Time Equities Buys Cleveland-Area Office Building

The company paid $7.6 million to PNC Bank—which was also a tenant in the building—in a transaction brokered by CBRE. The asset will be delivered fully vacant.
23000 Millcreek Blvd.

Time Equities Inc. has acquired a 163,000 square-foot office building in Highland Hills, Ohio, from PNC Bank, for $7.6 million. CBRE arranged the deal on behalf of the buyer. The four-story property will be delivered fully vacant.

The office building is located at 23000 Millcreek Blvd. and can be accessed via interstates 271 and 480. Completed in 1997, the asset provides floor plates ranging between 38,800 and 42,300 square feet as well as a parking lot accommodating up to 375 vehicles, according to Yardi Matrix data.  

The surrounding area is home to a number of medical offices, including Foglietti Fostyk Plastic Surgery, University Hospitals Rehabilitation Hospital and Cleveland Clinic South Pointe Hospital, as well as a number of multifamily properties. Downtown Cleveland, which has been seeing a surge in residential construction, is approximately 15 miles away while Cleveland Hopkins International Airport is 20 miles from the asset.

Image courtesy of Yardi Matrix