- Nov 08, 2019
Newmark Knight Frank Director Susan Licciardi and Managing Director Marc Braun have represented Rzepka & Associates, an affiliate of TransCon Builders Inc., in the sale of a 55,799-square-foot office building in Independence, Ohio. The transaction closed for $5.5 million, with an affiliate of Realife Real Estate Group purchasing the Class B asset. According to Yardi Matrix data, $4.1 million of the purchasing price came via a loan held by Sabal Financial Group.
Known as Metro Center, the property is located at 6500 Rockside Road, in the Rockside Corridor submarket, off Interstate 70. The three-floor building is approximately 10 miles from downtown Cleveland, where Stark Enterprises plans to bring online its latest asset, nuCLEus.
The property provides spacious offices ranging from 1,000 to 4,525 square feet, on-site conference rooms as well as a 200-space parking lot. TransCon Builders, which completed Metro Center in 1988, has been the sole owner and manager of the property for the past 31 years. The company will continue to manage the asset after the sale.
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