Piedmont Exits Cleveland
- Aug 07, 2015
Adrian Maties, Associate Editor
Piedmont Office Realty Trust has left Cleveland and the Northeast Ohio market. The Atlanta-based REIT sold its last two remaining properties in the area in a transaction which closed on July 28.
Piedmont announced the sale in a recently released activity report for the second quarter of the year. The Eastpoint I & II office buildings in Mayfield Heights were sold for a total of $18.5 million, or about $108 per square foot. Although the REIT did not disclose the name of the buyer, the two properties currently appear listed on Founders Properties LLC’s website, as the Minnetonka, Minn.-based company’s latest investments.
Eastpoint I & II offer about 171,000 square feet of space. They were constructed in 2000, at 6085 and 6095 Parkland Blvd., in the Landerhaven Corporate Center. According to PropertyShark, Piedmont purchased them in 2003, from Best Property Fund LP, for a little less than $22 million. The same real estate website notes that the market value of the two office buildings is currently $18.5 million, the same as the selling price.
Photo credit: Piedmont Office Realty Trust