636 - 708 St.

Clair Avenue NE
1367 E Sixth Street
CONFIDENTIAL OFFERING MEMORANDUM
TOURS
Tours will be available upon request by contacting one
of the Cushman & Wakefeld | CRESCO Real Estate
representatives listed below. A tour is not required
to submit an initial offer however it will be if granted
acceptance to the best & fnal round.
ADDITIONAL TERMS
In addition to value, the Seller has signifcant
interest in timing and prefers qualifed buyers who maintain
the ability to close on the asset in quick order.
CONFIDENTIALITY AGREEMENT
The material contained in this Offering Memorandum is
provided solely for the purpose of considering the purchase
of 636 - 708 St. Clair Avenue NE / 1367 E 6th Street and
is not to be used for any other purpose. This information
should not, under any circumstances, be photocopied or
disclosed to any third party without the written consent of
Owner or CRESCO Real Estate, or used for any purpose
whatsoever other than to evaluate the possible purchase of
the Property.
The only party authorized to represent the Property Owner
(Owner) in connection with the sale of the Property is
CRESCO Real Estate and no other person is authorized
to provide any information or to make any representations
other than contained in this Offering Memorandum.
CRESCO Real Estate nor Owner make any representation
or warranty, express or implied, as to the accuracy or
completeness of the information contained herein, and
nothing contained herein is or shall be relied upon as a
promise or representation as to the future performance
of the Property. This Offering Memorandum may include
certain statements and estimates by CRESCO with respect
to the projected future performance of the Property. These
FOR MORE INFORMATION, PLEASE CONTACT:
RICO A. PIETRO, SIOR
Principal
216.525.1473
rpietro@crescorealestate.com
CONFIDENTIALITY
AGREEMENT
ELIOT KIJEWSKI, SIOR
Senior Vice President
216.525.1487
ekijewski@crescorealestate.com
assumptions may or may not be proven to be correct,
and there can be no assurance that such estimates will
be achieved. Further, Owner and CRESCO Real Estate
repudiate any and all liability for representations or
warranties, expressed or implied, contained in or omitted
from this Offering Memorandum, or any other written or
oral communications transmitted or made available to the
recipient. The recipient shall be entitled to rely solely on
those representations and warranties that may be made to
it in any fnal, fully executed and delivered Purchase and Sale
Agreement between recipient and Owner.
The information contained herein is subject to change
without notice and the recipient of these materials shall
not look to Owner or CRESCO Real Estate nor any of
their offcers, employees, representatives, or independent
contractors, for the accuracy or completeness thereof.
Recipients of this Offering Memorandum are advised
and encouraged to conduct their own comprehensive
review and analysis of the Property. The Owner expressly
reserves the right, at its sole discretion, to reject any
or all expressions of interest to purchase the Property
and expressly reserves the right, at its sole discretion, to
terminate negotiations with any entity, for any reason, at
any time with or without notice. The Owner shall have no
legal commitment or obligation to any entity reviewing the
Offering Memorandum or making an offer to purchase
the Property unless and until the Owner executes and
delivers a signed Purchase and Sale Agreement on terms
acceptable to Owner, in Owners sole discretion. By
submitting an offer, a prospective purchaser will be deemed
to have acknowledged the forgoing and agreed to release
the Owner and CRESCO Real Estate from any liability
with respect thereto. To the extent Owner or any agent
of Owner corresponds with any prospective purchaser,
any prospective purchaser should not rely on any such
correspondence or statements as binding Owner. Only a
fully executed Purchase and Sale Agreement shall bind the
property and each prospective purchaser shall proceed at its
own risk.
TABLE of CONTENTS
I. Executive Summary 7
II. Property Overview 11
Floor Plans
III. Location Overview 17
Cleveland Overview
IV. Tenant Information 25
Tenancy Overview
636 - 708 St. Clair Avenue NE / 1367 E 6th Street Exterior
EXECUTIVE SUMMARY
THE OFFERING
Cushman & Wakefeld Cresco Real Estate is pleased to offer the opportunity to acquire the six-story Lincoln Building
located in Clevelands thriving downtown center. The property is located in a several-block area around the Cleveland
Convention Center complex where there is an increasing demand for already scarce parking. Currently a 2nd entrance
to the Lincoln Building parking garage is under construction and will provide convenient access for parking customers
on not only St. Clair, but on E. 6th St. as well. Retail bays line the sidewalk on St. Clair which faces the newly completed
Westin Hotel across the street. The renaissance in downtown Cleveland continues and the Lincoln Building is located in
the center of the action.
VARIETY OF REPOSITIONING OPTIONS
The asset is located directly in the heart of Cleveland CBD. Dominantly positioned in the center of newly completed
downtown development and public buildings, the Lincoln Building has premier access to all of Clevelands downtown
destination highlights. Currently positioned and successful as a parking garage, the Lincoln Building also has high potential
to add value by renovating and creating a mixed use concept which targets and meets the market demands.
7.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
Address: 636-708 St. Clair Ave NE / 1367 E 6th Street , Cleveland, OH 44114
Year Built: 1917
Submarket: Cleveland CBD
Building Size: Floor 1: 23,275/SF Parking
20,000/SF Retail Units
Floor 2-5: 44,525/SF Partial Residential or Parking per Floors
Floor 6: 6,000/SF Fitness Center
31,000/SF Vacant (High End Residential or Offce Space)
Stories: Six (6)
Parking: 426 with up 730 spaces
PROPERTY DESCRIPTION
PROPERTY OVERVIEW
View from Cleveland Convention Center
PROPERTY OVERVIEW
ADDRESS:
RENTABLE BUILDING AREA:
RETAIL SQUARE FOOTAGE:
PARKING SQUARE FOOTAGE:
RESIDENTIAL OR OFFICE SQUARE FOOTAGE:
TYPE:
ACRES:
YEAR BUILT:
TYPICAL FLOOR PLATE:
FLOORS:
ROOF:
HVAC:
ELEVATORS:
PARKING:
RECENT CAPITAL IMPROVEMENTS:
636-708 St. Clair Avenue NE / 1367 E Sixth Street
269,500 SF
20,000 (1st Floor Street)
209,275
30,000 (partial space on foors 2-5 and the 6th Floor)
Parking Garage, Retail, 6th foor Re-develop, Residential or Offce
Multi-tenant
1.2
1917
46,500
Six (6)
Good Condition
Hot water gas fred boilers for domestic hot each tenant has their
own boiler
Four (4) passenger and one (1) freight
426 lined garage spaces on foors 1-5, or up to 730 valet
New entrance on E. 6th St. creates two access points to the parking
garage (2014), full list upon request (extensive)
11.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
CURRENT FLOOR PLANS
PROPERTY OVERVIEW
1ST FLOOR
13.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
2ND FLOOR
CURRENT FLOOR PLANS
PROPERTY OVERVIEW
3RD FLOOR
15.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
4TH FLOOR
CURRENT FLOOR PLANS
PROPERTY OVERVIEW
5TH FLOOR
6TH FLOOR
17.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
Operating
Analysis
6TH FLOOR POTENTIAL APARTMENT BUILD-OUT
LOCATION OVERVIEW
Downtown Cleveland, Ohio
CLEVELAND, OHIO
LOCATION OVERVIEW
HEALTH-TECH
More than $1 billion in investment capital over the past ten years has spurred extraordinary growth in Clevelands Health-
Tech Corridor (HTC), which spans 1,600 acres in the area book ended by the Gateway District and University Circle. The
concentration of the HTCs more than 600 healthcare and biomedical technology companies and start-ups allows for joint
collaboration and innovation, which has helped drive the corridors rapid expansion; research initiatives in the HTC amount
to more than $600 million each year.
Located on Lake Erie, the 10th largest freshwater lake on earth, Cleveland boasts
an MSA population of 2,064,000, ranking 26th largest in the United States. The highly
educated work force, low cost of living, and overall high-quality of life have afforded
the Cleveland area many advantages. Cleveland is home to many corporate
headquarters such as Sherwin-Williams Company, Key Corp, J ones Day, Eaton, Forest
City Enterprises and many private equity frms such as Resilience Capital Partners,
The Riverside Company, Kirtland Capital Partners, etc. The largest private employer
is Cleveland Clinic which carries the distinction as being one of Americas top rated
hospitals.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
FACTS & ACCOLADES
W
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In 2011, Walk Score ranked Cleveland the
seventeenth most walkable of the ffty largest
cities in the United States. As of 2014, Walk
Score increased Cleveland's rank to being the
sixteenth most walkable US city, with a Walk
Score of 57, a Transit Score of 47, and a Bike
Score of 51. Cleveland's most walkable and
transient areas can be found in the Downtown,
Ohio City, Detroit-Shoreway, University Circle,
and Buckeye-Shaker Square neighborhoods.
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The Cleveland West Side Market
turned 100 years old in 2013. It is
the oldest operating indoor/outdoor
market space in Cleveland, Ohio
N
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2
Cleveland is the 2nd largest city in Ohio
The Horseshoe Casino is an urban casino
located in the heart of downtown in the historic
former Higbee's building. It opened on May 14,
2012 as the frst casino in the state of Ohio.
World Class Care
The Cleveland Clinic is the city's largest private employer with a workforce of over 37,000 as
of 2008. It carries the distinction as being among America's best hospitals with top ratings
published in U.S. News & World Report. Cleveland's healthcare sector includes University
Hospitals of Cleveland, a renowned center for cancer treatment, and MetroHealth medical
center. Cleveland is also noted in the felds of biotechnology and fuel cell research, led
by Case Western Reserve University, the Cleveland Clinic, and University Hospitals of
Cleveland. Cleveland is among the top recipients of investment for biotech start-ups and
research.
Accessibility
21.
Cleveland is home to Playhouse
Square Center, the second largest
performing arts center in the United
States. Cleveland is also home to
many nationally recognized museums
- The Rock and Roll Hall of Fame,
The Great Lakes Science Center,
The Cleveland Museum of Art, The
Cleveland Botanical Gardens, and The
Cleveland Natural History Museum.
The Cleveland Orchestra is considered
to be one of the fnest orchestras in
the world and is one of the "Big Five"
major orchestras in the United States.
Michael Symon is the owner of Lola, Lolita,
and B Spot. Rocco Whalen owns Tremont
restaurant, Fahrenheit. Jonathon Sawyer is
the owner of Greenhouse Tavern. Melt Bar
& Grilled is the brain-child Matt Fish. All of
these Celebrity Chefs have Cleveland roots
and are responsible for reviving the Cleveland
Food Scene.
Cleveland has direct access to Interstate 77
and 71. I-480 provides access for many of
the Clevelands suburbs. I-90 is the longest
interstate highway of the United States, going
from one end of the country to another. It
travels through downtown Cleveland on the
eastern side before it moves westward.
Foodie's
CLEVELAND, OHIO
MARKET OVERVIEW
POPULATION
Downtown Cleveland entered into 2014 with a strong
Q1, clearly demonstrating that the momentum of over
$4.5 billion of investment continues. Market rate housing
occupancy remains very strong at 98%. The Flats East Bank
development broke ground on Phase II. Market trends
driven by generational and investor preferences continue
to favor Downtown Cleveland. The Millennial generations
desire for walkable, work-live-play environments continues
to drive housing development and business expansion and
relocation decisions talent.
PARKING
The Cleveland Parking market has seen a strong increase
in demand in past three years which has allowed parking
owners to introduce rate increases. Historically the
more than 50,000 parking spaces downtown have been
plentiful enough to meet demand, but with the explosion
of development and downtown revival that has been
taking place there are attraction areas within downtown
Cleveland that cannot meet the parking demand. The
boost in parking demand is directly related to new
attractions, more housing units, more hotels and additional
offce tenants that have been introduced downtown.
MULTI-FAMILY
Waiting lists are the norm in downtown Cleveland for
apartment shoppers. Downtown Cleveland residential
population grew 88% between the 2000 U.S. Census
and March 2014. Downtown Clevelands population
has now grown to more than 12,500. After adding
more than 800 apartment units to the market in 2013,
Downtown apartment occupancy remains high at nearly
98%. More than 1,100 apartment units will enter the
market by the end of 2016, including over 400 by the
end of 2014. Virtually all are expected to lease as soon
as they become available. Additional projects in the
planning stages, like the Garfeld Building at E. 6th and
Euclid and the May Co. building on Public Square, may add
nearly additional 600 apartments. Downtown developers
will continue to explore the adaptive reuse of historic
buildings to meet the pent up demand for downtown
housing. Rising rents and the ground-breaking on Phase II
of the Flats East Bank developments 243 unit waterfront
apartment building indicate that the market for new
construction is strengthening. With both the Millennial and
Boomer Generations seeking out walkable, amenity-rich
neighborhoods, developers see no end in sight to demand
for Downtown housing.
HOSPITALITY
Demand for hotel rooms has resulted in an explosion
of development of new hotels and massive renovations
to existing downtown hotels. The hospitality market in
Downtown Cleveland continues to grow, with six new
hotels adding nearly 1,800 new rooms to Downtown in the
next two years.
Westin Hotel and the Metropolitan at the 9 are nearing
completion, and are expected to enter the marketplace in
the second and third quarter of 2014, respectively. Plans
for the Hilton Convention Center Hotel were approved
by Cuyahoga County Council in April 2014, and the offcial
ground breaking took place later that month. Year over
year revenue per available rooms and daily rates for existing
Downtown hotel rooms remain strong, projecting that as
new hotel rooms come online over the next several years,
they will be well-absorbed by the market.
DOWNTOWN HOUSING
New Housing Projects # Units Completion Date
Avenue District 56 Spring 2013
Lofts at Rosetta 97 Summer 2013
Reserve Square Apartments 218 Fall 2013
The Langston 318 Fall 2013
The Residences at Hanna 102 Fall 2013
The Seasons at Perk Park 36 Fall 2013
Residences at 1717 223 Fall 2014
The 9 194 Fall 2014
Swetland Building 80 Fall 2014
Truman Building 26 Winter 2014
MT Silver 39 2014
Schofeld Building 55 Summer 2015
1750 Euclid Ave. 217 Fall 2015
Park-Southworth Buildings 34 Winter 2015
Residences at Playhouse Square 80 2015
Flats East Bank (Phase 2*) 240 June 2015
* New construction: street-level retail, public boardwalk, dozen retailers and entertainment venues
THE HILTON CONVENTION CENTER HOTEL
This project began in Q1 with demolition of the former Cuyahoga County Administration Building at
the corner of Ontario and Lakeside. In April, Cuyahoga County Council formally approved the $272
million project, and an offcial ground breaking was held later that month. The hotel will primarily be
fnanced through surplus funds from the construction of the Global Center for Health Innovation
and Cleveland Convention Center. The new plans feature a 27-story tower that will have 600 hotel
rooms for guests, sitting atop a four-story atrium. The lower levels will include a restaurant, lobby bar,
various retail and 55,000 square feet of meeting space. Estimated completion date: Summer 2016.
CLEVELAND, OHIO
MARKET OVERVIEW
TENANT information
Lobby of Vedas Fitness
TENANCY OVERVIEW
TENANT INFORMATION
Vedas Fitness
Lincoln Building currently has Vedas ftness on the 6th foor. The remaining tenants make up the retail bays that
are street level on the sidewalk of St. Clair Avenue.
Vedas - the Life of Fitness.
Welcome to Vedas, an eco-friendly holistic focused ftness club located in the heart of downtown Cleveland.
Look for us in the IMG building, on the corner of St. Clair and East 9th Street, diagonally across from the
Galleria. Our semi-private club provides a decidedly high quality, upscale experience with 24/7 access, at an
affordable price. Emphasis on personal service, superior equipment maintenance, provided in a fresh, eco-friendly
environment makes Vedas the obvious choice for members' intent on getting the best value for their money.
Better Impressions -Printing and Copy Center
A professional and experience printing and copying services company.
Piazza's Hair Salon
Piazza's Hair Salon has been in business for more than 20 years in downtown Cleveland. They have been serving
business executives, athletes and families. Come visit our friendly staff and we can create a new look for you.
Quality Shoe Repair LLC
Professional shoe service which specializes in shoe repairs.
Studio Floral
Studio Floral is a event and retail foral shop with an emphasis on contemporary design. We are located in the
heart of Downtown Cleveland, just a few blocks away from the Rock & Roll Hall of Fame, The Cleveland Browns
Stadium, and Quicken Loans Arena. Studio Floral is an innovative, premier event and foral company servicing
Cleveland and surrounding areas. We are proud to announce that a recent wedding has been published in the
Columbus Bride Magazine. We strive to keep our events, weddings, and retail arrangements in touch with today's
styles, making our weddings cutting edge designs. We can take your ideas and turn them into a experience no
one will ever forget. Book a consultation, or get more info.
On Point - Hair and Nail Salon
Professional hair and nail salon.
31.
Executive
Summary
Property
Overview
Location
Overview
Market
Overview
Tenant
Information
FOR MORE INFORMATION, PLEASE CONTACT:
RICO A. PIETRO, SIOR
Principal
216.525.1473
rpietro@crescorealestate.com
ELIOT KIJEWSKI, SIOR
Senior Vice President
216.525.1487
ekijewski@crescorealestate.com