Alec Pacella News Today

Office market woes are growing as the long tail of COVID-19's impact on the workplace increasingly surfaces as leases expire. Meanwhile, rising interest rates and lender caution are adding to the issues multitenant office building owners face.

From Crain's Akron Business: NAI Pleasant Valley has added Pickard Commercial Group namesake Jim Pickard and his Akron-based staff of five to its Medina and Cleveland operations.

The buyer is an investor group led by the California State Teachers Retirement System. The pension fund is joining other investors who like the relative stability of medical office buildings in a roiled market.

David Hollister is dealing with a relentless sickness. Although privacy is the reason most people keep a serious illness quiet, it's a widely held practice in the commercial real estate brokerage to keep it secret to protect commission income from aggressive competitors. Hollister shows, and others say, that belief may be starting to change.

Losing Stein Mart and finding no replacements, the plaza's former owner deeded the property to the lender to settle the debt.

Fifth Third Center, the 27-story downtown Cleveland office building, is for sale as its Los Angeles-based owner looks to diversify its skyscraper-heavy office portfolio.

Big retail properties account for four of the top 10 deals on the Crain's list of the largest local commercial property sales of 2021. Big office sales, however, nearly disappeared from the list entirely.

Premier Development Partners of Cleveland has sold 12 of its industrial properties in the southeast suburbs to a Miami-based real estate firm that's starting to assemble a $1 billion portfolio of warehouse, manufacturing and distribution center properties in the Midwest.

SouthPark Mall in Strongsville sells for $57.7 million CoStar An aerial photo shows SouthPark Mall in Strongsville. The enclosed mall changed hands in late April, selling to a New York-based hedge fund. Northeast Ohios largest retail center, SouthPark Mall, has been sold for $57.7 million — a price that reflects the broader plight of the shopping mall sector. Public records show that the Strongsville property changed hands on April 28. The buyer was a company tied to Kize Capital LP, a New Yo...