real estate mag announces school district's plans to auction hq

In a Commercial Property Executive feature titled “Cleveland Metropolitan School District to Auction Off Headquarters in March,” Adrian Matties explains the history behind the district’s prime real estate and potential opportunities it affords the buyer upon its sale.
“The historic building was constructed in 1930. It stands six stories high and is located at 1380 E. Sixth St. The property sits on 1.75 acres in the heart of Cleveland, with 209,359 gross square feet of space. It is surrounded by development projects totaling more than $2 billion, among them the Medical Mart, the Flats East Bank Development, the Horseshoe Casino and numerous residential projects.”
For a district that is struggling to make ends meet after state budget cuts, the sale of the property should help to fill gaps remaining in the budget.
“This offering is a truly rare opportunity to acquire a property that is considered the centerpiece of Cleveland’s downtown lakefront redevelopment,” said Douglas Johnson, managing director of CBRE Auction Services. “The potential demand for truly unique hotel, residential, office and mixed-use space, as well as a growing parking need in the CBD, makes the CMSD site one of the most exciting redevelopment opportunities in Cleveland.”
Read the entire post here.
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